Want to increase revenue at your network marketing business? Read these three secrets to find success in the MLM business.
Many people fear getting involved in network marketing, also known as multi-level marketing. There are so many myths and misunderstandings about this type of business that most people only know the negative part of it all.
Some see network marketing as an unimportant business that only stay-at-home mommies and their strange uncles do. Some perceive it as being ruled by greedy snake oil salespeople and scammers, thinking that only the person at the top makes money. Yet, others see it as it really is: a viable way to make a lot of money. In fact, 25% of people who got involved in MLM businesses actually realized the high earnings advertised in MLM promotional materials and meetings.
Now, 25% may seem a small percentage of people who find success with MLM businesses. Yet, that’s not necessarily the MLM business’ fault. Think about it: most athletes never make it to the Olympics. But this doesn’t mean that sports or the Olympics are to blame.
So, how do you make sure you are among the 25% of individuals who make a significant amount of money in this network industry? Learn more secrets of network marketing to succeed in this industry.
This article explores three network marketing secrets that will help you increase revenue.
1. Social media prospecting
MLM business is all about prospecting. The more recruits you get to your business, the more sales you’ll make.
Now, what better channel to engage more people than social media? Social media is huge these days. In fact, so huge that more than half of the world now uses social media.
So, how do you use social media platforms for prospecting? There are, in fact, a few steps you must complete to find recruits interested in joining your pyramid.
Step 1: Search
First things first, you need to start looking for prospects.
Unlike what you may think, trying to recruit your friends and family is never a good idea when it comes to networking marketing. Most experts agree that by doing so, you could hurt your relationships with your closest people. So, that’s when social media comes into the scene.
Use it to search for friends of friends (that’s actually the name of Facebook’s search feature) and look for peers of your peers who live locally.
Looking for people who live in the surroundings of your business simply makes sense. These are the people whom you can meet face-to-face to create a more powerful personal connection.
Step 2: Qualify
Not every prospect you find on social media will qualify to become part of your business. That’s right, networking marketing businesses rely on sales as a key activity. So, it would be best if you found people who qualify for the job.
When you find a prospect, take a few minutes to analyze their profiles. What should you be looking for? Key interests that are relevant and may resonate with your business and product, and with you.
Also, pay attention to more subtle things such as whether the prospect is smiling in their pictures or not, they look like an outgoing person, or if they seem to be a positive person.
In sales, you need people who are outgoing and can always display a positive attitude. So, when prospecting, make sure you also qualify them.
Step 3: Reach out
Once you complete the first two steps, it’s time to reach out to the prospects who qualified for a position in your business (or at least, that’s according to their social media profile).
Craft a message that has a prospecting approach but don’t forget to tailor each message to the person you are sending it to. From using the prospect’s name to mentioning the friends you have in common, these are personal details that can help you engage the prospect more than if you’d send a general message to all your prospects.
However, in your initial message, don’t be too pushy with your offer but rather try to create a connection with the prospect and get them to express an interest.
Step 4: Book
The last step in the prospecting process involves booking a further conversation with the person you’ve reached out to, be it a face-to-face meeting or a phone conversation.
Let the prospect know that the details of your business are better explained in person. From there, if the prospect accepts to have a further conversation, it’s up to you to convince them to join your business.
2. Work hard
Yes, this one may seem obvious, but you’d be surprised to find out how many people actually don’t see their MLM businesses as a priority. And, the blame is pretty much of misleading marketing approaches that promote network marketing as a side gig or part-time business.
Now, network marketing has produced a lot of millionaires in this world. But, you want to know what all these millionaires did to be part of the 25% of people who gained significant earnings from MLM business? They worked really hard.
Network marketing is no get-rich-quick type of scheme. So, you’ll only get rich through hard work. But what should you work for? For gathering as many prospects as possible. Work doesn’t mean checking your emails, surfing on the Internet. In MLM businesses, work means prospecting (about 90% of the time), following up, registering new associates, training new recruits, and offering support when needed.
Most importantly: never stop prospecting, or your MLM business will fail.
3. Always share your results
As mentioned above, MLM businesses are often seen as pyramid schemes and scams. So, you have to do your best to prove prospects wrong in order to gain their trust and attract them to your business. How do you do that? By sharing your success with them.
When you are transparent about your MLM business’s success, you are using the “mousetrap” strategy. In other words, you post your results on social media or your website and wait for prospects to express an interest through comments or private messages.
Ask your associates to share their rags to riches stories, post pictures, reports, income results, and the impact this type of business had on your lifestyle and financial situation.
By being so transparent about the impacts and results from your business, people in your feed (and their friends) will understand that making money with MLM businesses is possible as long as you work hard enough.
