What do Eliot Spitzer and Some Internet Marketers Have in Common?
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Eliot Spitzer just got caught. This delighted many of his political foes and former Wall Street targets.
Since this ezine isn’t about politics, let me explain the connection.
There is a VERY well known internet marketer out there who was CAUGHT “borrowing” some copyrighted material.
For legal reasons, I can’t reveal the individuals’ name. I also can’t tell you who it is because my SOURCE for this information has not given me permission to do so.
(Please don’t email me to ask, the answer will still be no.)
What I can share with you is what happened and what it means to you.
This individual took some content produced by a friend of mine and sold it as his own. Whether this was done DIRECTLY by him or one of his minions makes no difference.
I can tell you that a number of years ago I ALMOST entered into a business relationship with this individual. Luckily, I thought better of it. It was specifically because I had an uneasy feeling that I did. Good thing I listened to my gut.
Eliot Spitzer’s career is over. The internet marketer to whom I refer to, even if found out, will probably suffer very little. Why?
First is the number of NEWBIES entering this market every day. The volume of people entering the market who want to sell things online increases by huge numbers every single day.
This means that a new group of people will have NO idea about what this person did, even if exposed.
Not true in the political game.
Second, the majority of this person’s colleagues will give him a pass. Why? Because they don’t really give a CRAP about morality, they care almost exclusively about the CASH.
This is very similar to politicians who care very little about INTEGRITY and almost exclusively about POWER.
I only WISH I could share the name of the person I’m referring to. I would love to expose the individual, but I can’t. And even if I could it would have little impact.
Elliot Spitzer was caught using some of the same systems he set up to sting others. The theory is that he was too SMART to do something like this.
One of two things are true here. Either he thinks he wouldn’t get caught, or that he has a political death wish.
Just like with powerful internet marketers who pull shenanigans . . . they will eventually be caught and exposed.
Many of them think it’s not going to happen to THEM.
I say, think again!
As this powerful, effective and LUCRATIVE market gains more prominence, it will (and has been) gaining more scrutiny.
I have some RELIABLE sources in Federal agencies who tell me that there are a number of high profile internet individuals who are under scrutiny.
What’s the lesson here?
Keep your nose SQUEAKY clean and don’t put profit ahead of integrity.
Selling a Domain Name
I got a call yesterday from a former seminar attendee. Bright gal.
She was approached by godaddy to see if she was interested in selling her domain name. They offered her $50. She responded by saying that she would also ONLY be interested in selling if the offer was greater than $5,000.
A few weeks later they got back to her with another offer: $5,001.
She contacted me to ask my advise.
Here’s what I said:
1. Do you have (or plan to have) a book, product or service that will use the specific name used in the domain name is question?
If the answer is YES, then you have to think about how important THAT domain name would be and how much money it could generate.
2. How much do you need the money? If the answer is that you need it BADLY, then a different calculus should be used in making a decision.
Take a look at the amount you’re being offered. Don’t dismiss any offer out of hand, but take a look at how much you’re getting offered and how much that specific name is worth to you.
3. Did you Google the term to see if you could figure out what it was that was interested in the domain name and whether they looked like they could pay more than the offer?
If you Google the term, and find out that some large organization is using the term and suspect someone with deep pockets is behind the offer, it may be worth it to hold out and ask for more. BUT, you risk what I detail below.
4. Unless you have a REALLY compelling reason for upping the ante, you already put out a number and they met that number. Therefore you are morally somewhat obligated to take the offer.
I had something similar happen to me with a piece of real estate about a year ago. I put out a number, the guy said OK and I didn’t haggle because a deal is a deal.
5. IF you were to UP THE ANTE and ask for more than $5,000 you would probably put the folks off and end up getting NADA. I told her that by doing that it would probably piss them off and they may withdraw the original offer.
When you come back to a party and quote a number you risk making them leave in disgust if you then try and “hold them up” for more cash. Chances are it will only be a few more dollars in most cases anyway.
If you’ve got domain names and get offers, consider the above information before making a decision to sell.