Not true. A good SEO using good techniques from 5 years ago can easily get a good ROI for a client. Yes, it costs more than the cheap SEO, but should always deliver much more than it costs (otherwise they're not good SEOs).The resource needed to create a business / website with true quality is much harder to do and requires much more resource. Thus the cost of SEO is getting pushed up, knocking out budget firms and those who rely on budget firms.
The OP and friends apparently placed their online marketing efforts in the hands of a company who was 'well regarded' on a forum, with no checks and balances... After all who cares, they're ranking aren't they? Then comes an algo change and that poor business decision is then blamed on the SEO industry as a whole...
OP and friends could easily have asked for a copy of the articles the SEO Co was using and they'd immediately see that something wasn't right. Even so, I'd lay you odds that they wouldn't care, because THEY WERE RANKING!
If another firm had quoted an appropriate price to give them long term rankings, they would almost certainly have said 'too expensive'... I've been there many times...
And PhDs cannot possibly be a measure of intellegence - one of my girlfriends has two PhDs and is blonde!
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