$50billion dollar ponzi schemer on Wall Street reveals deep psychological sales tactics

8 replies
Last night on the History Channel they featured a guy named Madoff on Wall Street who was the brains behind the biggest ponzi scheme in history. He took $50billion dollars of investors' money, came up with fake reports for years on how their investments were doing, and he was actually just pocketing all that money.

They said this dude was enthusiastic, exciting, and attractive like a magnet. He was beloved on Wall Street.

And he used Exclusivity (one of Dr Robert Cialdini's psychological triggers). You couldn't "get in on the investing" unless you knew someone on the inside.

Even though it's a really bad thing... there's something to say about how to get people to spend and invest unbelievable amounts of cash.

Ripped Off: Madoff and the Scamming of America
#$50billion #deep #dollar #ponzi #psychological #reveals #sales #schemer #street #tactics #wall
  • Profile picture of the author Lou Diamond
    Hello,
    I worked for many years in car dealership where we would kick customers out when we could not work out a deal.
    Just about every time the customer would come back in begging to make a deal and then we
    had a sale.
    When you take something away from a customer they will always fight to get it back.
    I see too many salesman just being nice,you have to have a mean streak these days and show them why they should be buying from you and do not take no for an answer.
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    • Profile picture of the author Steve Sanchez
      Human psychology will never change. We want we can't have and don't want what we do have. That's why everyone is amazed at how Hollywood Hotties get dumped. The hunt is the attraction. A lot of marketers use this technique even in the WSO forum. First 5 warriors get this price, next 10 this price etc.

      It works.
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  • You have to be pretty well established and have seen some significant success before that kind of angle becomes possible. Something has to be sought after before it can become exclusive, and you can't establish that it's sought after unless people have used your product/system and found it invaluable.

    It's not a starter strategy, by any means.
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    • Profile picture of the author JasonParker
      Originally Posted by InternetMarketingCenter View Post

      You have to be pretty well established and have seen some significant success before that kind of angle becomes possible. Something has to be sought after before it can become exclusive, and you can't establish that it's sought after unless people have used your product/system and found it invaluable.

      It's not a starter strategy, by any means.
      Sure, you couldn't do it word-of-mouth like that unless you're established.

      Exclusivity can be used in a lot of ways though. For example, 50% off exclusively for a group of people, etc. It's that feeling of "specialness" I think that's behind the exclusivity trigger. It kind of gives you an ego boost or something. It makes you feel good and often it gives you something to brag about.
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  • Profile picture of the author Ken Preuss
    Exclusivity can (and should) be used by every single person here. I just re-wrote a webinar script for an "average" no-name marketer who was getting sales conversions of about 8%.

    On the first webinar with the new script he converted 24% of the call... on a $497 product.

    Why? One word: Exclusivity.

    I created an atmosphere where privileged access would be taken away if the listener didn't ACT.

    As a result, three times as many people will now get the gift of this marketer's excellent training every time he does a webinar.

    Make no mistake. Exclusivity is crazy powerful and it works like gangbusters.

    Ken
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  • Profile picture of the author Andyhenry
    This is really old stuff and in use all around you everyday.

    Why do you think you can remember the slogans and jingles for so many companys products?

    There are have extensive analysis of Obamas use of Psychological and NLP techniques in all of his speeches leading up to the election.

    This stuff is not some fluffy mojo that you hear about but no-one uses - There really are people out there using the way your mind works against you.

    I've seen live demonstrations of people being made to do things and having no clue it happened - just using long-established psychological techniques.

    When it comes to money - there are people who will do anything to get it, so it's not really surprising that someone looking to rip people off and steal their money would employ such techniques to get to their goal.

    These things have been around for decades, and some of them improved dramatically during the war years over the past 60 years.
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    nothing to see here.

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  • Profile picture of the author andrewharrison
    Remember This.

    "The Fear Of Loss Is Greater Than The Desire For Gain"
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    • Profile picture of the author Floyd Fisher
      What is really scary is that the list of victims of the Madoff scam reads like a whos who of high finance.

      My favorite victim is Fred Wilpon, who owns the New York Mets. The guy is sharp as a tack in business, yet even he was taken for a couple of million.

      If sharp tacks like that can be taken, who is really safe from getting sucked into a scam?

      Be afraid, be very afraid I say.
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