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 business model that relies on a chain selling approach to market a company’s products and services. The term ‘network’ in this context refers to the process of leveraging personal connections and relationships to nurture potential customers and promote the products.
18 practical network marketing success secrets
1) Knowledge and confidence in the product
Familiarity and confidence in the product regardless of the product or service you choose to market, it’s essential to have a deep understanding of it. This knowledge not only makes you more informed but also enables you to communicate with confidence.
But how can you acquire in-depth knowledge about your product or service? The answer is simple: use it yourself.
Consider this – if you’ve been using a product for some time, you become a more credible source for feedback compared to someone who has never tried it. Moreover, using the product comes with its own set of advantages.
For instance, you can fully grasp its real benefits, understand the issues it addresses, and determine the appropriate usage quantities.
Imagine the value of this information when you share it with others. I personally believe this is one of the most straightforward secrets to success in network marketing that anyone can discuss.
2) know your target audience
Not every potential customer is the right fit for your product, so targeting the right audience is crucial for successful sales. Often, people initially try to sell their MLM business to their family and friends, but these individuals may not be the ideal prospects. Recognizing who is genuinely interested in your product is vital 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, take out your phone contacts and start listing down the potential prospects you can reach out to for networking.
The larger your list of prospects, the greater your potential for growing your business. Remember, you’re not just selling products here; you’re also building your own team to work alongside you.
4) Tigger the importance of Social Media
Social media is a massive platform for connecting with people. According to Search Engine Journal, Facebook alone boasts a monthly active user base of 2.9 billion people.
It stands out as one of the most cost-effective ways to reach your target audience and promote your products. Additionally, you can leverage video marketing to create engaging videos using free video editing software that enhances product awareness.
Furthermore, through social media, you can consistently share information about your products and gather immediate feedback, streamlining your business communication even further.
5) Avoid the Hard Sell
After creating your list of prospects, the next step is to engage with and invite them. When reaching out, it’s crucial not to launch into a business pitch immediately.
This is a common mistake made by many newcomers. Instead, start with a casual conversation and gradually introduce the business aspect. This age-old yet highly effective MLM tip is particularly valuable for beginners.
To enhance this process, consider categorizing your prospects into three groups:
Hot Prospects: These are the individuals you have close connections with, such as family members, school and college friends, and neighbors.
Cold Prospects: This category includes people you know through a mutual connection, like friends’ families or relatives you occasionally meet. People who are part of your social network but not in your immediate circle.
New Prospects: Not everyone in your circle is familiar with you. Expanding your reach involves connecting with new individuals. Growing your contact base will ultimately lead to a more extensive network. Remember, the network always comes before marketing.
Your approach to these individuals should involve the right communication skills and a positive attitude.
6) Invite for value
As a newcomer, it’s important to understand that in network marketing, direct selling is often the approach. However, this doesn’t imply that your sole focus should be closing a sale. Providing genuine value to your prospects is crucial for sustained sales over the long term.
So, how should you initiate conversations with prospects in the categories mentioned above?
Here’s a useful approach known as the F-O-E-M formula:
- Family: Begin by asking about their family’s well-being.
- Occupation: Inquire about their children’s progress and education.
- Entertainment: Discuss the latest series or shows on streaming platforms.
- Money: Explore how their business is progressing.
As you can see, the above formula serves as a starting point for your communication. With each question, you gently guide your prospect toward the primary reason for your call.
It’s crucial to convey your genuine concern for their well-being and establish a trustworthy atmosphere, without pressuring them to purchase your products and services.
There’s no secret network marketing success formula that can help you if you’re not truly interested in your prospects.
Tip:
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) Utilize the K-M-P Formula for Effective Plan Presentation
For newcomers, presenting your plan can be a challenging task. It’s a common hurdle, and the key at this point is to observe how others approach it and put it into practice yourself.
Our K-M-P formula is a valuable tool to guide you during the implementation phase:
- K – Key
- M – Motivating
- P – Point
Every individual has specific ambitions and goals they wish to achieve, which we refer to as Key Motivation Points. These can include:
- Establishing a source of passive income
- Resolving health-related issues
- Gaining recognition and a place in society
- Personal growth and self-improvement
- Advancing in a new career
- Living a debt-free life
- Escaping the 9 to 5 work routine
- Expanding their business reach and growth
- Building a broader network, and more
Now, imagine incorporating these K-M-P factors when presenting your plan. It will undoubtedly add weight to your presentation. Of course, the impact may vary from person to person, but addressing their motivating factors can significantly contribute to your network marketing success.
