How to Become Successful in Any Network Marketing, MLM Business
If you are like most people that are involved in the increasing popular network marketing or MLM, then you probably experience some sort of frustration or are on the verge of quitting. But the good news is that it is perfectly OK. Believe it or not, everyone from the top producer poster boy of your company to someone in the lowest level has experienced that. So you are not alone. Maybe you have gone to the trainings over and over, read the industry related books, and listened to the personal development CDs, and with no avail, are not making any progress at all. Well those things are great and very critical for your success, but there are some ingredients that are most likely never mentioned or brought up to your attention before getting started. Before I continue to share my top 4 recipes, I wanted to tell you what network marketing is and what it isn’t.
Network marketing is not: sales (as the core), convincing or begging people about the business, or managing people, a get rich quick program, a business you can do with little time, a business you can be successful at by just by sitting down at home making phone calls or getting online, not a job with a have-to mentality.
Network marketing is: a people business, earning while learning, positioning your self to be a leader to attract and create other leaders, a personal development course with a compensation plan, eagerness to learn, a filtering business, a business that requires time and effort which is proportionate to your progress, a business that requires you to THINK and ACT as a business person with their responsibilities, a business that demands responsibility, time management, and a high level of self motivation and commitment. Now with that mention, here are the fabulous, FIVE ingredients for your MLM Success that are a MUST!
First and foremost, before you continue to do anything else at all, you have to have your “why” down. What is your “why?” It’s basically your reason for doing the business, your vision, or your overall goal(s). Without a goal, it’s like basketball players running around the court with nowhere to shoot at all. If there are no goals, then you can’t score, and most importantly, you can’t win. So write 3 of them down, whether it’s to retire your family, pay off bills, spend more time with your kids, or travel the world. Write them down and place them in a high visibility place where you are mostly going to be at such as the visor of your car, your refrigerator, taped to your bathroom mirror, etc. This will be your testimonial reminder! You must be convicted with your vision!! So once you have your “why” down you must have a “by when” meaning the time frame. Your vision has to be aligned with a realistic time line that you set for your self and the level of work you are committed to. Earning a million dollars in 5 months in the business is almost impossible and probably not feasible so come up with something that measures up to what you are committed to.
Second, know the business inside and out because with wisdom comes confidence. Don’t get into in too much dept with the technicality part because you are not a technician or salesman. Know at least the top 20 questions of your business by heart as well as the compensation plan, and how to give an effective presentation plan. A good acronym to help is A-B-C (Advantages, Benefits, Compensation ). Never lie or exaggerate about the business! The last thing you want to do is lose a potential prospect by not knowing the basic information or them finding out that you lied to them, as well as giving a false expectation. A prospect will never want to do business if you are uncertain and not confident about the business. One of the most important issues here is to go over how this business could benefit them and their quality of their life, and what they could earn with the amount of work and commitment they are willing to give, so understand the comp plan and tailor it into their need and wants. If you don’t have the technical information in hand, tell them you will get it and follow up with them. Besides industry related material you must learn from the philosophy of your successful upline and personal development and leadership related materials. If you didn’t like reading before, then you must get in that habit! The more your business grows, the more you grow; the more you grow, the more your business grows.
Third, have an effective and an easy-to-duplicate system in handy. SYSTEM stands for Save Yourself Time Energy Money. Have a system in place that is proven to work and that is easy to remember for the most common scenarios such as 3 way calling with your sponsor, what to say before and after the presentation, what to say over the phone to gather customers, how to close, and what to say to the following business prospects that are family, friends, associates, leads, and strangers you just met, how to present to someone that lives a distance away. If you master those scenarios you are certainly on your way to success! Scripts are very effective as well so ask your organization and sponsor to obtain them. Keep in mind it must be duplicable.
Fourth, understand psychology! If you haven’t notice yet, this business is not about the products. If it was, you would be a salesman and selling is the antithesis for this type of business. Every top producer understands the core of this business which is people. This is what will set you apart from the rest of the people in your industry. It’s a people business and when it comes to people, you’re dealing with a lot of psychology and relationships! What I mean is being able to understand the nature of people. If you are not a people person then you are going to struggle in this people. You need to be able to meet people’s needs and wants. Bottom line! The only way to do that is to connect with people by listening to them. (That’s why we have 2 ears and 1 mouth so we should listen twice as much) Some prospects will have an objective but the underlying messages in all of them are 2 things: Can I do this? Can I count on someone to help me do this? With that said, you need to position yourself to be a leader! (Notice how all top producers are leaders? Not a coincidence) and people need to be able to know, like, and trust you! Once you have that, you have their business!
The first 3 I mentioned is very essential to your success but doesn’t guarantee your success. It will only increase your effectiveness of closing on prospects. The fifth and last thing I want to mention is the LAW OF NUMBERS. You will eventually hit a point where your list of 100 warm prospects is completely exhausted! So what’s next? The LAW OF NUMBERS simply states that the higher you increase your volume of people you present the business to, the faster you will build your organization. If you don’t think you are building your business the way you want, reevaluate the amount of people you are talking to about the business. You can’t be successful when you are only mentioning the business to 2 people a week! Don’t wait for people to come to you go out and find them. Attend local business mixers or networking events in the area, get involved with an activity group, events, go to the mall, the dogpark, or restaurants, where many people are present. It’s simply a number’s game. You can’t grow your business if people don’t know what your business is all about. Find out information on viral marketing, purchasing leads, create flyers, sizzle cards, leave information in restaurants, do newspapers ads and magazine ads. A rule of thumb to live by is that you will gain a 1% of people you expose as a business partner. Out of that 1%, 1% of them will be your hard charging ace in the business. Most network marketing business requires at least 3 successful legs. Here is a mathematical example to earn that:
1000 exposed = 10 will sign up = 1 will be a serious leader and blow your organization up.
Repeat this 3 times and you are almost guaranteed to be on your way to the top!
With 3000 people, that’s a little bit over 8 people a day!!
Now remember, the whole point of this is to find 3 quality leaders in your business. Many will do the business or even drop out but they aren’t necessarily quality kinds of people. You are not here to manage or babysit your organization because will be quite a drain on you. You should spend 85% of your business recruiting or as I say, spend 1 minute on a hundred people than 100 minutes on 1 person! Network Marketing is simply a filtering business not a convincing business.