The Shiney Object Syndrome

I was infected this week with the Shiney Object Syndrome.  I bought a product that looked really good.  It was definitely something that I could use.  I had actually talked about creating something that this product did with ease.  I thought it was a no –brainer.

Then, I began to learn this software.  Each step seemed to take longer.  Then, I had to buy additional products to ‘get the most’ out of this software.  By the third additional software and an hour into learning, I thought about my 3-3-30 inoculation from the syndrome.

With this simple formula in my head, I immediately deleted the product and got a refund.

Watch the attached video for the formula to break the Shiney Object Syndrome it’s as simple as 3 – 3 – 30!

https://www.youtube.com/watch?feature=player_embedded&v=qHV7lp2om9M

Shiney Object Formula Inoculation (The Quick check)

Remember: 3 – 3- 30

• 3 – Can you learn how to implement it in less than 3 hours? If not, no deal.
• 3 – Can you get a 3X return on your investment? If not, not deal.
• 30 – Can you get your increase within 30 days? If not, no deal.

This is a quick evaluation tool.

For More complicated Shiney Objects Follow this Process:

• What is the ‘actual’ price of the initial sale? (Realize that there are probably more additions)
• What is it promising to do for your business? (One sentence, no more)
• What WILL you do this week if you get this software/tool/training?
• What will be the profit to your business on that one action?
  •  If your profit is less than the cost of the action, don’t do it.
  • If your profit is more than the action continue.

• Do I actually need this product/service for my company or do I just like the idea of it? If Yes, continue.
• You are basing your decision on their promises. Realistically, consider that you will probably get about 25% of the promised returns.  Considering this fact, is your profit still less than the cost of the item?

If yes, continue:

• Will you use this item more than 10 times and continue to get desired results?
  • If yes, buy it. It sounds good.
  • If not, don’t worry. You can probably do the same thing yourself without adding to your collection of non-used tools.
• Can you hire someone to do the job for you cheaper than the purchase?
  • If so, don’t bother.
  • If not, continue.
• Is there an alternative to this product/service that is cheaper? (Pay special attention to upgrade costs and monthly subscriptions.)
  • If so, don’t bother.
  • If not, continue.
• Can I afford it? It is easy to go into debt for something that you think will help.  Again, refer back to the 3-3-30 rule. If you borrow, can you get a enough return on your money in 30 days.  If not, wait till you have enough money and use that as an incentive.  If you can afford it and everything looks legit…I say go for it.  You have put in your due diligence so you can buy with confidence.