In this guide, we have brought down the practical network marketing success secrets which will be worth your effort. But these are not rich quick methods or a sure winning method. Rather these MLM tips are from our own experience that you can use to scale up your earnings.
What is network marketing?
Networking marketing also known as multi-level marketing is a chain selling business model for marketing products & services of a company. The term used network signifies exploring individual connections, and relations to nurture them into prospects and sell them the products.
18 practical network marketing success secrets
1) Knowledge and confidence in the product
No matter which product or service you chose to market. You should know the ins and outs of the product since it makes you more informed and allows you to communicate with confidence.
But how do you know every aspect of your product and service? The simplest answer is to use it yourself.
I mean just think about it, if you are using a product for a while you can be a better representative for the feedback rather than a person who has never used it. Plus using the product has its own side benefits, for example, you can know the real benefits of the product. What problem does this product solve, how much quantity should this product be used for?
Just think about how valuable this information can be once you share it with other people. I personally believe this is one of the simplest network marketing success secrets anyone can talk about.
2) know your target audience
Selling your product to everyone isn’t going to get you any sales. That is why it is important for you to target the right set of perfect audiences for your product. Many a time people start by selling their MLM business to their family and friends. Those may not be the ideal prospect to contact, therefore knowing who is going to be interested in your product is very crucial for long-term success.
3) Contact list building
There is a well-known network marketing success quote I admire.
“In network marketing, the NETWORK always comes before the MARKETING” – by SILKE STAHL
It’s true because if you want to grow and create your own network of pyramids you need a list of people you can contact. So bring up your phone contact and start writing down all the prospects you can reach out to for networking.
The bigger the list and prospects you can come up with, the more business you can gather. Don’t forget that you are not just selling products here but also making your own team who can do it along with you.
4) Tigger the importance of Social Media
Social media is a giant platform for building networks with people. According to searchenginejournal Facebook alone have a monthly active user base of 2.9 billion people.
It is one of the cheapest mediums to reach your target market and promote your products. You can also use video marketing for making attractive and engaging videos for better product awareness.
Moreover, with social media, you frequently provide information about your products and take instant feedback this can further streamline your business communication.
5) No selling approach
The next step after list building is to communicate and invite those prospects. Make sure you don’t start your calling directly with the sole purpose of business.
This is the biggest mistake bigger do when they first make a call. You first need to start with a general talk and then come to your point of business. This is one of the oldest but most powerful MLM tips you can take as a beginner.
For making this process more effective divide your prospect into the three category
- Hot Prospects.
- Cold Prospects.
- New Prospect.
Hot prospects- are going to be the people you are closely in touch with. This includes people in your family tree, school and college friends, neighbours, and the people with whom you connect on a daily basis.
Cold Prospects- Under this category, you need to include people you know through a third-party medium. Such as your friends’ family, and your relatives with whom you meet occasionally but are on your connection list. People with whom you are connected socially, dig out your social media and find them.
New Prospect- Not everyone around you knows you. So in order to build your reach, you need to start connecting with new people. Making new contacts will lead to building a larger pool of networks, remember network comes first before marketing.
So you need to select and nurture these people with the right communication skill set and attitude.
6) Invite for value
As a beginner, you should know that in networking marketing we use a direct selling approach. But that doesn’t mean all you should care about is closing a sale. You need to provide genuine value to your prospect for sales for longer terms.
But how do you start communicating with the prospect from the above categories?
Use F-O-E-M formula
Family- How is everyone in the family?
Occupation- How are kids doing? Is their education going well?
Entertainment- Have you heard about the latest series on the OTT platform?
Money- Is the business doing good?
As you can see the above formula helps you to start your communication. With every question, you are moving your prospect towards the main reason for the call. Although you need to showcase your real concern for them and create a trustworthy atmosphere. Not forcing them to buy your product and services.
There is no magic wand or a network marketing success secret that can help you if you are not genuinely interested in your prospect.
Give Live examples through storytelling – After you have used the products now its time to start talking about them. Be honest and tell people how much improvement you have got. You ca even give example of other people and how much they have benefited through the products.
Make sure that these stories should be genuine enough to back them by proof. If you fake it, people will know and the sad part is they would never believe you again.
7) Use K-M-P formula for showing the plan
As a beginner, you will face difficulties while showing your plan. It happens with everyone, so at this point what’s more important for you is to see how others are doing. Start implementing it practically by doing it yourself.
Our K-M-P formula will help you in your implementation phase
Every individual has a certain ambition and goal which he or she wants to achieve. We call them Key Motivation Points.
