Building your network marketing business to last is a challenge because the vast majority of every kind of business fails. Same for MLM distributors. The barriers to owning a network marketing business are low, so virtually anyone can start their own business. To be successful, you need to either start with a big network of people who know you, like you and trust you, or you must build that network. It’s important to pick a plan that pays well for real production. It’s a big plus to understand marketing, because you will need to continually build your network. And if you are like most people who don’t start with that strong network in place, you must build it from the get-go.
There is a lot involved to become successful in MLM, just like in any other business. And yet, so many people these days are hyping the “multiple streams of income” approach in MLMs. You can look long and hard and still never find anyone who is successful in 2 network marketing businesses at the same time. Heck, it’s tough to find a person who has actually built full-time income in ONE business. That’s why it’s amazing people think they can build FIVE business at a time, as some of them claim? It’s probably pretty simple: they’re full of it. They’re hoping that if they promote 5 businesses to you, maybe you’ll see one you like and join. Most people who do this just disappear quickly. What works is to pick the best one you can find and build that business. Multiple streams of MLM income is an idea whose time will never come.
A lot of people start in network marketing with the idea that they want to get in position to make a lot of money. They hear stories of people earning 7 figures a month. And it certainly has happened. However, the key is to understand the numbers. Not long ago, a report was compiled of the financial statements of 7 well-known, publicly-traded MLM companies. This report showed that what these companies pay out to the distributor base ranged from a low of 25% of gross income to a high of about 42% of gross income. Think about this. You’ll always have just a portion of profits to the distributor base. Let’s call it 40%. If you have a heavy hitter at that company making $1 million a month, what does that mean? You can certainly conclude that a lot of other reps aren’t getting much return for their work. The truth is, the LESS that heavy hitter is paid, the MORE that the part-timers get paid. And those folks account for 95% of everybody in MLM, and they are the ones who have the dream. People get so excited when someone gets a huge paycheck. However, it may mean you actually have LESS chance to earn a good check.
These ideas and many others are discussed by Michael Dlouhy in the free ebook “Success In 10 Steps.” I compiled a list of MLM keywords recently and discovered something interesting. Reading the search results, 75% (!) of the top 20 MLM-related search terms had to do with “leads!” If ever there was evidence of the #1 focus of network marketers, that was it for me. Obviously it makes sense. To win the network marketing game a steady stream of targeted, interested people to talk to. Now you see why people put such a high value on this ebook over the years. It’s generic, so you can actually use it as part of your own lead generation system. Very workable plan.
By: James B Byrd
Posts Tagged ‘Marketing Network’
Network Marketing Business – Building Your Network Marketing Business to Last
December 30th, 2009Attraction Marketing Takes Over the Network Marketing Industry
December 29th, 2009
So you keep reading about Attraction Marketing but you can’t find an exact definition. Good thing you found this article then, right? That’s actually a little bit of attraction marketing right there. Something about the way I wrote this article made it appeal to you. In other words, you were attracted to it.
It’s not a magic trick. You were simply drawn to this article because of the way I chose to market a topic that a thousand or more other people have written about.
Attraction Marketing refers to a particular way of attracting other peple to you, your product or your service. Basically, you are injecting yourself into whatever you’re doing so that other people relate to you as a real person and not another faceless name online.
Look back at every single successful marketing campaign in recent memory and you’ll see that individuals and companies are all using some form of attraction marketing. The old days when listing advantages and hard selling used to work are over.
The most important fundamental concept of Attraction Marketing is that you are really selling yourself! Not the product. Not the service. And certainly not the company you represent. It’s all about you as a person who naturally attracts people by the unique way you talk, think, and look.
