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This last week I’ve been flooded with emails, tweets and Facebook messages asking me about my thoughts regarding a new text message marketing “opportunity” called Text Cash Network. This company claims to be riding the coattails of the likes of Groupon and Living Social, taking daily deals offers directly to the mobile phone via text message.
The “opportunity” is that if you give up your mobile phone number to advertisers, you will get paid to receive text message advertisements. The more lucrative “opportunity” is if you get others to give up their mobile phone numbers, you make more money. The really super lucrative “opportunity” is when those people that you you referred, refer others to give up their mobile phone numbers, you make more more money. This cycle continues, and this is why it’s called Multi Level Marketing.
Through the power of MLM (multi level marketing), it seems the promise of making easy cash has spread quick, hence the flood of inquiries about this opportunity during the last week. There are four reasons why I wouldn’t ever expect to make a penny with Text Cash Network and more importantly why you should not be giving them your personal mobile phone number.
1) Fragemented Advertising Markets – Text Cash Network allows people from over 142 countries to signup to receive text message advertisements. Do you know how many countries Groupon services? 44. There is no way in hell that a company that just launched will be able to find advertising for 142 different markets. If Text Cash Network can’t find text message advertisers for each of these different markets, this means no text messages. This means you gave up your mobile phone number for nothing…
2) Participants Want Cash, Not Deals – Look at the difference between what Groupon is selling and what Text Cash Network is selling. Do you see that Groupon is selling people on getting amazing deals daily? What do you see when you visit Text Cash Network? They’re selling you on “building a solid income”. If an advertiser is going to advertise to a consumer, which type of consumer do you think they want to advertise to? How good do you think advertising return on investment is when advertising to people that signed up to make money receiving deals, compared to signed up for deals to save money.
3) 5 Texts/Day? Do you realize why they say up to 5 texts per day? It makes marketing easier for Text Cash Network as your potential profits are 5X what could even be realistic. Example, lets say they paid you 5 cents per message, 1 per day. That would equal a yearly profit for you of $18.25. Lets now advertise that you could receive up to 5 text message advertisements per day and now you’re talking a profit of $91.25 a year. I’m surprised they didn’t say up to 25 messages a day, coming out to an astounding profit of $456.25. Do you realize why Groupon and LivingSocial only does 1 offer per day? Their pool of advertisers for each market isn’t big enough to support 5 offers per day, 1,825 offers per year. Groupon has raised $1 Billion dollars in capital and now has over 10,000 employees and still only does 1 offer per day, per market. What makes you think a company you’ve never heard of will be able to do 5 times what Groupon is doing?
4) Deals Come Later - Step back from the promises of a solid income, the flashy dollar signs on the website and the cool YouTube video highlighting the growth in mobile marketing. Take away all the flash and gimmicks and what do you have? You have a website baiting you into giving up your personal mobile phone number (including demographic information requested during the signup process), then promising you text message advertisements sometime in the future. Doesn’t that sound like a scam to you?
If Text Cash Network doesn’t sound like a scam to you, then do I have a deal for you! I’m starting a new company called Derek Cash Network and it’s very simple… You give me your credit card number and address, and sometime in the future I will send you five pieces of mail per day, each one that you open I will pay you $1 Million. That’s a yearly profit of $1.825 Billion for you! Remember though, I need that credit card number and address before you can be a billionaire. Also, it’s a pretty exclusive program so just email it to me here. Ok?