There are myths about network marketing, or MLM, that make people run away from the idea. They read statistics that show the majority don't profit from MLM, and some even lose money!
Why is this?
The truth lies in strategy. If people blindly try to build a business without knowing which tactics to use, the business just won't succeed. Take Avon, for example. They're over a hundred years old, so clearly MLM doesn't always ensure failure!
Use these 11 network marketing tips that will make your MLM business thrive.
1. Learn from Your Mentor
We all have to start somewhere. It's easier to start your business with some knowledge from a person with MLM experience.
2. Don't Make Orphans
A vital network marketing strategy is to avoid making orphans. When you bring in representatives, be sure to take the time to thoroughly train them.
The whole point of having representatives is that they go out and help make sales. They need proper training in order to do this effectively.
Answer any questions they have, support them, and celebrate when they make a sale. As a leader, you aren't using them to make money – they're part of the team.
3. Utilize the Internet
The traditional ways of MLM may mean profit, but incorporating the internet is sure to boost the number of sales.
Having so many platforms to choose from may urge you to make accounts for them all. Don't do this. It's better to focus on one or two. Trying to develop an audience on every social media platform is too much work.
The best sites to pick from are Facebook, Instagram, Pinterest, and YouTube. Never use the internet to spam.
4. Focus on Your Target Market
This tip goes for all businesses. Find your target audience.
Sit down and go through the demographics of people who are likely to be interested in your product. You wouldn't try selling gym equipment to someone who doesn't like exercising.
This also applies to representatives. You'll find more success with recruits who are passionate about your product.
5. Be Real
There's no reason to exaggerate the product if you already like it. Don't fake it, and teach your recruits this.
Being genuine will show potential customers you're not out to scam them. Recruits will know that you're not going to waste their time.
6. Use Marketing Tools
Minimize the work you have to do manually and use automation tools. Create a lead capture page and an email autoresponder that will communicate offers to possible customers.
Lead capture pages should start with three form fields or less. From there, you can ask for more detailed information about your customers. For example, an email may ask for an address so you can send the customer a product sample.
7. Don't Bother Family and Friends
Seeing if your family and friends are interested in your product is acceptable. The problem is when you keep asking. If they decline, accept it and move on.
It doesn't mean they don't support you, it just means they don't want to buy what you're selling. One of the worst things you can do is contact a long lost friend purely to offer them your product.
8. Be a Businessperson
You're basically the CEO, and CEOs don't handle the numbers. People do that for them. Hire an account, preferably one whose specialty is network marketing.
Another good idea is to research MLM and taxes so you know how your business is going to affect your taxes. You should have lawyers by your side as well. Know the laws of network marketing.
9. Have the Right Mindset
If you're the type of person to give up, network marketing isn't for you. A lot of work goes into the beginning of a business like this, and don't expect it to kick off right away. It takes time.
You should also invest in training courses and tools that will help you succeed. There's no business growth without skill.
10. Listen to Your Customers
Selling your product isn't about you. It's about helping customers in need. Listen to their problems and offer them a solution.
Explain why the product will help them and how it helped you. Show testimonials from other customers so they know that it really works. It's important to let your audience know you're there for them and not yourself.
11. Set Goals
A big part of making sure you succeed is to set goals. Keep track of the rate at which you convert customers and the total number you have.
Create a goal that states the number of customers or the change in rate you need in order to grow your business. Otherwise, you'll either sustain or lose profit.
Use These Network Marketing Tips
MLM and failure aren't one and the same. There are strategies to follow if you go into network marketing. Use these 11 network marketing tips when you build your business and watch it grow!
Feel free to contact us with any questions.