When you offer yourself and your knowledge through a successful marketing campaign and in an effort to genuinely help others, your world will turn into a steady flow of prospects, leads and sales. You can’t fake it. What you’re sending out online is a little piece of you that says “Here I am. Let’s talk”
Think about it this way: Say you’re buying something at the mall and a sales person is really pushing hard to make a sale. That kind of behavior actually repels customers. The same is true for sales people who just standing around looking bored and sales people who don’t pay attention to their personal appearance. Now imagine the last time you actually bought something because of the sales person. Did they start out with a conversation or ask if they could help you? Did they know a lot about the products they were selling? Did they sound polite even when you said you were only looking? See the difference? Even if we weren’t persuaded to buy anything at that moment, you were left with a good shopping experience. You’re also likely to come back at some point and buy something from that salesperson because he/she made the experience pleasant. In short, we are attracted to people who fulfill our basic need to be acknowledged, respected and treated well. Now apply that to online marketing. That is what Attraction Marketing is all about.
Here are some ways to apply Attraction Marketing in your own home-based online business:
Visibility – Every successful marketing campaign ever conducted made it a point to be visible to its market. That’s where the Internet and search engine optimization (SEO) comes in. After all, you need to be seen before you can help someone.
Value -Provide genuine value by giving people what they need (acknowledgment, respect and good treatment).
Leadership – Lead them through the process that will help solve their problem. Don’t push a solution on them; guide them to it. This has the double advantage of building trust and promoting satisfaction in the transaction.
By: Brian Horwitz
Multi-Channel Marketing – Network Marketing with a Twist
December 28th, 2009
Studies have shown that customers who buy from two channels (vs. just one) are between 20 and 60% more valuable, while triple-channel buyers are 60-125% more valuable! Plus, multichannel shoppers have a lower attrition rate and buy a wider range of products. – Direct Marketing Association, 2008
The Body Shop, world renowned purveyor of toiletries and cosmetics, is making a splash in the Direct Selling arena with it’s party plan sales channel, The Body Shop at Home. In addition to stores in shopping malls and their online e-tailing site, The Body Shop has fully embraced the concept of Multi-Channel Marketing. Other direct sales companies have followed suit, as there are now Avon stores popping up in shopping centers across the United States, and many direct selling companies now have consultant websites.
But what is this multi-channel marketing all about?
Simply put, multi-channel marketing is the concept of offering your product to the customer when they want, in the way they want. Some people prefer face-to-face sales, some prefer traditional mail order catalogs, while others prefer online shopping. Most customers, however, participate in a combination of those methods, and multi-channel marketing aims to meet the customer where they are to serve them better.
At Rich Schefren’s StrategicProfits Live event, MaryEllen Tribby, publisher of Early to Rise e-zine said that “multi-channel marketing is good for the customer and it’s good for your business!” In fact, Tribby identifies two problems that are solved by taking a multi-channel approach:
“As a marketer, you reach your customer in the way he/she wants to be reached. Plus, you are… converting this person to a paying customer.”
How do you translate this into your direct sales/network marketing business? How do you capitalize on multi-channel selling?
First, take full advantage of your company’s selling options. Catalogs, consultant websites, brochures, and any other sales tools that your company provides are tested, trusted materials to help move you through the sales process. But don’t stop there.
Second, establish your own personal website that promotes you as an expert in your field. I write about this so often, but it bears repeating: YOU are your company’s best product, and you can’t find it in any catalog! Create an online presence for yourself.
Third, develop a newsletter and maintain a mailing list, be it electronic or “snail mail”, that you contact on at least a monthly basis. Create and establish customer loyalty through physical as well as electronic methods.
Fourth, use the phone constructively – customer follow up calls are NOT cold calling, and should be done on a regular basis. Sometimes a client has a question or concern and doesn’t connect with you because they are busy. You need to be in contact – before your competition is.
Ultimately, network marketing is about connecting with people. The best way to connect is, as Viktor Frankl wrote, to meet them where they are. Whether by mail, phone, web, in store, or in person, it is clear that the multi-channel marketer is poised to become even more successful and valuable to their clientele as the years tick on.
By: Lisa Young