Fastest Path to Success in Network Marketing
In this blog post, I’ll discuss ways to accelerate your success in network marketing.
While these concepts are pretty simple, it’s your effort that will create the big tidal wave in your business.
I’m going to give you the fast track to success. First, you gotta know the basics. From there, I’ll get into the turbocharger for boosting your business.
So you’re ready to take the next, big step in your business, keep on reading.
Become a student of your network marketing business
So you join the company, and you either get motivated because of the product or opportunity.
Realize this: Network marketing is a booming industry. It's the fastest growing industry in America and there are currently over 100 million people involved in some sort of direct sales. The great thing about this industry is that the barrier to entry is low.
With all egos aside, having a low barrier to entry is the exciting piece, unlike traditional education and industries. This concept will allow you to grow geometrically by enrolling others.
So here’s what you gotta do:
The first step to becoming successful in this type of business model is to be a student of the industry.
By learning the basics and nuances of network marketing, you will be able to create online content that will truly resonate with your audience.
The business might seem intimidating at first, but realize that you can take things step-by-step. Over time, you’ll be in an expert in your business.
Below are some useful tips that can help you become an expert in network marketing:
- Become familiar with each company’s products and services.
- Research the product purchasing behavior of your target market.
- Understand how social media can promote your business by sharing interesting articles written by other people on the internet about the industry (e.g., blogs, articles).
- Create compelling content about
Just doing these steps alone is a blueprint to success.
There are many different ways to get educated about Network Marketing, but the only requirement to start your own business can be summarized as a willingness to put in time and effort.
When it comes to learning more about Network Marketing, there are many paths you can take. One of the most popular options is taking online courses to get a better understanding of how MLM works and what you need to do to be successful in this business. Alternatively, if you want a more hands-on approach, then attending seminars may be right for you since these events provide attendees with information and insights from experts in the field.
What is the key to success in network marketing?
Being successful in this industry takes time and patience. The biggest danger is quitting too soon because of impatient, but it's important to maintain the same level of commitment even when you don't see immediate results for your efforts. Those who stay consistent are more likely to experience long-term success.
Follow these four steps:
- Decide what type of network marketing you want to do
- Establish a plan of action
- Invest in yourself
- Follow your plan of action and be consistent
Make an effort to share your product or business opportunity every day
It is crucial to make sure that your target audience is aware of the product you are trying to sell. But how do you go about doing this? There are many ways to do this, but an effective strategy would be to create high quality informative content that showcases what the product does.
Here are some ideas:
- Create a blog to showcase what you’re doing and share valuable insights.
- Comment on or post about your product on social media channels. Hashtags, selfies, and other promotional content will share information about your product with potential customers who are not subscribed to your channel.
- Engage with people who have shared posts about your industry or business to help grow your profile and get more content ideas.
- These days, it is difficult to know what is credible and what isn’t. That’s why we share content from trusted sources around the web on our site. We make all of our content available for anyone to share and use.
Don't treat your friends like business prospects
This is a big no-no, despite what your upline might tell you.
A lot of people make a mistake in thinking that their friends are a potential customer.
...and yes, I’ve fallen into this trap.
They start to use their friends as a marketing channel. Not only it reflects badly on them, but it can also affect their relationship with the person they are trying to market to.
When marketing to your friends, they will realize that you're not really there for them. This is terrible, and you should just think about friends as your money makers. In the end, you will never be able to grow your friendship because of this mindset and may even lose some of them along the way.
Some people will join, some people won’t. Just remember that you’re communicating to human beings.
Just keep the golden rule in mind: treat people the way that you would like to be treated.
The network marketing turbocharger
Now that you’ve read this far, you now realize that there’s a lot of pieces in the network marketing puzzle. There are also ways to get faster results when you implement these strategies.
If you’re on the affordable track, then consistent activity is key. Whether you’re blogging or posting on social media, daily activities are extremely important.
When you’re pushing people into your business, remember, it’s your business.
The one big secret is that you have to build up your business brand. This is different than your opportunity brand.
Once you do that, you can then start using paid advertisements.
Paid advertisements are one of the most effective ways to promote your MLM business.
You can use Google Ads, Facebook Ads, or any other social media platforms to promote your business. These tools attract potential customers fast and have the ability to reach many people by targeting precise demographics with specific interests.
You might be wondering, how do I do this, especially if your MLM company says that you don’t have permission to do this?
That’s why it’s important to build your brand. When you build your brand, you’re not advertising your “business opportunity.” You’re promoting “YOU.”
If you’re wondering how to do this, make sure that you check out the system that I use.
Frequently Asked Questions
What is the success rate of Network Marketing?
The Small Business Administration (SBA) reported that an average of 78.6% of small businesses , between 2005-2017, survived after the 1st year. However, network marketing should not be compared to an average business. There's a lower barrier to entry in MLM and there are many network marketers that don't have formal training on traditional business practices.
There is no definitive answer to this question as the success rate of network marketing can vary depending on a variety of factors, including the company they're representing, the size and composition of the network, how diligently participants follow the company's marketing and recruiting efforts, and whether they are able to build a residual customer base.
However, Jon M. Taylor, MBA, P.h.D., compiled his research of the MLM industry and reported an average success rate of less than 1%.
To many, that may seem extremely low. The success rate is also lower in other business models that have a lower barrier to entry. The main thing to focus on is how you can be part of the top 1%.
What percentage of people fail in network marketing?
If you look at the U.S. Small Business Administration report in 2018, 78.6% of small business owners survived after the 1st year. That means that an average of 21.4% of the businesses failed during the 1st year. However, for network marketing distributors, the failure rate is higher.
If you look at the math of a pyramid, most people that start will be at the bottom. Let's say the top income earners are within the top 1%. Below that, the 99%, aren't making as much, or nothing at all. There's also a tiny percentage that start at the bottom, and rise to the top very fast.
Why do most people fail MLM?
There are a few reasons why most people fail in MLM.
The first reason is because they don't have a clear understanding of what network marketing is. Network marketing is not simply selling products to consumers; it's also about building and maintaining relationships with other people in their network. This can be difficult if you're not used to networking or if you don't have any skills or experience in building relationships.
The second reason most people fail in MLM is because they don't put in the effort required to succeed. Most people think that network marketing is easy and that they can get rich quick with little effort. However, this isn't true. Network marketing takes a lot of hard work, dedication and patience. If you want to succeed in MLM, you need to be willing to put in the work required and not give up easily. Success is a marathon!
There are other reasons beyond the distributor. For example, LuLaRoe distributors found themselves in an upward battle due to their company's poor business practices.
What can I do to improve my success rate in MLM?
In business, there will be many things that will work against you. The chances of succeeding are low. Ultimately, you have to choose whether or not you want to become a winner or loser in network marketing.
If MLM or traditional business had a higher success rate of earning money than a job, then most people would be building their own business. However, that's not the reality. The reality is that you have to overcome a lot of failures to become successful in any endeavor, unless you're one of the few lucky one's.
In order to improve your success rate, look at what working against you. What can you control, and what do you not have control over? Focus on optimizing business processes that you have control over. Whether you want more product sales or recruits, what can you improve on? Is it lead generation, getting more people to see your presentation, or building up more relationships? From what I've seen, this is a people business. The more people you have in your network (your audience or tribe), the more potential there is to grow your business.
Another tip is to learn from other people's mistakes. In the LuLaRoe scandal, there was a situation where one distributors was over $50,000 in debt after buying inventory. If your MLM is pushing you to stock up on inventory, it might not be a legit company. You should be able to build your MLM without drowning in debt.
If you want to learn more about succeeding in MLM, click here and check out the bootcamp.