Chuck’s MLM Weekly Wisdom # 29 – March 25, 2015
Dear Network Marketer:
I hope you are happy, healthy and well. Here is this week’s weekly wisdom. Enjoy.
# 1 The Best Way to Spend Your Advertising Budget – As I see it, the best way to spend your advertising budget is to stay in touch with your current customers, distributors and leads. Spend at least 75% of your advertising budget taking care of the current customers and distributors on your team. This includes gifts, thank you cards, recognition, product samples, etc. Remember that it’s much cheaper to keep a satisfied customer reordering every month than it is to go out and find a new customer. The single greatest expense for most businesses is finding a new customer. Don’t be so busy trying to find new customers and distributors that you neglect your current ones.
# 2 Usually Your Big Income Growth Will be Tied to the Work of One or Two People – This is a quote from Jordan Adler in his book “Beach Money.” If you’ve never read that book yet, you should. The truth is most top earners make most of their income from one to three people (legs) on their team. Even if you have 20-30 active legs in your business, there’s a high likelihood that one or two of those legs are out producing all of the other legs combined. When you find a superstar on your team be grateful. Support everyone, lead by example and always keep your eyes and ears open for your next leader.
# 3 Do a Weekly Team Call – One of the best things I ever did in my business was start holding my own weekly team call. Once you have even 10 people on your team start doing a weekly call of your own. Don’t rely on your sponsor or upline to do it for you. This helps establish yourself as a leader and it will have a positive impact in your business. I’ve also found that the teacher typically learns more than the student. Teaching others is a great way to improve your own skills. Plus, your call will help create a culture in your team and help train your people at the same time. I do a weekly call every Sunday night at 8pm. Most calls are 30-60 minutes. We start with a Q&A, we have each person share something they learned that week, and then I teach a class on a certain topic. I keep it simple and it works.
# 4 The 80-15-5 Rule – This rule was first taught by Larry Thompson, the MLM legend, and taught to me by my good friend Anthony Frye (SKYPE: anthonyfrye30). This rule states that 80% of your team members would be happy earning $1,000 per month, 15% would be happy earning $3,000 to $5,000 per month and only 5% want to make the big bucks: $20,000 to $30,000 per month (or more). The moral of the story is that not everyone wants the big bucks. If you can show most of your team how to make $1k per month they will be very, very happy, and stay in the business forever. And if you only talk about the big money, you are really missing the boat, since only a small portion of your team is interested in the big money.
# 5 How to Ignite Your Business – If your business is in a holding pattern, or stagnant, one of the best things you can do is bring in five new legs, as quickly as possible. After all, it’s going to be hard to hit your next rank advancement with your current group! New lifeblood is vitally important. Five new legs will create some excitement and momentum in your business and it might even motivate some of your experienced, non-producing distributors to step up to the plate, so they don’t miss out and get left behind. Always stay in the production mode. Always bring in at least 1-2 new people every month, even if you are at the top of the pay plan or busy working in depth. This helps you lead by example and shows other people what they should be doing themselves.
# 6 Teach to Teach to Teach – I learned this lesson from my mentor Don Failla. Your job is to teach your people how to teach their people how to teach their people the business. The last thing you want is a large organization that is totally dependent on you. Your job is to transfer your knowledge to others as quickly as possible. Train your new team members how to teach others so they can build their business without you.
# 7 The WHIP Concept – I learned this concept from Mr. Felder (see video below), a top producer in 5linx. WHIP stands for work ethic, hungry, integrity and personal power. He said that these are the types of people you are looking to sponsor into your business. You want people who are willing to roll up their sleeves and work hard. You want people who are hungry and have a burning desire to do something with their life. You want people who do the right thing, do what they say, and say what they do. And you want people who have the personal power and are self motivated to take action. Finding even 2-3 people like this can totally transform your business.
# 8 Let People Quit – People will quit your business. It’s inevitable. Don’t take it personally. There’s nothing you can really do about it anyway. When someone tells you they are quitting the business, don’t try to talk them into staying. By all means, be nice and let them know the door is always open if they change their mind, but don’t beg them to stay. The sooner people can identify to you that they aren’t really serious, the better off you will be. The last thing you want to do is invest a lot of time in someone that really isn’t serious. You don’t want to spend months or years working with someone, only to find out that they are wasting your time! I actually am happy when people quit, because I know not to spend any more time with them.
# 9 Activities vs. Results – Your job is to focus on activities, not the results. You typically can’t control the results anyway. All you can do is control what you do to grow your business: your activities. As long as you stay focused on the money producing activities in your business, your business will grow. The money producing activities are (1) prospecting, (2) showing the plan, (3) following-up, (4) getting customers and (5) training your team. Spend at least 90% of your “business” hours on one or more of these money producing activities and you will be amazed with the results.
# 10 The Biggest Mistake People Make in Our Industry – People make a lot of mistakes in our industry, but the biggest is being short-sighted. Most people can’t see past their next pay check, let alone the next month or next year. MLM, or any other business, is a long term project, minimum three to five years to get established. If you say to yourself you’re just going to “dabble” with the business “or try it out” you would be much better off just being a customer. You aren’t going to build a successful business of any kind in one year, let alone a few months. It takes time. You need patience. And you need to be able to think long-term. One of the key attributes of successful entrepreneurs is vision.
# 11 Recommended Posts – Here are a few posts on my blog that I thought you would enjoy.
- MLM Junkies – What You Should Know About Them
- The Shiny Object Syndrome in MLM
- Postcard Marketing Tips for Network Marketers
# 12 Suggested Videos – Here are two videos that I thought you would enjoy.
# 13 Join My Free MLM Mastermind Team – If you haven’t done so already, make sure that you join my free Facebook MLM Mastermind Team. It’s a pretty active group and I share tips every day on what’s working for me in my business.
# 14 Tip of the Week – My tip of the week this week is to study a guy named Dan Kennedy. I’ve been a student of his for many, many years. No, he is not a network marketer, but when it comes to marketing and direct marketing, he is the best of the best. You can check out his materials here on Amazon. I own all of his books and recommend all of them. He also has some great YouTube videos you can check out.
# 15 Book of the Week – I just finished reading the book “Best, Worst, First.” It has interviews with more than 75 top earners in our industry. I give it 4 of 5 stars and consider it a must read. If you want to get a copy on Amazon, check out this link.
Thanks for reading this week’s wisdom. If you need help with your business, give me a call! Have a great week.