‘Retired? Unemployed? Laid-Off? Or insufficient Income? Start your own Internet business from home. Build residual and leveraged income to create real wealth’. These are some of the phrases that are used as adverts for network marketing or MLM business.
You probably know what network marketing is all about also known as direct sales or multilevel marketing. Most probably you have already heard about names such as Avon, Amway Herbalife or Tupperware. Or maybe you have been under pressure from a salesperson trying to convince you to join their team if you want to become a millionaire. What does it take to succeed in this industry?
First and foremost, you must find the right company for you. Secondly, you need to be passionate about the business you choose. Thirdly, you must be willing to dedicate time and effort to the business you have chosen before reaping any fruits from your hard work. Last and not least, don’t quit. If you follow these basic principles, you too, can be an entrepreneurial success story. Here are the seven secrets for making it on the network marketing industry.
Choose the right company
Before choosing the right company for your business, it is important to do your homework. What is important is to found out how much out of each sales money get paid back to the distributors each month.
More importantly, you need to find out how fair the distribution of the money between the old members and the new members. This should include a commission program which is powerful. For instance, once you sign up a member or affiliate, they should become your customer for life. More importantly, the company should be able to take care of all order processing, product shipments, and customer service at no cost to you, and should pay you a direct commission for every order placed by your members and affiliates for life.
Additionally, you need to check the integrity of the company or how reliable the company is and its management. You need to explore the experience of the Chief Executive Officer or CEO, his or her experience in the network marketing or MLM industry. You need to check how they have been successful in other companies in the industry and whether they have a good reputation.
The other thing which you need to consider is the momentum and timing. You then look at where the company is located; its headquarters and its annual revenue. You also look at what's going on with the company and whether it is growing or not.
The last thing to consider is the support, training and business systems that the company provides. I know of a friend who chose a great company with excellent management, products that make a difference, a pay plan that is distinctively fair and very generous, with a good momentum and stability, but then only to find that the company did not have a system in place that works. As such, he ended investing a lot of his efforts and losing his hard earned cash. In most cases, some companies have skills transfer with a mentoring system.
Practice what they preach
For you to be successful in your network marketing business, you need to be eager to pay attention and learn from your mentors. It is in the best interests of the network marketing veterans in your company to help you succeed. As such, they should be willing to impart knowledge with you about the system.
Build your Team for Success
First and foremost, you should always lead by example. Do all the things that you want your downline members to do, and they will follow your lead. Secondly, you should provide robust support to your downline all the time. Don’t forget that you succeed only if they succeed. Lastly, “work with the workers” and always remember this critical principle.
The Power of Duplication
Whatever your mentor did to become successful, it can be duplicated. Conversely, you have to be willing to take note and follow the steps outlined in the system.
Use the Internet for Your MLM Business
Nowadays, people are using the internet as their main marketing tool. As such you can easily set up your site with autoresponders in order to capture leads. One of the greatest keys to success in the MLM industry is follow-up. Automation on the internet allows a much more reliable method of following up. Send out a weekly newsletter to your entire downline. Don't expect lots of responses. Instead, stay focused on publishing valuable information in your blog each week. Don’t forget that most people are extremely skeptical that they can make money on the Internet.
Over time, your consistency will demonstrate that your MLM is real, that you're real, and then they'll want to jump in. Consider your weekly newsletters as follow-ups and remember that in the advertising world, it is well-known that most people have to be exposed to something at least 10 times before they can notice it...time and again many times more before they take action such as making a purchase. Use this information to your advantage with a regular weekly newsletter.
Take Care of Your Business
Treat your network marketing business as a business if you want it to be one. This is a business, and just like if you were running a brick and mortar business, franchise or a storefront, you should keep you proper books of accounts.
It's important to set up your mastermind team to support you. You may wish include accountants and lawyers who deal in network marketing. They may be well-versed in all the laws and how that affects the MLM business or an accountant who specializes in home based business specifically in the direct-selling industry.
Don’t Quit
Last and not least, my advice to you is that you should be patient. As such you shouldn’t be tempted to quit. You should therefore be willing to dedicate time and effort to your business before reaping any fruits from your hard work. Do something to grow your business every day.
Vincent Lombardi once said, “Success demands singleness of purpose."
I hope this will help you in your MLM business.
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