These can be in the following-
- Adding passive income
- Resolving health issues
- Making space in society
- New career growth
- Debt-free life
- Quitting 9 to 5 work-life
- Expanding business growth
- Expanding Network. Etc.
Just imagine including these K-M-P while representing your plan, it would definitely put a lot more weight on your presentation. Well, of course, it will depend on person to person. But if you can touch on that motivating factor this can contribute more towards your network marketing success.
Now how can you get to know about people’s K-M-P?
->By asking a few simple but direct questions.
While having a conversation with them, ask them which one of the following K-M-P they want to achieve. How important it is for them to achieve it. What action plan do they have to achieve them?
Once you know the answers to these questions, tell them point-blank. What if I show you a way to achieve your goals within a set time frame. This is the right time to show your plan. Tell them how joining your MLM business can help them achieve their K-M-P.
Isn’t this simple?
I mean just ask yourself do any of these tips look like network marketing success secrets from any angel? No right, because they are practical proven methods on how you can convince people to join your network marketing business.
8) Following the right marketing strategy
Developing your go-to-market strategy is crucial, it will help you to position yourself the right way in front of your potential clients. In addition, the right marketing strategy would help in satisfying the burning desire of your target market at the right time.
This has further been made easy with the help of digitalization through which you easily approach potential prospects in Multi-level Marketing Business in a cost-effective way.
9) Set achievable targets
Personal Selling might be about numbers but you need to set your goals to achieve them. As a Multi-level Marketer, you need to set the target for self-analysis. Anything that cannot be measured cannot be improved, this can be applied to direct selling.
Therefore it is important to set the target on a weekly, monthly and quarterly level. Make a list of people you are going to meet within a week. Set the follow-ups on time, and check the number of conversions being made within a month.
By setting up small targets you can analyse your performance and set the next target accordingly. Examining what has worked can help you improve further.
10) Evaluate the monthly performance
After setting targets and working upon them, it is also important to evaluate your performance. Analyse what has worked for you within the last month and what did not. Moreover, it is also important to set measurable criteria to improvise further. Lastly, make sure you are not biased while evaluating your performance because it can affect your improvisation process.
11) Showcase customer reviews
54.7% of the people read at least four reviews before buying a product. That’s a clear indication that customer feedback matters. Whether you are selling your product through online mediums or offline.
Therefore you should share the positive experience of people who have used the product before. This will further build trust and influence the buyer to buy your product.
12) Create a live demonstration of your product whenever possible
People like to see the end result of the product. Make sure you can demonstrate how the product is used and what outcome you can achieve with it. It can help you convince people based on what they see. Therefore it can increase your chance of converting the lead into a purchase.
13) Educate yourself with valuable information
Following best MLM practices can be a useful way to generate leads for your business. But updating yourself with new strategies and tools can get you ahead of the competition and help you stand out.
Frequently reading books and blogs can help you discover new ways of marketing. Try to get in touch with an MLM expert in your niche to overcome new challenges and generate more business.
Stay updated with industry trends and come up with new ways to capture more leads by understanding changes in consumer behaviour.
14) Make the work interesting
One of the best ways to stay motivated within your business is to make it interesting. You need to find ways to make your work enjoyable yet effective. Regular client meetings and follow-ups can become hectic over time. Therefore setting up small goals can provide a sense of accomplishment and can be motivating.
15) Consistency is the key
Getting business in your early days is hard, you need to maintain consistency for improvements. That is why understanding your target market is crucial so that you don’t waste your time and energy chasing people who will never buy your product. Keep in touch with your potential buyers and don’t be pushy.
16) Maintain Self-discipline
Multi-level marketing is tuff business to be in, as an individual you need to schedule your work strictly. Make sure you are on time to meet your client and try not to entertain any disturbance during your meetings. It is also important to maintain a follow-up book to capture any possible lead while you are networking.
17) Upgrading your skills
Network marketing requires a few mandate qualities such as, communicating, representing, selling, strategizing, and networking. Therefore, In order to grow your business, you need to upskill yourself. Discover the new techniques and tools that would help you to upgrade your critical skills.
18) Follow up
Taking follow-up is important because people are not going to buy from you at your first meeting. It just doesn’t work that way. So you need to get back to your prospect and resolve any questions and queries they have. Make sure you have a positive intent and help them resolve their query.
Remember what we told you in the beginning, these are not rich quick methods. If it doesn’t work the first time go back and analyze which step you can improve on.
Network marketing success stories
1) Sarah Robbins is a true example of an ordinary person turned into 7 figure multi-level marketer. Her journey from being a teacher to an MLM leader is an inspiration for people trying to shift their careers for better-earning opportunities.
