After 8 Years In MLM, What Do I Know???by Melanie Milletics
Can I really tell you all I have learned about MLM in one single post?
Highly doubtful! But I can certainly hit upon some of the highlights and can tell you about some pitfalls to avoid.
I have been working a home based Internet business since late 2000 ~ and for about the first 3 years it wasn't a huge success. I worked with less than fantastic companies, with less than fantastic training and support and made some money because of my *lucky* nature... and skills that I developed along the way.
Because I needed to stay home with my small children, I learned how to build a business using just the Internet and the phone. I learned how to generate my own leads online, and also honed my prospecting and closing skills. Once I aligned myself with a decent company with a good payplan, I worked my way to a very sweet income.
Of course, Network Marketing, or MLM, is traditionally offline direct sales. Often called 'relationship marketing' or 'word of mouth' marketing, it is the movement of product through the distributors to their sphere of influence. With most companies you can get started for under $1000, and you have a truly unlimited income potential.
Sounds fantastic, right? Well, it should be. But there are some pitfalls to avoid, and some advice I can give you to keep in mind as you consider investing in a MLM company.
Quality Products in Demand:
First and foremost, since money is made from the sale of 'product', you must ask yourself if the products would be bought and sold if there was no money making opportunity available? In other words, do you feel you would be able to acquire CUSTOMERS for the products?
Are they of a superior quality, and priced at least somewhat competitively?
If you think for a minute that you are only buying them to make money, and will sell only to people that want to make money and so on.. walk away.
There absolutely should be product focus, and customer acquisition should be taught and promoted within the company.
If you choose a company with excellent products, you'll be able to make money all day long with customers. Solid, residual income from happy customers who will give you referrals all day long!
Payplan is also incredibly important. Unless you have been around the block a few times you won't know what makes a good payplan. The best you can do is take a look at a few similar companies and compare their compensation plan. Which is going to pay you the most money for your work?
Do they have an online system that you can direct your prospects to?
It makes no difference if your prospect came from a Chamber meeting
business card exchange, an ad in the paper, or a pay per clickad on Google. They must enter their name, email and phone on a capture
page and be taken to a presentation. An email series should them
followup with them automatically on your behalf. Of course you will
call them ASAP too-
Does the company provide the marketing system for you, or will that be an additional expense?
What is the corporate culture like? Attend conference calls, local meetings, webinars, etc. Are the founders, the CEO and their top representatives on the calls behaving with professionalism? You might be surprised at how many do not. I have been on some horrible calls, and even worse meetings. Be very careful who you align yourself with!
Your sponsor will tell you 'full training and support is provided'. Thats the nature of MLM. The sponsors do the training of those they enroll. But how is this done? Is there a systematic method to training you so that you will know exactly what you need to do to put cash in your hand that week? Or is it just 'get some customers or enroll somebody and you'll get paid'.. Is your sponsor qualified to train you? If not, who do you have access to that IS?
The best case scenario is that corporate has a training program in place and you can plug your new people into it immediately. Thats how you can truly leverage your time. Your job then isn't so much to train, but to develop leadership in yourself and others.
Finally..? we werent born Network Marketers, but
thankfully this profession has come into its own and there are many
excellent, professional trainers we can and should 'plug into'.
Always be a student, and know that each experience, whether its a win or a 'failure' is part of your marketers education.
Stay consistent, be persistent, and make your fortune in MLM.
Wishing you life's best,
Originally posted by Melanie Milletics at: Network Marketing
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Created on Nov 10th 2009 08:21. Viewed 656 times.