The myths and misunderstandings surrounding network marketing or multi-level marketing (MLM) have scared a lot of people away from this kind of business. This has eventually resulted in people not viewing MLM businesses the same way they would any other business that started from scratch. As someone working in this field, the most important thing you can do to ensure the success of your MLM venture is to treat it as the business that it is and work hard to build it. Here are some ways to do just that:
Never badger your friends and family
Letting your friends and family know about your business and seeing if they’re interested is completely fine. However, constantly pestering them after they’ve made it clear that they’re not interested is a big no-no. As mentioned, success in MLM comes from treating it like any other business in which you direct your focus on people who want what you offer. You can start by figuring out the target market of the services or products you’re offering. According to The Balance, the biggest mistake people new to MLM make is looking at everyone as a potential customer or recruit. Instead, success can be better achieved when you have an identified target market to which you can focus all your marketing efforts.
Learn new skills that will enhance your marketing ability
According to a study conducted by the AARP Foundation, less than 1 out of 100 MLM representatives achieve success and turn a profit. To distinguish yourself from your peers, you must always work on developing yourself professionally. This means being aware of the latest business and marketing trends out there. Maryville University emphasizes how business degrees are now digital orientated with a strong focus on emerging online marketing trends such as SEO content and social networking. Being on point with these trends, whether through taking a degree or online course, will equip you with the skills you need to effectively manage whatever industry challenges you may face. The skills you should look to be proficient in include networking, being technical savvy, analytical thinking, leadership, finance and accounting, and systems-level thinking.
Develop a system for follow-ups
As our article How to Grow Your Direct Sales Business Using Online Funnels shows, finding people to talk about your business is difficult. While the industry demands generating sales and recruiting people, you don’t want to be known as that annoying MLM friend who pesters everyone. That being said, it’s best to develop a good follow-up system. For follow-ups to become effective, remember to make the messages personal and follow social and professional boundaries. If someone tells you no, respect their answer and don’t call or email them about your business again. However, if someone says no, but you think there’s something in your conversation that suggests they might be interested in the future, keep them in your mailing or email list and try to reconnect with them after six months.
Train your downline
Within the network marketing industry, there is a term called “orphans.” An article on the Entrepreneur defines them as people who were brought in but weren’t trained or taught by whoever brought them in. If you’re bringing a new person into your downline, be prepared to spend at least 30 days helping them understand the industry. Train and support them as they navigate through the first month or so until they can confidently go off on their own when the time comes. Helping recruits will benefit not just them, but also you. After all, you get rewarded whenever anyone from your downline succeeds. More than just a recruiter, consider yourself a leader and a trainer that can effectively drive the whole team to success.
Business Editorial Story composed by Risa Jacobs