Nov
19th
My View On The FTC - A must listen podcast - With GASP - nothing to sell! #30dc
Post By: Ed
We have been getting a lot of questions about the new FTC changes in the USA.
I recorded this podcast the moment the new regs were published and gave it out to Thirty Day Challenge Plus Members.
I’m now giving it to everybody because I cannot believe on one end of the spectrum - The FTC is really cool and at the other end of the spectrum they are the fount of all evil.
Both views are extreme - and the irony of people attempting to make moeny off these new programs is not lost on me…
So - here is my OPINION, yes, I discussed this with my US advisors - but it’s an opinion.
I’m not a lawyer, I have not played one on TV (Boom Boom)
In my opinion the only people you should be giving money to on this issue is a US based lawyer who specialises in FTC complience.
Let me be clear, I think the new Regs are AWESOME and badly needed. Even though I’m based out of the USA - I fully intend on complying (My kids love Disneyland!!)
I hope you take the time to listen to this, remember, nothing to buy, just my opinion.
Here is the link to get it…
Hi Ed
Wanted to add your RSS feed to my Google Reader and my MacMail account but could not see how to do it! I’m no newbie but couldn’t find it…
I clicked the “Subscribe to our RSS feed” button, which brings up the lightbox but still no idea.
It’s early morning, no coffee as yet, so maybe that’s why I’m missing it. Please enlighten me.
Thanks and thanks for all your great info - love it!
Mark
Thanks for this podcast Ed. It taught me more about this FTC ruling than anywhere else on the internet has taught me over the last week or so since it came out. I totally agree with your thoughts that those who are doing things right have nothing to worry about.
I do wonder about the “typical results” thing. For my niche, I know what I’m selling, my traffic, how many sales etc. but how the heck would I know what the “typical results” are?
As an affiliate should I be asking these questions of my vendor? I don’t doubt my vendor’s credibility, but unless I see his stats I cannot possibly know the “typical results”.
Thanks for a very informative, and could I just say, “Awesome”, pod!
Yoou said it: Right Marketing is ethical Marketing
@ mithunchetan
Can’t see how this post contributes anything to this discussion. Suggest some spam filtering may be needed.
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Hey Ed, thanks for the run down.
I’ve heard similar concerns and warnings coming from Frank, Jeff Walker and Perry Marshall (who is actually pretty ticked off). Jeff is actually puling all of his case studies and testimonials down on the 30th. WOW!
But I have to agree with Majestic12. How on earth would anybody in any market be able to accurately determine what a “typical result” is.
If we assume that “typical” means average, in order to work out the average result one would first need to know
1. exactly how many people bought the product…ok that’s not so hard.
2. Then you’d need to know how many people actually used it…harder.
3. THEN you would need to know exactly what each person who used it did with it and what their results were! Ok, now even if you’re some sort of survey GOD, you’re never going to get responses from 100% of buyers, so this is impossible to know.
4. THEN you would need to analyze all of the responses and somehow determine (amongst a myriad of variables) exactly what the average or “typical” results are over a set period of time.
I mean C’MON!
Not having a go at you Ed, but this is ridiculous! How on earth does the FTC expect marketers to practically apply this policy?? Have they clearly defined what “Typical” means? Have they produced guidelines on how marketers should determine typical results?
And although I take your cautions about the FTC seriously, how on earth is the FTC going to prove that advertised results are NOT typical? Are they going to interview each and every customer to determine their personal results or will the simply pluck a figure out of the air and hit you with a big stick without a shred of evidence to backup their claims?
But also what happens when testimonials are not measurable…or not associated with a dollar value? In niches where results are based on learning a new skill (rather than making money) such as playing the guitar or learning to use PhotoShop, results are not measured by anything as tangible as the dollar. Instead they are filled with subjective references of the customers own appreciation of the product and the personal benefits they gained.
“Thanks. I can now use Photoshop to edit my family photos”
“Thanks so much! I now know enough of the basic chords that I can jam along with my buddies.”
How does one put a relative value on these experiences to determine a “typical” result?? And if WE can’t determine a typical result, how in the hell is the FTC going to?
On your other point Ed about becoming a market leader so that you don’t need to use testimonials.
It’s easier for the guru’s to say this because you’re already market leaders. Market leaders are market leaders not only because of their massive contribution but because the general consensus in the industry believes that they are a market leader and the snowball just keeps rolling. eg: I believe that Frank Kern is a market leader because everyone else believes he is a market leader. He could walk away from the IM space for 5 years then come back and he’d probably still be regarded as a market leader.
But you don’t get to be a market leader without the endorsement of others along the way….testimonials right? Generally new market leaders are “discovered” because an already establish and respected market leader tells the market hey, this guy is the bomb, you should all listen to him. Well now, that’s a testimonial isn’t it?
So I don’t really see how you can do it without customer testimonials and endorsements from colleagues.
Would be keen to hear you feedback on both of these points.
thanks
Andrew Stuckey
Hi Ed,
Just finished listening to your podcast on the latest FTC ruling. It’s interesting because we’ve just launched a new service which would have made the testimonial obsolete anyway.
The service is called the Customer Satisfaction Monitor (www.customersatisfactionmonitor.com) and it is the first global consumer service to apply the tried-and-tested principles of market research to help consumers buy with greater confidence.
Online marketers can easily use our service in place of testimonials. Classic example of technology making things easier.
Be interested in your thoughts.
George
Hi Ed,
Thank you so much for making this pod cast and giving us a comprehensive summary of these new guidelines. I am about to go and make some changes to my websites and contact my affiliates on paydotcom.
This is a whole new world to internet marketing but a good one in the long one. It will definately weed out the good from the bad.
Kind Regards
Jacinta