Beware of the Grifterverse — Juan Mendoza // The MarTech Weekly

Juan Mendoza, Founder and Editor of The Martech Weekly, talks about this month's martech news. The rise of online platforms and the accessibility they offer has brought about a significant increase in online fraud and the emergence of what can be termed the "grifterverse." The pervasive nature of online fraud poses a significant challenge for marketers, as it undermines trust, hampers user experience, and threatens the overall effectiveness of marketing strategies. Today, Juan discusses the grifterverse.
About the speaker

Juan Mendoza

The MarTech Weekly

 - The MarTech Weekly

Juan is the Founder and Editor of The Martech Weekly

Show Notes

  • 02:37
    Defining the grifterverse
    A grifter is someone who uses sophisticated skills to deceive people out of their money or talents without resorting to violence. "Grifterverse" is a combination of the words "grifter" and "verse", and refers to an environment dominated by deceitful and manipulative individuals.
  • 04:50
    The rise and impact of deceptive practices online
    Open social networks, the emergence of Web 3, and crypto have fueled the rise of scams and fraudulent schemes online. This poses a challenge to marketers as the prevalence of deception makes the internet less usable and undermines consumer trust in online platforms.
  • 06:48
    Reasons for the rise in deceptive practices online
    You can remain anonymous online and still build a large audience, and the lack of barriers to entry means that more people will attempt deceptive things online. In addition, the medias coverage of these events also entices people to participate in these deceptive scams.
  • 09:05
    The pitfalls of solopreneurship strategies
    Several influencers emerged during COVID-19, selling courses on building one-person businesses by selling digital content. The problem is people are deceived into thinking they can replicate these strategies without personal ingenuity in audience building and product selling.
  • 13:53
    Differentiating between deceptive tactics and legitimate value in online courses
    The majority of the world's population lives in poverty and vulnerable individuals may be enticed by promises of wealth and success online. However, its important to consider the instructors delivery on promises, credibility, expertise, etc to avoid falling prey to manipulative tactics.

Quotes

  • "The idea of a grifter is more than 100 years old. It's defined as somebody who relies on sophisticated skills to trick people out of their money and talents without committing acts of violence." -Juan Mendoza, Founder, The Martech Weekly

  • "The FTC estimated that last year, consumers lost $8.8 billion in deceptive scams online." -Juan Mendoza, Founder, The Martech Weekly

  • "If we go back to the end of 2020, the concept of web 3 and crypto being a shady, deceptive place where youre going to lose a lot of money didn't exist." -Juan Mendoza, Founder, The Martech Weekly

  • "The more people get harmed or financially swindled out of their money, the less they're going to use the services, which means it's not going to be great for marketers." -Juan Mendoza, Founder, The Martech Weekly

  • "You can be anonymous online and build a big audience. So, I think that lowering the barrier of entry means that you're going to have more people doing deceptive things online." -Juan Mendoza, Founder, The Martech Weekly

  • "Think about Theranos and Elizabeth Holmes, she just went to prison for 11 years, and the news is still covering her, because if it bleeds, it leads." -Juan Mendoza, Founder, The Martech Weekly

  • "When you give billions of people an internet connection, and say to them, all you need to do is build an audience to sell this course, and promise people the world, people latch on to that." -Juan Mendoza, Founder, The Martech Weekly

About the speaker

Juan Mendoza

The MarTech Weekly

 - The MarTech Weekly

Juan is the Founder and Editor of The Martech Weekly

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