Network marketing has been a great marketing phenomenon from time immemorial, as human beings are all social creatures. That’s one very undeniable fact that we can’t compromise – we need each other to thrive.
Except you live in the caves, the network marketing value chain must have tried to recruit you in one way or the other. A salesperson paints you a picture of how easy it is to grow your wealth with your social capital. A salesperson tries to convince you of how easy you can become a millionaire if only you and your friends and their friends and so on would buy and sell their products.
However, the idea is always right, but the implementation wrong, hence these images couldn’t be further from the reality of network marketing.
What Is Network Marketing?
Network marketing, or multi-level marketing (MLM) as it is also called, is a direct selling business model where independent-agents work as distributors of the company’s products and services for commissions and are encouraged to develop and manage their own sales force by recruiting other agents.
Network marketing is a way of transferring goods in the value chain, from producers to consumers through recommendations from one person to another. Such a method of distribution is characterized by the absence of intermediaries – wholesalers who overstate the price of the final product during the resale process.
However, network marketing does not involve advertising on the streets and in the media; this significantly reduces the cost of promoting goods and services.
For instance, the cost of production of a hand sanitizer is from 20 to 50 cents per package. However, when the hand sanitizer is placed on the counters in a store, its value is increased by several thousand percent! This percentage increase is caused by intermediaries – the large and small wholesalers who sell the products to one another.
If you’ve started a network marketing business, I’m sure you would love to experience fast success?
Watching weekly bonus checks roll in is pretty awesome. But what does it take to make that happen?
Most times, what you need to do is probably already nicely laid out by your company. However, poor implementation becomes a bane to their sales target.
Tips That Will Help You Succeed In Network Marketing
Let’s delve right into some important strategies to put in place, to experience that quantum leap in network marketing:
1.) Join the Right Company
Your first step into becoming a successful network marketer is to choose the right company. The number of companies rising daily has made choosing a problem. Companies offer different support services to their marketers. So, it’s important that you do your due diligence before choosing a company.
The mentorship factor goes a long way in the making of a successful network marketer.
2.) Network Marketing Professionals Know Their Target Market
Understanding your target audience is non-negotiable for a great networking marketing career. You must be in touch with their needs, and their innermost desires for change. You must know what drives them towards their goal.
More so, knowing the people that would like to lead a different, more satisfying life will help you tailor your marketing and succeed in network marketing.
3.) Network Marketing Professionals Do NOT Chase Only Family and Friends
One of the first things that most network marketing companies have you do when you join them, is asking you to create a list of ALL your family and friends so you can reach out and market to them. This list of names is known as your warm market.
On the contrary, familiarity sometimes brings contempt, hence the need to extend your tentacles beyond your friends and family.
I will suggest leaving your friends and family approach, for just a little while, at least, until you understand proper network marketing prospecting and recruiting better.
If you have the support and backing of an experienced network marketer there with you, then go for it.
4.) Build The Right Team
Building the right team is very important in your network marketing model. What differentiates the one struggling to make a sale all month from the one making the 6-figure income a month is the kind of people on their team.
The bedrock of network marketing is your team; you can’t do it alone. However, bear in mind that people differ in performance and capacity, so what you assign to who is what makes the difference.
When you eventually find your dream team, you’d be almost 100% sure that your business will boom and will help you achieve your goal of joining the network business.
Therefore, when building your team go for the set of people with the capacity to drive your vision: a team with the right attitude, expectation, and motivation to succeed.
5.) Know Your Onions – Everything About Your Products/Services
There is always a lot of focus on sponsoring new people into the business, and yes, this should be a big focus. However, it shouldn’t come at the cost of losing sight of the products/services that are the foundation of your business.
Building a strong, loyal customer base will not only generate regular income but it also will ensure you have ambassadors for your business as your customers will be talking about your products and services and help market it through word of mouth.
Also, more often than not, you will pick up some sponsors from contacts who start out as customers but who become advocates for the products/services and find themselves naturally recommending them. Earning money for developing these contacts becomes a no-brainer.
6. The Fortune Is In The Follow-up
Not all prospects will buy at the first call or sales pitch. I’m sure you’ve have heard this before, but it’s so true: there is no point in introducing people to your products or business opportunity if you forget to follow up with them just because you’re chasing the next prospect.
To ensure you get this right and don’t mess it up, put a process in place to track your prospecting activity and ensure you know how and when to follow up, which will eventually lead to sales.
When it comes to sales and marketing, timing is everything, so if you can follow up with your prospects and customers at the right time, you will improve conversion rates and your overall sales funnel will yield results.
By the way, have you ever being a part of a network marketing or multi-level marketing (MLM) business. How did you deal with the stereotype? Let us know in the comment section below.
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