People over 50 have accumulated plenty of life skills and garnered for themselves a fair degree of wisdom.
But when it comes to making money online, I’ve noticed something :
Sound judgment and wisdom seem to be missing, at least for some.
Many have been quite successful in the offline world, but when it comes to digital marketing, they make a right royal mess of it.
It’s okay to get it wrong a few times. (I’ve been wrong too, and happy to admit it.)
You can regroup and try again. But when each mistake costs $10,000 or more, unless you’ve got plenty of money in the bank, it’s a problem.
And this is what’s been happening with some people. They get sucked into slick sales pitches by various marketing outfits. They charge big bucks to participate in one of their group training programs.
Some of these programs require an investment of $10,000 to $50,000 and more.
A few years ago, one of my clients referred me to an Australian guy who had invested/gambled $25,000 in a one-to-one coaching program.
It was additional to the $85,000 he had previously spent on FB ads, FB ads coaching, and various Masterminds held in exotic locations.
Maths is not my strong suit, but that adds up to $110,000. Return on investment? Negative because he lost his investment – all of it.
He was in his 60’s.
After talking with him, I couldn’t help – he still had an addiction to shiny objects and was looking for another scheme to join.
All of his retirement nest eggs evaporated in a few short years. Fast forward to today, and I see other marketing outfits promoting various coaching packages.
Some are focused on teaching social media organic methods. Typically they’re charging $10,000 to $25,000 for glorified group coaching programs.
And get this: these high-powered marketing outfits promote programs that don’t include one-to-one bespoke support.
Few people make the money they had expected for one simple reason – you are not them.
You’re not a natural salesperson.
You can’t sell ice to Eskimos or promote overpriced crap to suckers.
Yet these super-slick marketing outfits have an incredible ability to convince non-sales types they can miraculously transform themselves into mini-me clones of them.
They can’t, and they don’t.
SIDENOTE. Even if you are good at sales in the offline world, there is a world of difference between the offline and online worlds.
Look, older folks can succumb to shiny objects, just like anyone else.
And to be sure, the people that work for these Belfort-Esque sales machines LOVE selling to older folks because they’re gullible about the online world and often have more money than sense.
It’s a lamb to the slaughter situation – another bloodbath in the making.
Here are a few tips to help you avoid making a mess (and costing you an arm and a leg):
1). Lower Your Expectations.
Making $100k a month might be nice, but if you’re not yet making $5-10k a month, focus on doing that, then step up from there.
2). Focus More On Your Audience, Less On You.
I’m sick to death of hearing bro and sis marketers talk about money all the time. It’s crass. Forget them; instead, think about the transformation you can help your clients achieve.
3). Spend Less NOT More on Courses and Coaching.
If you’ve made little OR no money online (i.e., you’re a newbie), take a conservative approach. Why would you spend $10k-$20k on another group coaching program when there are cheaper options?
4). If You Can Afford It, Get Some One-to-One Support.
I don’t buy the ‘all you need is group coaching’ story. It’s the one-to-one bespoke support that makes the difference, especially in the sales and content arena.
That’s how I was able to quit the rat race 55 days after I started my online adventure – I had a personal relationship with one person.
And here’s the thing – it’s often cheaper than those overblown, group coaching programs sold by the greed machines.
They say there’s a sucker born every day – make sure it’s not you.