Let’s face it, the network marketing industry has not always had the best reputation. This is because a few bad apples have spoiled the buncy as well as not many people know what they truly need to do to succeed in this business. Then, they end up spreading opinions about why they failed based on their negative personal experiences.
The truth is you will not become an overnight millionaire right after starting a network marketing company. However, with lots of hard work, you can create an additional source of income and become a success story.
To start on the right path, keep reading for 7 important things new network marketing companies must know to succeed.
1. Choose the Right Parent Company
The first mistake many network marketers make is to sign up with a company they know nothing about, just because the “opportunity” sounds good. They sometimes even end up selling products and services they aren’t passionate about. It is much easier to sell something you believe in so look for a company that sells products or services you will be eager to promote.
Learn everything you can about the company you intend to partner with to ensure that you have the greatest chance of success. Other than having a great range of products or services they should offer great training and support for recruits, impressive operations and fair distribution of sales commissions. The company should also be well established with a track record of success and ethical senior management.
Once you choose a company, stick with it until you succeed. Try to fight shiny ball syndrome and stay focused on growing your earning potential with your first choice.
2. Great Sales and Marketing Strategy Is a Must
Succeeding as a new network marketing company will require superior sales skills and a winning marketing strategy. First of all, you must have deep knowledge of your product and who your target market is. Keep in mind you’ll have two products to sell- the main product or service from the parent company and the business opportunity to join your network marketing company.
Develop a sales presentation and test it out with your mentors until you get it right. You should consistently pitch to as many people as possible. At the minimum, you should present to at least one person a day.
The more exposure you get, the more potential for sales you can close. Don’t forget to follow up on any leads that ask you to contact them at a later date. Many people buy after numerous presentations.
Finally, take good care of your customers. Be the distributor that most people in your area want to buy from because of your outstanding customer service. Additionally, be a great mentor to any recruits that you add to your company so that they can succeed in their business as well. The more your salespeople succeed, the more you earn. It is in your best interest to care for them.
3. Get Very Clear on Your “Why”
Network marketing like any other business is hard. Some say it can take 10 years before you become successful at it. Unfortunately, most people quit within the first few months.
Before you get into network marketing you must have a strong reason for joining. This is called your “why”. Whether it is to pay for your children’s education or to finance your retirement, find a reason that will push you through the hard times.
4. Keep an Enthusiastic and Positive Attitude
If you have an energetic and positive attitude you will find it easier to survive in network marketing. In this business, you’ll deal with a lot of rejection and many failures but you have to choose to remain positive in spite of any negativity that you face.
The prospects you meet will also be experiencing their challenges and dealing with an enthusiastic and eager salesperson will brighten their day. It can also make them more likely to buy from you.
Once you commit to your new network marketing company decide that you will not quit until you succeed. Most successful people have faced crushing failures. Instead, consider pivoting in new directions when you feel like you’ve tried everything.
Learn from each failure and don’t allow it to damage your positivity or self-esteem. If you refuse to quit you will find success in the end.
5. Learn to Preserve Relationships
One reason network marketing has a bad reputation is salespeople that pressure their friends and family to buy products. Your relationships are far more important than any money you will ever make so don’t abuse them just to make a sale.
Only sell to your friends and family if they are great candidates for your product or service. Respect their decision if they decide not to buy from you- even when you think it’s in their best interest to join your business.
When it comes to recruiting friends and family as part of your sales force your success is your greatest selling point. Once people see your company succeed, they will be eager to join you.
6. Develop a Growth Mindset
Being able to learn new things at a fast pace will be a great asset for you. Research the best network marketers and you will discover that they read hundreds of books on self-development, sales and marketing, psychology and business management. Create time to read so that you can develop your marketing skills.
Find a mentor that has succeeded in the industry and is willing to show you his or her secrets. The best person would be your upline or the person that introduced you to network marketing. You should also take courses on digital marketing as this is the future of network marketing.
7. Use Social Media Marketing to Grow Your Company
Social media is a great way for new network marketing companies to make soft sales. It has a much wider reach than traditional marketing. Additionally, it is not as ‘in your face’ as physical selling can be.
Your prospects can choose to ignore your sales pitches without any awkwardness. They can also analyze and consider your offer in private before recaching out in case they want to buy it.
Be Amongst the Successful New Network Marketing Companies
New network marketing companies have great potential for financial freedom. However, it is not a get rich quick scheme and will require a lot of hard work and commitment.
Hopefully, these pieces of information will get you on your way to a successful business.
If you’re looking for a tool to put you on the right track in your MLM journey, contact us today.