How to Build Your Network Marketing Business the Smart Way?
Successful network marketing works on this simple model given below:
- Number of LEADS you can generate.
- Number of LEADS you can CONVERT into your team.
- Quality of mentoring and training you can give to your TEAM members regarding the products, business systems and promotions. This will start the DUPLICATION process.
- Help new member to be in profit within the shortest possible time to help increase the retention rate.
- Develop leadership within the team.
These are five essential steps to your success in network marketing. Most people struggle, because they do not understand the five steps clearly. If, through our training process, we teach you how to improve on your performance by simple 20% in each of these five areas, your business will explode exponentially. People suffer in this business because of ignorance. If you are teachable and learn a few simple things, then you have a huge advantage over a normal network marketer. Your success is guaranteed.
Let us examine these five simple steps one by one.
LEAD GENERATION THE RIGHT WAY
Leads are the life blood of your business. Without leads, you are nowhere. There are two distinct schools of thought here. The warm market leads and leads generated through advertising. Let us examine them at some length because this is very important.
WARM MARKET LEADS
There are very successful network marketers who have built huge businesses only through warm market leads. Warm market leads have some distinct advantages. Firstly, there is already an ongoing relationship of trust. Network marketing is a relationship business. To succeed, you have to build a special relationship of trust with the person you sponsor.
In warm market leads, the relationship already exists and makes your job easier. Secondly it is easier to share your excitement about a product, service or business with someone you already know than with a total stranger. This transference of excitement and sharing of joy is very important in building your network marketing business.
Network marketing works on recommendations and the person who most likely will listen to your recommendations is someone who already knows and trusts you. Most importantly, your warm market leads don’t cost you a dime. Advertising can be very expensive, and you can max out your credit cards yet still not did not reach your target audience.
The problem with warm market leads is the poor conversion rate. This is because you are talking with leads that are not looking for a business opportunity. For most of these leads timing may not be right. Some may be going through change of jobs, transfers, shift of residence, new arrivals in the family and other family issues.
A NO from your dear ones hurts and you feel rejected. The NO can spring from lots of reasons totally unrelated to the business opportunity, and it is definitely not a rejection of you as a person as long as you don’t pester them and make them feel uncomfortable. You have every right to share your enthusiasm for a product and/or an idea. There is no reason to be upset if they are closed to your idea.
Network marketing has been given a bad name by some people who will take NO for an answer. They will badger their contacts with the hope of wearing them down and change their minds. Please remember, everyone will not be as excited about the opportunity as you are because the timing may not be right for them.
You discuss the opportunity with the next person in the list. It is recommended that you make a very long list. A short list will create problem. As you start making money, and your belief in the business goes up, you will find a sudden change in the attitude of your warm market. You will find it very easy to convert them to your cause. People who initially said NO will ask to join the business. This is how the business works. You have to remain calm, consistent and focused regardless of the views of your warm market in the initial stages of your business.
DO NOT TRY AND CONVINCE…….JUST SHOW THE OPPORTUNITY TO MAXIMUM NUMBER OF PEOPLE YOU KNOW. You will win if you take MASSIVE, CONSISTENT and PERSISTENT ACTION
The key to succeed with your WARM MARKET is to start them on the products, and not pitch the opportunity to them straight away! Once you get your family and friends try the products (it won’t cost you that much considering that you can claim tax breaks), and once they see results from it, they will start buying and promoting the products to the people around them because of the benefit they experienced! Some may even join the business opportunity!
You can never run out of warm leads. Once you have sponsored a few people into the business, you have to start supporting them and working through their leads. Sooner than later you will find active network marketers who share the same vision as you and your business starts growing.
COLD MARKET LEADS THROUGH ADVERTISEMENTS
The leads you generate through online and offline advertisement are highly-motivated leads. These people are searching for home businesses. They will look at various options before deciding on the best opportunity. The conversion rates from these leads can be fairly high. You can build your business very rapidly through advertising. The best part of it? There is very little or no rejection factor as in the case of warm leads.
One thing I can warn you from the very start is to NEVER EVER BUY LEADS because these leads are sold over and over again. The only thing you will achieve is to pay for these expensive leads with no returns to your business. To be successful in the business, you have to generate your own leads. There are no SHORTCUTS.
The problem of leads through advertising is not only the prohibitive cost but also skills needed to reach the target audience. If you choose the advertising route, you will be competing against big companies for attention.
If your advertisements are not focused and targeted, they will not reach the right people. Either you have to become a master at marketing which includes developing as great writing skills in advertising, knowing the right medium to advertise to gain maximum impact and also know how to monitor the cost returns on advertising.
Without proper monitoring systems in place, you will blow up your budget without any tangible returns. If you are advertising on the internet, then you have to develop special skills to market on the internet. Most average people do not have the necessary skills to advertise effectively, and if you are one of them, then you can spend thousands of dollars and achieve very little or no results.
There are unscrupulous upline leaders who will ask their members to embark on expensive advertising to grow their business even when they don’t have specialized knowledge to guide their team.
Another problem with generating leads through advertisements is that there is no relationship with the lead. To succeed, you have to build a relationship of trust. This takes time and effort. The problem is compounded because the leads that you generate may not be from your local area. You have to set up systems for long distance support by taking advantage of the modern day communications and the internet. The support systems have to go in place before you start to advertise. You will need to budget the additional website and communication costs.
There is no doubt that advertisement can greatly help your business to grow rapidly, but you have to master the art to succeed. If you are a beginner, it is advisable to stick to the warm market leads until such time you reach the breakeven point in your business and you are in profit. You can then start slowly by advertising first using free resources.
There are various avenues of free advertising, and we shall discuss some of them later in this book. As your income from business grows, and skills improve, you can slowly start experimenting with paid advertising. Remember, every dollar you spend on advertising must be monitored. You should have positive results in building your business or you are simply wasting money.
The most effective leads you can generate for your business is through internet marketing. If you are not using internet to generate leads, then you should start doing so without delay. The best part is that you do not need paid advertising to generate leads on the internet. You can use social media, even article and video marketing to generate leads for free.
MLMLeadsSytemPro is one of the best programs on the internet that teaches you how to generate leads and position you as a market leader. It is based on the principles of attraction marketing and funded proposal. Attraction marketing was first propounded by Mike Dillard through his book and Magneting Sponsoring system.
According to attraction marketing, you should not chase people into joining your business. You have to position yourself as a market leader so that others want to follow your prosperity model and join your business.
Funded proposal means that you make money from leads that do not join your business to cover the costs of your advertising. Let us say it costs you $1 to generate a lead. Most of the leads that you generate will not join your primary business as it may not be suitable for them or they may be engaged in another business from which they do not wish to shift their focus. The advertising money that you have spent will be a loss to you.
If there is a way for you to sell some products to these leads to help them with their business effort, then you will not only recover your advertising costs but also make a small profit. Let us say that you earn $3 from every lead you generate through your marketing system that costs you $1. This small profit will enable you to scale up your advertising budget progressively. This is what MLMLeadsSytemPro is designed to do for your business.
For someone new to the business, the best option is to first work with the warm market leads. Next step is to generate leads by adverting through FREE resources. Paid advertising should be attempted after having gained the necessary skills in setting up the organization for long distance support and once the business is in profit. The only exception to this rule is if you already have expertise in advertising or have deep pockets to hire an expert.