In days of her insecure teaching career due to economic slowdown, she started with network marketing as a part-timer. Soon within a year’s time, she was able to surpass her teaching job salary which led her to take MLM business full time and level up her earnings up to 7 figures after years of hard work.
She has shared the best practices and systems she followed for her network marketing success in her best-selling book “Rock Your Network Marketing” She is now transforming people’s lives by making them join MLM careers for a better living as an MLM coach and expert speaker. You can read more about Sarah Robbins by clicking here.
2) Jerry Scribner always wanted to outperform and achieve big goals in his life. But was shattered by low income, living debt and unsatisfactory living conditions. But his urge for a lifelong commitment to being a high achiever led him to enter the network marketing business.
He was given his first assistance in the field of network marketing by his friend. After which Jerry started working up on personality development traits by following leaders i.e Jim Rohn and gathering resources to learn.
His hard work and persistence transformed his life from being a construction worker to the 12th highest MLM earner in an $860 million company.
3) Barry Chi & Holly Chen started their MLM journey with a Multi-level marketing giant i.e Amway corporation specialised in manufacturing natural personal and beauty products.
Before joining the corporation, Ms Holly Che worked as a grade teacher in a small village in Taiwan. In 1982 they started selling Natural beauty products for Amway, and later on, dominated the US market where she was selling the product to Chinese citizens.
For better growth, they expanded their network to Spain, Russia and France. After years of hard work, their individual amount of earnings rose to $650,000 a month and $ 7,800,000 Monthly.
Types of Network marketing
There are three types of Network marketing models available
1) Single-Tier Network Marketing
Single Tier network marketing involves selling products directly to the consumer. The product is promoted and marketed by an individual without any distribution channel and sold to the prospect. Once the product is sold, you get the commission directly. There are companies that offer Single level network marketing programs such as Avon, Vestige etc.
2) Two-Tier Network Marketing
Two-Tier Network marketing involves intermediate selling that allows you to include agents under your hierarchy. Your commission would be based on the direct sale you made by marketing your products. However, depending on the company’s business model you would also get a small amount of commission on the sale made by the team under your hierarchy.
3) Multi-Level Marketing
Multi-level marketing works on a vertical pyramid model. There are levels of sales agents working under the hierarchy for distributing and selling products. The earnings are dependent on sales made as well as the product sold by the member below the hierarchy. Moreover, Name Driven and Market Driven are two other types of strategies being used under the MLM model.
Why or Why not Network marketing
There are a few clear reasons to be a part of the MLM business but there are reasons to stop you as well.
No entry barrier- For every new business you need some amount of capital to start with. But with network marketing, you don’t need an upfront cost to invest. The company and the product already exist; you just need to market it with your own expertise. This is an area where our network marketing secrets will help you out.
No inventory management- You don’t have to stack up inventories or a wide range of products with you. Every time you make a sale, you are rewarded with a commission.
Potential to generate income- Multi-level marketing has proven to be a consistent income generator for people. You can take it as a side business, or do it part-time. Although whichever option you choose will have an effect on your income.
Less complicated to operate- Unlike any other business, you don’t have to invest your time in product research, market research, or risk analysis. All you have to focus on is sales.
Multiple companies to choose from- There are many MLM companies available. We have mentioned the best MLM companies below in this blog as well.
Why MLM is not for you
Highly competitive- Many people are part of MLM, and are aware of the pyramid scheme followed in this business. You need to create your competitive advantage to win the market.
Not a rich quick scheme- If you think this is a model to make some quick cash then you are mistaken. You actually need to put effort and time to build relationships with people and give them value.
It takes time to build a pool of networks- Creating and building networks down the hierarchy takes time. So if you are not a person who can talk and build relationships with people. Then sustaining in this business for the long term will be difficult for you.
How to overcome your fear of network marketing?
Few tips you can use immediately-
1) Good attire-
People judge you by your clothes first, so make a good impression in front of them. Now I am not telling you to buy a $1000 suit. But wear representable clothes.
2) Smiling face-
Make sure you have a smile on your face to make the conversation smooth. Don’t overdo it, sometimes people may take it in a different way. But yes always have a smile once you meet and leave the meeting with your prospect.
3) Eye contact-
You need to be confident when showing business. Making eye contact allows you to back up your information with the right set of body language.
4) Proper demonstration-
Make Sure you are prepared well and have all the needed material. You want to give a proper demonstration in front of your prospect to take you seriously.
5) Latest information-
Be informed of the latest information that can help you in your sales pitch.
6) Keep it simple-
The most important success secret of network marketing is “KEEP IT SIMPLE”. You don’t want to overcomplicate things with your prospect. It is important that they understand what you are saying and don’t confuse them to take further steps.