4 Sure Ways to Win Big with Network Marketing
To make it in the highly competitive, stiff, and largely-frowned-upon business of network marketing, you need to fully understand what you’re getting into beforehand.
Are you already in it?
That’s okay. It’s not too late for you to learn practical ways of maximizing your business venture. Stick with us as we unpack the proven strategies necessary to make it to the top as a network marketer. Maybe you will also unlearn one or two practices that are standing in the way of your success.
Let’s start off by clarifying what network marketing is, and what it’s not.
What is Network Marketing?
The easiest way to define network marketing (aka multi-level marketing) is to differentiate it from a pyramid scheme. That’s because many people confuse the two. Simply put, a pyramid scheme is an illegal entity that emphasizes recruiting down liners in order to earn from the ‘company’
Network marketing indeed has a pyramid-shaped earnings model, but in addition to encouraging members to recruit other members, its main business revolves around genuine products or services.
“Network marketing is a business model that depends on person-to-person sales by independent representatives, often working from home”–Investopedia.
Some of the world-famous multi-level marketing (MML) companies include:
- Avon Products
- Mary Kay
- Excel Communications
When you find a genuine network marketing company, you need a winning attitude, a success strategy, and accurate information. All these are included in the following 5 step plan.
1.Thoroughly educate yourself on the business
Here are some random facts about the MLM business:
- In 1998, network marketing was banned in China. Presently, network marketing companies can operate in the mainland—with restrictions on the recruitment procedures and benefits.
- In America, MLM companies don’t qualify for Small Business Administration Loans because of poor success rates.
- Research has shown that more than half of all MLM representatives drop out within a year of joining it. And 90% of all resellers quit within 5 years.
All this goes to show just how complex the network marketing business model is.
Blindly investing capital and hoping to harvest huge profits can result in deep regret. But don’t be discouraged. Instead, understand just how much homework you need to do on the business in order to succeed. Then determine to be the most knowledgeable person you know concerning the legal side, market trends, and the industry as a whole.
Next, get into the particular business that you’re joining and understand it—fully. You can’t afford to sign terms and conditions that you didn’t read. Neither can you project your profits using estimates. Get every single detail right. Exactly how much sales are you required to make if you are to qualify for a certain bonus? Will your incentives come from revenue or profit? Gross or net profit? Are you required to recruit a certain number of distributors in a certain given period of time?
The clearer you are on all such details, the easier it will be for you to influence other people to join your chain. It’s a network-oriented industry after all. So you will certainly need to build a network of people who do what you do.
2.Diligently build your business structure
Once you sign up to join an MLM company, you’re in business. See yourself as the owner of a franchise. Your success depends on you. So you need to build a foolproof business plan. How do you intend to sell your products or services? And where?
Make a plan.
How will you reach the wider market beyond just your family and friends? You will need one or more of these: business cards, brochures, social media pages, or a website(if the parent company allows it)
Next, you want to be known as the go-to person for everything that concerns your business. You know what that means right? It’s time to toss your shyness and timidity out of the window. Reach out. Speak out. And go out. Talk about what you do any time and everywhere that you can.
Where discussions take place around your business, be present to give authority answers. This is exactly why point no. 1 is essential to your success. Because people will discern whether or not you have in-depth knowledge. And if you don’t, they won’t listen to you that much.
You can go the extra mile and spark such discussions. Organize events aimed at educating people about your company and how it can benefit them.
3.Follow up on potential customers
If you do all this, you will obviously get people interested in what you have to offer. You will get potential clients wanting to buy from you. And also those interested in becoming distributors just like you. It’s greatly relieving when this finally happens. But don’t relax just yet.
Many marketers lose their leads right at this stage.
The most successful network marketers are those who have mastered the skill of follow-up. They do it so smoothly that they win the attention of potential networks amidst busy schedules and online noise. This obviously takes practice.
It’s time you became those people.
Understand that no doesn’t necessarily mean never. Sometimes it means, ‘I don’t have enough information to make a decision right now.’ And yet at times, it means, ‘I don’t see what problem this product or service solves.’ In essence, it means ‘not yet.’
4.Empower your downliners
To be a successful network marketer, you need to both sell and recruit. And the final test of your success in the business is whether or not you enroll marketers who can function on their own, i.e. independent sellers.
If they constantly need to come back to you for answers they aren’t empowered. They aren’t capable of properly leading their own teams if they need you to take over and explain the basics of the business to potential distributors.
Therefore, as soon as you get someone interested in being a reseller, take them through the process of acquiring knowledge. Encourage them to read, to be curious, and to research. Furnish them with trusted sources of information and explain the effectiveness of specialized knowledge.
The more independent they are, the more time you will have to yourself so this is a win-win situation.
Get started on MLM today
Convinced that network marketing is your next project?
Then find out how best to get started on it today.
There’s no telling how far you can go as a marketer. But we’ve already established that you can reach greater heights if you are well informed. Maybe you need a chat, mentorship, or coaching. Reach out to us if you do.