How to Succeed in Network Marketing
Choosing a Company
1
Investigate companies. Choosing the right company
is key to becoming a successful network marketer. Quick and easy internet
searches can usually answer many of the questions you may have. Do some
research to determine which 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.
2
Look up CEOs and other
company leaders. Keep the same things in mind as when you investigated
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.
3
Investigate the products or
services the company sells. Since you'll be responsible for pitching and selling
this product, make sure it is reputable. 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?
4
Question your recruiter. When you've found a company,
you're interested in, you'll likely meet with a recruiter or another
representative. Be skeptical during the recruitment process. Remember that your
sponsor makes more money if you sign on, so they may not 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?
5
Read your contract
carefully. Don't
sign anything right away. Take some time to read over and understand the entire
contract. You may even want to consult a lawyer or accountant to make sure
you're getting a fair deal and that the company is legitimate.
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 a contract.
7
Draw up a business plan. When you have a few
potential companies in mind, write out your plan for building and expanding
your 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 company. Keep these things in mind when
designing a business plan:
What product or service are
you intending to sell?
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 7 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 5 years? 10 years?
What is your marketing
strategy? Will you make cold calls? Use the internet or social media? 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.
Starting Out
1
Choose the right mentor. In most MLM models,
the person who recruited you becomes your mentor. That mentor will coach you
through the early stages of your work. Typically, the more successful you are,
the more money your mentor makes, so it is in their best interest to be there for
you. In a mentor, you'd want:[6]
Someone who is available if
you need help.
Someone who you could see
yourself working with.
Someone who will be honest
with you if there's something you can do better.
2
Study your products and know
them well. It's
your job to sell these products, so you should dedicate yourself to knowing
everything about them. You'll need to plan how you will pitch the product to
potential customers, how to answer any questions or doubts they may have, and
any relevant research or studies that support your product.
3
Attend company meetings and
training calls. These will help you make new contacts and learn new
skills. You can leave them better prepared to build your business successfully.
4
Build new leads. In network marketing,
leads are potential customers. You'll need to keep finding new leads if you
want to keep making money. There are various ways you can find new leads, and
you should use multiple strategies to attract the largest market possible.
Social media is a cheap,
easy way to generate buzz for your product. Start a page for your company on
each of the major social media sites and update them all regularly.
Buy advertising space
online and offline. Websites and newspapers can help build awareness for your
product.
Cold calling, though old
fashioned, is still a popular method of finding potential leads.
Personal interaction is
also useful. Always have business cards on you and be ready to talk about your
company. You never know when you may come across someone who is interested in
what you have to offer.
5
Follow up with all leads. To turn leads into
paying customers, you'll have to follow up with them and pitch your product.
Set up your web page with
an auto responder designed to contact people who visit your page.
Manage all your contacts in
an organized file with all their information easily accessible.
Have a sales pitch ready at
all times when you contact a lead.
Try more than once to turn
a lead into a customer. Just because someone wasn't interested once doesn't
mean they will never be interested. Be careful not to overdo it, though—you
could easily get a reputation as a spammer, which can hurt your business.
Building Your Network
1
Recruit new members. Just like you were
recruited to a network marketing company, you'll have to recruit members to
your team if you want to be successful. Always be on the lookout for new
prospects who you think will be valuable additions to your team. Try recruiting
services, like MLMRC. Also, you'll want someone who is personable, a good
salesperson, and a team player committed to cooperating with you.
2
Mentor your recruits
effectively. If recruits are successful, you make more money, so
you should be prepared to train them well. This may be a substantial time
commitment, even up to several weeks. But you should understand that you're
building a team and it is in your best interest to spend enough time making
sure your recruits are competent enough to go off on their own.
3
Give your team members good
commissions. By compensating your recruits well, you're ensuring
that they have a good incentive to sell. That way, they'll earn more money for
you and for themselves. It will also help keep them around longer, which is
good for you—you want to keep talented sellers on your team to keep your
business successful.
4
Consult professionals about
your business. Remember, you are responsible for everything
associated with running a business—taxes, laws, etc. It helps to have an
accountant and lawyer on hand to help you manage your business in the most
effective way possible.
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