Network marketing, also known as Multi-Level Marketing (MLM), is a business model where independent people buy into a MLM company and earn a commission on the products they offer. The profession appeals to many people because they
7 Suggestion On How To Succeed In Network Marketing
can be their own boss, set their own hours, and work towards their own success. It is a big commitment, but network marketing can be a very lucrative career. However many people enter into network marketing full of ambition but with little help and advice. If your in network marketing or multi-level marketing and struggling, remember not everyone is suited for this business.
As you are building your MLM business keep that in mind. Look for and only recruit those who express a strong desire to work with you and the business. You can make a lot of money in network marketing if you do it right and find the right people. That will stop your struggles and frustration. Again, not everyone is suited for network marketing. Recruit and only work with those who want to build a successful MLM Business.
I offer 7 Suggestions On How To Succeed In Network Marketing
1. Investigate the MLM company.
Choosing the right MLM company is key to your success. Quick and easy internet searches can usually answer many of the questions you may have. Do some research to determine which MLM company is best for you personally. Some questions you should ask yourself when researching companies are:
- How old is the company? Is it well-established or is it just starting out?
- How are the company’s sales? Are they rising or falling?
- What is the general reputation of the company? Reviews and blogs can usually give you a good idea if the company is reputable or suspicious.
- Does the products fit your personally and your interest. Example:
- Are you in weight loss and is that an interest?
- Do you like jewelry. This maybe the right company
- Energy Drinks. Many MLM companies offer energy drinks
- You decide what you like. Get the idea here?
2. Look up the CEO or founder and other company leaders.
Keep the same things in mind as when you investigated MLM companies. Is the company leadership reputable and law-abiding? If company leaders have been accused of carrying out scams or have had legal trouble, you may want to avoid this company. Does the founder or CEO or leaders have a background in network marketing? As an example, a well known person in the MLM business is known for starting a company, making promises, recruits on the promises, never delivers and folds the business living everyone abandoned. He then starts another one with the same model. Does he make money? Yes but at the expense of others.
There are a lot of good MLM Companies with great leadership. Chancres are that no matter which one you decide to enroll in is good and legitimate.
3. Investigate the products or service the MLM company sells.
Since you’ll be responsible for offering this product, make sure it is reputable and something you can embarrass. Some MLM companies market questionable or dangerous products, and you could face legal action if you take part. You should keep the following in mind when considering a product:
- Is this product safe?
- Are the product’s claims backed up by legitimate research?
- Would I use this product?
- Is this product priced fairly?
- How many companies offer a similar product?
Why is that important..How many companies offer a similar product? With many companies in the same business category, there must be a demand. If there is only a hand full of companies or the product is a “one of a kind” product, think carefully about promoting the product or services.
4. Question your sponsor.
When you’ve found a MLM company you’re interested in, you’ll likely meet with a sponsor or another representative. Be skeptical during the recruitment process. Remember that your sponsor makes money if you sign on, so he or she may not
Question Your Sponsor..This is your Future
be as open with you as they could be. Don’t get distracted by promises of how much money you’ll make and really think about what you’re about to do.
- Ask direct and specific questions. If you find the answer too vague, ask for clarification.
- Ask exactly what the company will expect of you- how much are you expected to sell? How many people are you expected to recruit? Are you required to take part in training programs?
- What type of support can you expect?
- Look at the coaching and training. Are they “old marketing” or do they have a modern day strategy?
If you are being recruited by someone who has approached you:
- How long have they been with the MLM business?
- Who is their up-line?
- What are their goals and intention with the business?
Now why is that important? There goal maybe to make a few hundreds of dollars while yours maybe to make thousands of dollars. Their intention is to promote the business part-time while yours is to replace a job with a full-time income.
While this does not stop you from signing up with the sponsor, it give you an idea of how you will be working together.
5. Read your Sign-Up carefully.
Don’t sign anything right away. Take some time to read over and understand the entire program. Are there requirements to maintain your sponsorship? Are there fees and is the fee a one time fee or annual? What is the commission structure? Do you have to “pass-up” or retain your recruits? Is there a minimum monthly purchase? Do you have to inventory? Can you market on the Internet?
Remember, this is your life, your home based business we are speaking of. You can hire anyone you want or don’t want. If you don’t like the program, don’t sign up. There are many more available.
6. Watch for red flags.
According to the Federal Trade Commission, some businesses posing as MLM companies are actually illegal pyramid schemes. Pyramid schemes scam recruits into buying into a company and almost always result in a loss to the recruit. Some things to look out for are:[5]
- If a company makes more money selling products to distributors than to the public.
- If a company makes more money recruiting members than by selling products.
- If anything seems wrong to you, don’t sign-up
Example of a pyramid scheme. A close friend sign-up with a company a number of years ago. She purchased $2,000 worth of product and was told to resell the products of someone else for $2,500 giving her a profit of $500. Then do it again, each time making $500 dollars. Need less to say the products are still in her basement. That is an example of a pyramid scheme.
7. Draw up a business plan.
When you have a few potential MLM companies in mind, write out your plan for building and expanding your home based business. Even before you’ve officially aligned with a company, it helps to have this plan figured out early. That way you can hit the ground running when you do eventually start at a home based business. Keep these things in mind when designing a business plan:
- What product or service are you intending to offer?
- Who is your intended market?
- How much time will you dedicate to this? Will it be a part-time commitment or are you planning on working seven days a week?
- What is your goal? Do you want to get rich or just make some extra money?
- Think long-term. Where will you be in five years? Ten years?
- What is your marketing strategy? Will you make cold calls? Use the internet? Go door to door?
You can update or change the plan as needed, but it helps to have a guide when you’re just starting out.
There you have it. 7 Suggestions On How To Succeed In Network Marketing. Is that all there is? For starting…YES. For success in network marketing and growing your business this is just the beginning.
Success in Network Marketing is not complicated. In fact is is really easy. We tend to make it complicated by our actions. If your struggling in your business or frustrated go back to the “fundamentals.” People will do business from people the know, like and trust. Work on the fundamentals, use Attraction Marketing and build a home based business beyond your dreams.
John Burroughs “A man can fail many times, but he isn’t a failure until he begins to blame somebody else.”
to your success,
P.S. To skip ahead and get the most comprehensive internet recruiting course for network marketers, grab your copy of The Attraction Marketing Formula! Click the Button below to get your copy of a 10-Day Online Recruiting Bootcamp. Learn how to get leads and prospects to Call You about your business.
About Bill Fletcher;
Bill Fletcher is a marketing expert and coach in the use of Social Media Marketing, Network Marketing and Affiliate Marketing. Based in the MidWest, he is the CEO and founder of Planning-4-Success, Master Marketing University and RiteBusiness. Bill’s main focus is helping home based business owners understand trends in marketing.
