There are both good and bad points of network marketing
It requires hard work, just like any other business. It is not an easy way to success if you don’t have a strong work ethic.
Network marketing requires self-motivation to succeed.
A lot of the compensation plans in NM are really bad.
The biggest reason. If you think you are going to build this business the traditional way….you have to know how to generate leads outside your address list. It’s not hard to generate leads but most of the top earners don’t share these methods with others. Most top earners generate their leads on-line.
Network marketing has allowed more people to quit their jobs and work from home and find financial freedom.
If you work this business hard enough and right, it can be one of the fastest ways to time and financial freedom. It is definitely faster than any other methods.
You don’t have develop the product.
If you build the right organization, you don’t have to show up and still earn money. You can take time off and still earn money.
Two Skills needed to be successful:
Skill 1: Finding prospects. Make a list, Expand list, Constantly expand list (add 2 a day to the list), Make friends and build connections.
Skill 2: Inviting prospects to understand your product or opportunity.
Do not immediately recruit, instead educate, teach them how their lives get better. Don’t be a shark, be a coach, be their friend, be someone that tries to help them, teach them. Use tools. Video, product, meeting (the best tool to use). The less you say, the more they hear.
Five Things Not To Do In Network Marketing:
1. You do not want to try to explain your opportunity to people. Use your company tools and let it explain it for you. Use a video, DVD, Magazine, Opportunity Call, Hotel Meeting.
2. Do Not Plaster Your Company All Over Social Media
Too many people are using social media to replace the relationship and networking aspect of network marketing. Social Media is not “Sellcial Media.”
3. Do Not Leave Without BAM/FAM
That seriously sounds like something from The Flinstones, doesn’t it?
BAM/FAM is Book A Meeting From A Meeting. In essence it’s saying go from one exposure to the next.
4. Do Not Whine Or Complain
Aren’t you amazed at the number of people in our profession who keep their social media full of whining and complaining? How appealing is that? When you whine and complain, guess who you attract; the whiners and complainers.
5. Do Not Wait On Others To Build For You
Yes, this is network marketing and we are in this because of the leverage it holds for us. But you can’t wait for others to build your network marketing business for you. If you go out there and recruit and prospect like crazy, you will inspire your team. When you wait on others, you are teaching them to do the same…then you have a team full of people who are waiting on others.
Four rules of inviting people:
- Emotionally detach yourself from the outcome. You are not worried about the outcome some will say no and some yes.
- Be yourself, don’t put on a show.
- Bring passion, be enthusiastic.
- Have a strong posture, bold, strong, have confidence in yourself.
Invitation formula: (you will go from 5% to 80% success rate)
This is the most important skill-set you need.
- Be in a hurry, a sense of urgency creates importance..
- Compliment the prospect.
- Make the invitation, direct or indirect or super-indirect.
- If I, would you?
- Confirmation #1, get the time commitment.
- Confirmation #2, confirm the time commitment.
- Confirmation #3, schedule the next call.
- Get off the phone, don’t drag it on.
If someone is in a hurry and they pick you to talk to. You immediately have respect for their time so you are curious about what they have to say.
Your results will double when you follow with a sincere compliment.
Making the invitation is tricky. Direct approach should only be used 20-30% of the time.
Direct – this opportunity is for you.
Indirect – when you are asking them for help or guidance.
Super-indirect – the prospect you approach is not even the prospect.
Be aware that there are 4 basic types of personalities of prospects you will be approaching:
Emerald, once you recruit an emerald, they go for it! They really perform. Emeralds need lots of information, they like to research themselves. Take lots of time to decide. 9/10 you will not close on the first meeting. They are smart. When they decide, they take off running. Emeralds are Engineers, Scientists, Researchers.
Sapphire, they don’t care about research or information. Decisions are based on fun, their gut-feeling and feelings. They are party people that wear bright colours, flamboyant, want to be noticed.
Pearl, It’s not about themselves, they want to help others. They want to give, serve, donate and volunteer. Decisions based on who they can help. Pearls are doctors, teachers, social workers.
Ruby, goal and income oriented. Eye of the tiger. Wants to get from A to B in the shortest time possible. Invite them buy talking about the income possibility. They are over-worked and exhausted. They are interested in retiring younger. Professionals, business owners, entrepreneurs.
More tips on recruiting, ask them F. O. R. M.
FAMILY, ask about their children and ages.
OCCUPATION, what do you do?
RETIREMENT, if you could retire in 2 years, what would you do? Some have never thought about retirement.
MESSAGE, Ask for their number. Decide if you want to drop a hint. Ask for the best time to call. Tell them they might be able to join a new company part time and achieve their goals in less time.
4 Cs of Inviting new members:
- Compliment them, be sincere. Make them feel important.
- Create curiosity, but don’t give away too much. Something tells me that you might be a good fit with our project. I’d like you to have a look at it.
- Control yourself, stop when you have the commitment.
- Get the commitment. Get a yes or no, ask them to check their calendar.
If you get a no, you can turn this into 5 referrals. I understand that you are not interested in earning more money in 2 hours. I understand it’s not the right time to own your own business. I understand you are not interested in earning more and not working less.
Can you do me a favour? Please give me 5 names, give me names of people that might be interested in this project. Give them a sample product in exchange for the names.
10 deadly sins in network marketing by Mr. Eric Worre:
Over-inflating your product or service.
Lying about your income.
Talking negatively about a distributor or competitor or anything.
Inconsistency. Keep your performance steady to your network.
Spending more than you make.
Stealing someone else’s distributor.
Sleeping around in your company.
The public drunk or the addict or acting inappropriate.
Hogging the stage.
The success coma. You have a certain level of success and you become complacent.