So, how can you learn about people’s K-M-P?
By asking a few simple yet direct questions.
During your conversations with them, inquire about their desired Key Motivation Points, how important these goals are to them, and the action plan they’ve devised to achieve them.
Once you have these answers, it’s time to be straightforward. Ask them, “What if I can show you a way to achieve your goals within a specific timeframe?”
This is the ideal moment to present your plan and explain how joining your MLM business can help them attain their K-M-P.
8) Choosing the Correct 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
While personal selling involves a focus on numbers, it’s crucial to set achievable goals to reach those targets. As a Multi-level Marketer, setting targets is essential for self-assessment. After all, what cannot be measured cannot be improved, and this principle certainly applies to direct selling.
Hence, it’s vital to set targets on a weekly, monthly, and quarterly basis. Create a list of individuals you plan to meet within a week. Ensure timely follow-ups and keep track of the number of successful conversions made within a month.
By setting manageable targets, you can assess your performance and subsequently establish your next objective. Analyzing what has worked can provide valuable insights for further improvement.
10) Evaluate the monthly performance
Once you’ve set your targets and actively worked towards them, evaluating your performance becomes important.
Analyze what strategies yielded results for you in the past month and what didn’t. Additionally, establish measurable criteria to facilitate further improvement.
Lastly, ensure that you maintain an objective perspective while evaluating your performance. Biases can significantly prevent your ability to make effective improvements.
11) Showcase customer reviews
More than half, precisely 54.7%, of consumers, read a minimum of four reviews before making a purchase. This statistic underscores the significance of customer feedback.
Regardless of whether you’re selling your product online or offline, it’s crucial to share the positive experiences of previous customers. This strategy builds trust and influences potential buyers to choose your product.
12) Create a live demonstration of your product whenever possible
Whenever possible, offer a live demonstration of your product. Customers appreciate seeing the live results that a product can deliver.
Ensure you can effectively showcase how the product is utilized and the outcomes it can produce. A compelling demonstration can influence people’s decisions based on what they witness, thereby increasing the likelihood of converting a lead into a purchase.
13) Educate yourself with valuable information
Following the best MLM practices is an effective method for lead generation. However, keeping yourself informed about new strategies and tools can give you an edge over the competition and make you more distinct.
Regularly perusing through books and blogs can introduce you to innovative marketing techniques. Engage with an MLM expert in your specific field to tackle new challenges and strengthen your business.
Keep yourself informed about industry trends and develop methods to capture more leads by understanding changes in consumer behavior.
14) Create an Engaging Work Environment
Maintaining enthusiasm within your business is best achieved by making the work interesting. Discover ways to ensure that your tasks are both enjoyable and effective.
Over time, routine client meetings and follow-ups can become boring. To this, setting small goals can provide a sense of achievement and serve as a source of motivation.
15) Consistency is the key
Acquiring business during your initial stages can be challenging; hence, maintaining consistency is crucial for progress. Understanding your target market is essential to avoid wasting time and energy pursuing individuals who are unlikely to purchase your product. Stay connected with potential buyers, but avoid being overly pushy.
16) Maintain Self-discipline
Multi-level marketing can be a challenging field, and as an individual, it’s essential to maintain a strict schedule. Ensure punctuality for your client meetings and aim to minimize interruptions during these interactions. Additionally, a follow-up log is vital for capturing potential leads as you network.
17) Upgrading your skills
Success in network marketing demands specific essential qualities: effective communication, representation, salesmanship, strategic thinking, and networking. To foster business growth, it’s crucial to invest in upskilling. Explore innovative techniques and tools that can empower you to enhance these vital skills.
18) Follow up
Following up is crucial because people typically don’t make a purchase during your initial meeting. It rarely happens that way. Therefore, it’s important to reconnect with your prospect to address any questions or concerns they may have. Approach these follow-ups with a positive attitude and focus on assisting them in resolving their queries.
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 stands as an inspiring example of an ordinary individual who transformed into a 7-figure multi-level marketer. Her journey, shifting from a teaching career to becoming an MLM leader, provides motivation for those seeking better earning opportunities in the face of economic uncertainties.
During a period of economic uncertainty in her teaching career, she delved into network marketing on a part-time basis. Surpassing her teaching salary within a year, she eventually committed to the MLM business full-time.
