Many of you know how much I love going to play poker. I get a lot of enjoyment out of it because I love the camaraderie that eventually is created by spending just a few hours with a bunch of people you’ve never met before, commiserating with everyone else who’s either won a big hand or gotten beaten in a big hand. We’ve all been there, and we all have stories to share.
One thing I like to believe I’m good at is figuring out what the odds are that my hand is good or not. Of course, having a good hand doesn’t always mean it’s a winning hand, but more often than not it works out just fine. What I’m not good at is figuring out the numbers, as in what the actual percentage is that favors my hand.
I was reading a blog post called Easiest Way To Understand Math In Poker, where the writer, named Mitchell Cogart (knew I liked him for some reason) was giving some formulas for how to calculate it fairly quickly. It’s still somewhat beyond me, mainly because it takes time to do those calculations, and unless I was playing in a tournament, I don’t like taking that kind of time figuring out anything.
However, it’s the other thing he was talking about that starts to get me into the point of this post. There’s something called pot odds that, to poker players, is very important and very intriguing. In essence, it’s figuring out how much the pot is worth to you in odds versus the odds of you having a winning hand. Just to throw out numbers, if you only have a 30% chance of winning a hand, but the dollars in the pot come out to you having a 55% chance of winning the pot, many poker players will take a chance on the money rather than their hand because they perceive the dollars are so high that you can’t afford NOT to play the hand.
I hear this on poker commentary sometimes on TV. The guy will say “there’s so much money in the pot that so-and-so absolutely has to call the hand, even though he’s going to lose.” On TV, you always know what the players hands are, so you know who’s going to win or lose. But the players don’t know that, so you see them taking time, running through all the calculations in their minds, and then they’ll pull the trigger on hands that most of us would say we know better than to play because we have no idea on how to calculate pot odds.
In a way, you can relate that to trying to learn more about internet marketing. There are a lot of products out there that will teach you something about it. Some are very good and some aren’t all that good. However, what most of us believe is that the more expensive something is, the more we should be getting out of it. Truthfully, that may or may not be true. The “pot odds” are in your favor; after all, why would someone put a $500 product out there that wasn’t going to deliver on what’s been promised, right?
Here’s the thing. Just like everything else in life, nothing works for everyone. It’s possible that the $500 product might tell you everything you need to know to make money, or it may not. It may tell you things to do that your morality won’t allow you to do. For instance, if it said that in order to make lots of money you have to kill a lot of puppies, would you do it? If it said that you had to do what’s known as black hat principles, would you do it?
While I was at my mother’s house on Friday, she was watching this network that was advertising a program called Kell On Earth, about this fashion designer who’s very successful. However, she’s a terror; there’s no way I’d ever want to deal with that type of person on a yearly basis, let alone a daily basis. She berates her employees and other people around her, but justifies it by saying she has to do what she has to do to stay at the top. I’m sorry, but if you have to treat people as if they’re inferior to you then I don’t want to be successful. It’s not my style, and I couldn’t live with myself. Yet there are thousands of people who subscribe to that and believe it’s the way to go. Notice how some are successful, but others aren’t? Once again, no one size fits all.
Some folks thought I was being too lenient when I reviewed Six Figure Blogger Blueprint. The thing is, the book wasn’t really for those of you who have been doing this for awhile. It was also free, not a full course on internet marketing. It got me thinking about things, and any book that does that for me works for me. We all judge things differently. We have to know ourselves, and what we might respond to. Like that book to the right side there, 20 Ways To Make $100 A Day Online. I bought that book, and I think it was perfect for me because I was able to take just one of its principles and turn it into a way to make money. It wasn’t overly expensive, but turned out to be just what I needed. I calculated my odds for finding something I thought I could use, and I turned out to be right.
How do you determine whether something might work well for you or not? Do you even try anymore? I say that at the risk of jumping into Sire’s response, because I know he’s said more than once that he won’t pay for anything anymore, after being burned many times early on. Has that happened to some of you as well? I’d really like to know.
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8 thoughts on “Pot Odds In Internet Marketing”
First of all I had no idea what pot odds were before this. I actually thought you were doing a post on “pot” being sold through the internet,ha,ha..
I haven’t purchased anything online at the moment related to blogging or making money blogging.
I have looked closely at a few products though, like David Risleys. I almost bought in but thought I wasn’t ready yet due to my lack of experience.
Actually my lack of experience with this type of blogging is keeping me from purchasing any product.
I am reading lots at the moment and think I may switch directions on my blog soon though.
If that happens then I will likely purchase a few products. Hopefully useful ones.
I’m somewhat surprised that bloggers are grouping together to share purchases on some products. Kind of like sharing a book..
Perhaps that’s unethical..
.-= Glen´s last blog ..Embrace Change =-.
Glen, I think there are some free books that could give you a lot of information. I have to admit, though, that one I paid for was RichJerk’s book many years ago. I learned a lot, and ignored the stuff that I thought was a big over the top. I’ll pay up to $20 for a book, but I’d better get something out of it, and the books I have paid for I usually do. I also get something out of the free books, and you do know that Risley’s book that I reviewed is free, right?
I did get David Risley’s free book. I really liked it. It helped me understand his approach to earning money online. And it helped me understand the negative posts I was reading about mailing lists.
Another ebook I downloaded for free was by chris guillebeau (chrisguillebeau.com)called 279 Days to Overnight Success.
He takes a slightly different approach to David but uses a number of the same tactics.
You would probably like it.
I’m learning a lot by reading your site as well. So thanks..
.-= Glen´s last blog ..Embrace Change =-.
I appreciate that, Glen. Of course, these guys would cringe on the topics I take on through this blog, but hey, I’m gonna be me! lol
I’ll have to check out the book you mentioned, just to see if there’s something new for me.
Interesting analogy buddy, as a poker player myself.
Isn’t it funny, not to mention ironic, that those that are the most desperate to make money online are the ones to balk the most about putting even one dollar back in to boost there business.
.-= Dennis Edell´s last blog ..Here We Go! Theme Construction Part 1 – Your Participation Is Wanted-Needed! =-.
Indeed Dennis. I mean, balk at $997, and balk at even $250 before you make any decisions. But if you can’t afford $20 that might end up making you much more, then you may never get there unfortunately. Of course, I certainly can’t say I’ve gotten there, but a $10 investment in Adsense Secrets, which Comm is now giving away for free, increased my Adsense take from maybe one or two dollars a month into what it is now, so I certainly got my money’s worth from it.
Exactly right. Now the problem I have is those that DO go for the big ticket items, never do nuthin with them, then call it a scam or worthless.
Like it’s supposed to work just sitting on your HD. lol
.-= Dennis Edell´s last blog ..UPDATED – Here We Go! Theme Construction Part 1 – Your Participation Is Wanted-Needed! =-.
True; I always figure those folks are the ones who don’t know better than to spend money on that sort of thing to begin with.
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