“How to succeed in network marketing?” This might be the first question that comes into your mind when you think about network marketing. You also probably have an idea of how network marketing works and what it's all about — a housewife buying and selling a variety of products to her friends or neighbors while gossiping.
Or it could be a high-pressure salesman trying to persuade you how easily you can become a millionaire if you and your family and friends — and their friends and so on — would buy and sell products such as Tupperware, vitamins, etc. with him. Both of these images are not far from the reality of network marketing.
It is neither a get-rich-scheme nor a hobby but a chance for you to make money running your part – or full-time business. But, what does it really take to succeed in this industry? Here are some simple rules to consider.
How to succeed in network marketing: Choose the right company
The first step is to get in with the right company. Today, there are a lot of companies to choose from, but how do you know which one is right for you?
Here are some simple rules to follow.
Stability — how long the company has been in this business?
Excellent services or products — are the company's products or services useful to consumers? Do they need more of it?
Pay plan — how even or fair and generous is the distribution of products? The pay plan shows you exactly how you will get paid, or not get paid.
There are only two questions to ask about this: How much out of each sale will be paid back every month, and how fair is the distribution of profits between the new members and the old members?
The management and integrity of the company — As much as possible, check the experience of the CEO, president, managers and other officials of the company, including their experience or knowledge in network marketing, and most importantly, their background.
Have they been doing well in other companies in the same industry? Do they have a positive reputation?
Momentum and timing — Check where the company's at, what is going on with the company, and if it is growing.
Training, support and business systems — You may be in a great company with good management, products or services that make a difference, pay that is very generous and uniquely fair, and stability and momentum.
But if the company do not have a system in place that works well, all of that doesn't matter. Most companies in this industry should have a convenient training system that they use, and that is where mentorship comes into play.
Practice what the company teaches you
To be successful in network marketing, you shouldn't be reluctant to learn and listen from mentors. The way the network marketing industry is structured, it is in the best interest of the company to teach you how to succeed in network marketing, so they are ready to educate you how the system works.
Whatever the company did to become successful, it is very duplicatable, but should have the willingness to listen and be taught and follow those systems.
How to succeed in network marketing: Your upline
This can be called in many different things, but the general term is the “Upline” — meaning the people above you. You should check how supportive are they?
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Do they keep you updated with the latest development of the company? Are they committed to helping you succeed? You should relate to the people in your upline and contact them at any time to say “I need help.”
Manage, train and teach your downline properly
There's a term in this industry called “orphans” — when an individual is recruited and the person who recruited him or her is just so busy recruiting other people that he do not spend the time to train and teach the new member.
You should be ready to spend at least a month helping your new members come into the industry — supporting them, training them and guiding them until they become confident to go off on their own. You should ask yourself, are you ready and willing to do that?
Do you have the capacity to do that? This is really about building a long-term relationship. It's not about just recruiting people into the business and just moving forward. It is about working with these people and helping them to effectively build their business.
Utilize the internet
The Internet is one of the most powerful tools for marketing your business. You can set up your website to be connected to an autoresponder. You can then give away something of value on your website in exchange for a persons name and email address. Once you have their details you can follow-up with them, form a degree of trust and offer more details on the products and services your network marketing company offer. Some great autoresponders that are easy to start with, are ConvertKit and AWeber. They both offer a squeeze page creator with the account so you can create offer pages to capture the details of potential prospects. In fact, with ConvertKit you get a free account for your first 1000 subscribers.
One of the important keys to success in network marketing industry is follow-up. A lot of people will have someone contact them who are interested or they will contact the person and say they are interested, but then they do not to follow up with it.
The Internet is a great tool to streamline the follow-up process, but the only drawback with it is that people may use it to spam.
Learning other factors and ways on how to succeed in network marketing is also very important. One of those is having a support team around you.
Try to seek the help of lawyers who deal in network marketing, as they are well versed in all the laws and how that impacts your business. Also, there are accountants that specialize in dealing with home-based business specifically in the network marketing industry.
You can find more great videos from Brian Tracy on his Youtube Channel.
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