In her bestselling book, “Rock Your Network Marketing,” she generously shares the proven practices and systems that contributed to her remarkable success in network marketing. Today, as an MLM coach and speaker, she continues to transform lives by encouraging others to begin MLM careers for a more fulfilling livelihood. Discover more about Sarah Robbins by clicking here.
2/ Jerry Scribner always aimed to do well and achieve big things in life. But he struggled with low income, debt, and living conditions that weren’t satisfying. His strong desire to succeed led him to try network marketing.
A friend introduced him to network marketing, and he began working on improving his personal skills by learning from leaders like Jim Rohn. Jerry’s hard work and determination paid off, and he went from being a construction worker to becoming the 12th highest earner in an $860 million company in the network marketing industry.
3/ Barry Chi and Holly Chen began their MLM journey with Amway, a major company that specializes in creating natural personal care and beauty products.
Prior to their venture with Amway, Ms. Holly Chen worked as a grade school teacher in a small village in Taiwan. In 1982, they commenced selling natural beauty products through Amway, and eventually, they made a significant impact in the US market, particularly among Chinese customers.
To foster even more growth, they expanded their network to encompass Spain, Russia, and France. After years of dedicated effort, their individual monthly earnings reached an impressive $650,000 and $7,800,000.
Types of Network Marketing
There are three types of Network marketing models available
1) Single-Tier Network Marketing
In the Single-Tier network marketing model, products are sold directly to consumers. An individual promotes and markets the product without any intermediary distribution channels and sells it directly to the customer. After making a sale, the individual receives a commission. Companies that follow the Single-Tier network marketing approach include Avon and Vestige, among others.
2) Two-Tier Network Marketing
In Two-Tier network marketing, there is an intermediary selling structure that enables you to recruit agents under your hierarchy. Your commission is based on the direct sales you make by marketing your products. Depending on the company’s business model, you may also receive a small commission based on the sales made by the team under your hierarchy.
3) Multi-Level Marketing
Multi-level marketing operates on a vertical pyramid structure, with tiers of sales agents operating within a hierarchy to distribute and sell products. Earnings are based on both personal sales and the sales generated by members further down the hierarchy. Additionally, within the MLM model, there are two other strategies being employed: Name Driven and Market Driven.
Why or Why not Network marketing
There are compelling reasons to consider joining the MLM business, but there are also factors to bear in mind that might give you pause.
No entry barrier- Unlike many new businesses that require a significant upfront investment, network marketing doesn’t demand any initial capital. The company and its products already exist; your role is to promote them with your expertise. Our network marketing secrets can provide valuable guidance in this area.
No inventory management- You don’t need to maintain a stock of inventory or a wide range of products. With every sale, you earn a commission.
Income Potential– Multi-level marketing has a track record of providing a steady source of income for individuals. It can be pursued as a part-time or side business, but the option you select will naturally impact your earnings.
Simplicity of Operations– Unlike other businesses that require extensive involvement in product research, market analysis, and risk assessment, network marketing focuses primarily on sales.
Why MLM is not for you
Intense Competition: The MLM landscape is highly competitive, with a substantial number of individuals familiar with the pyramid-like structure often associated with this business. To succeed, you must establish a distinct competitive edge in the market.
Not a Get-Rich-Quick Scheme: If you believe that this model offers a quick way to make money, you are mistaken. In reality, substantial effort and time are required to nurture relationships with people and provide them with value.
Network building is a gradual process – Constructing and nurturing networks within the hierarchy is a time-consuming task. If you’re not inclined to engage in meaningful conversations and develop relationships, long-term sustainability in this business could be challenging.
How to overcome your fear of network marketing?
Few tips you can use immediately-
1) Dress Smartly- First impressions count. Wear presentable attire that reflects professionalism, without the need for expensive clothing.
2) Wear a Smile – A warm smile can make conversations smoother. Be genuine, as an excessive smile might convey the wrong message.
3) Eye Contact: Confidence is vital in the business presentation. Make eye contact to reinforce your message with the right body language.
4) Effective Demonstration: Be well-prepared and ensure you have all necessary materials. Providing a thorough demonstration in front of your prospects emphasizes your professionalism.
5) Stay Informed: Keep yourself updated with the latest information that can enhance your sales pitch.
6) Simplicity Matters: The most crucial network marketing success secret is to “KEEP IT SIMPLE.”
