Written by, Samuel K. Burlum, Investigative Reporter, and author of The Green Lane, a syndicated column, Published on 8/17/2018, a SamBurlum.com Exclusive
Tags: American Free Enterprise, Business, Direct Selling, Multi-Level Marketing, Network Marketing, Opportunity, Small Business, Relationship Marketing, Home Based Business
Source: So… you have decided to get involved in a multi-level marketing business opportunity. After spending hours of research on the right opportunity, you are ready to roll up your sleeves and get to work. How do you assure yourself greater odds of success? We provide a few tips.
Every multi-level marketing business opportunity has a recipe for “success” which is usually provided by the MLM parent company, and offered by way of training materials, tools, books, and audios. There are some basic key concepts to keep in mind when building your team and customer base. These key concepts may seem simple, however are often overlooked, leading many in the industry to disappointment and failure.
One of the very first things to keep in mind is to pay close attention to every detail related to the process of sales and recruitment, and to the fine print of company policy & procedure and compensation plan. Many network marketers fail to collect on every benchmark they achieve because they miss a step in the process of submitting paperwork or forget to fill in a required field on an online form. Within the independent contractor agreement and compensation plan, there are specific details related to how commissions are earned on product sales and on sales from a downline that may not have been presented during the initial opportunity introduction.
Network marketers must have an understanding that their new opportunity should be treated as if it is a business they personally own. Discipline, motivation and consistent daily action are crucial for success, for if positive results are not produced, no compensation is earned. The network marketer should have a thorough understanding of the products they represent, the market they serve (who will need them), and a willingness to handle objections and even deal with disgruntled customers.
The network marketer should be a product of the product. The best sales representative is a person that has a personal experience with the products they are selling, and can convey their personal story or connection with those products to others. A network marketer should sample each of the products they intend to promote, and focus primarily on those that have the greatest impact on them, rather than those they did not personally enjoy or find beneficial.
Research the ideal consumer market and start there. Many network marketers will begin pitching their product offerings to a list of family, friends, neighbors, and other associates from within their local community or network. What network marketers need to understand is once they have exhausted their list of contacts, they will have no choice but to engage with strangers. Sales representatives, in general, who focus on solving problems and filling a need, develop a customer following and are more successful than their peers who primarily rely on friends and family to buy their products.
Network marketers need to have a definitive plan of execution in reaching their target market. In discovering where your target market might be located, you will want to put yourself in the shoes of the potential customer. What are their likes, dislikes, consumer behaviors and habits? What influences their decision making? Your discovery process should include learning why your potential customers make the choices they do. This will apply to building your team network as well.
Network marketers need to set realistic and obtainable daily, weekly, and monthly goals, and stay disciplined to achieve the set benchmarks. Network marketing is about making repetitive consistent efforts over a long period of time. Where many fail is by having the desire and intention of making a big splash of achievements in the beginning, so they could sit back and allow for their downline to do the rest. When they don’t achieve success in the short time line they hoped for, the disappointed network marketer often quits. Network marketing is a battle of time and milling through the field of potential prospects. The network marketer that is willing to spend less time per week, but willing to work years at the business, will have far greater returns than the network marketer that works feverishly in the first 30 days and does nothing thereafter.
Another practice of becoming a better network marketer is to develop your own personal brand that can help separate you from the field of thousands of other network marketing representatives. What makes you so different that a potential prospect should buy from you instead of your competitor? It will be the little things that matter – returning people’s calls, texts and emails, answering questions, helping people with their paperwork, being supportive of other members of your downline, and being a team player. These are just a few ways you can create your personal brand.
The career network marketer should have some of their own personal business tools, such as a business card, website, social media page, hotline, group newsletter, and blog post. These are places where you can tell your story and the stories of your personally connected satisfied customers and fellow network marketing colleagues.
Network marketing is just that, networking. Every network marketer should be engaged in a business organization where he/she can meet with other fellow business leaders and potential customers. Building relationships within this community will provide credibility that you are a professional and not some lone wolf trying to look out only for yourself. Within these business groups, look for opportunities to be of service to others.
Most importantly, the network marketer must have patience. Customers and members of your “team” will come and go. There are natural consumer life cycles to every product or service. You must continue to be diligent in developing strong customer and business relationships, and keep in mind that some of your recruits will not produce a thing and end up quitting the opportunity. Quitting over someone else quitting will yield zero results.
Not all network marketers will make enough money to quit or replace their day jobs. It takes time, monetary investment, and a keen ability to work with other people to achieve any level of financial gain in network marketing. Those who are not ready to assume all the risk should yield to caution and look for other career building opportunities.
Samuel K. Burlum is an Investigative Reporter who authors articles related to economic development, innovation, green technology, business strategy, and public policy concerns. Samuel K. Burlum is also a career entrepreneur, who currently lends his expertise as a Consultant to start-up companies, small businesses, and mid-size enterprises, providing advisement in several areas including strategic business planning, business development, supply chain management, and systems integration. He is also author of “The Race to Protect Our Most Important Natural Resource-Water,” and “Main Street Survival Guide for Small Businesses.”