Another valuable lesson I learned from Mike Dillard is to know your target market for your MLM Business. This sounds like such common sense, but most network marketers are absolutely clueless when it comes to knowing their target market. In network marketing, you have two target markets: one for your business opportunity and one for people who will consume your product.
When it comes to your business opportunity, opportunity seekers are not your target market. Neither are people only interested in a job. Neither are broke, unemployed or financially destitute people. Instead, your best prospect is opportunity buyers. In other words, other network marketers are really your target market.
The primary reason you want to focus your sponsoring and recruiting efforts on other network marketers is that they have already proven they BELIEVE in network marketing. They’ve already “bought in” to the industry. They are already trained in network marketing. Former network marketers and people ACTIVELY looking to get involved in network marketing are also your target market, when it comes to your business opportunity.
When you think about it, this is very powerful advice. When I first got involved with MLM I was taught to make a name list of everyone I know and “pitch” them my business opportunity. That didn’t work out very well for me, so I was taught to prospect everyone who came within three feet of me. That didn’t work out very well either. Sure, I still sponsored a bunch of people because I took massive action. But it definitely wasn’t working smart. With any other business model you wouldn’t use that approach, so why do it in MLM?
Let me put things in context for you. If you were a realtor® selling homes would you try to sell a million dollar home to a broke, unemployed person? Would you try to sell a home to someone who didn’t want a home? Or, would you actively seek out prospects who have the money, good credit and the desire to buy a home? I think you know the answer to this question. So when you are talking to people, or looking for people to recruit, make sure they are part of your target market.
When it comes to selling your products, your target market is someone with the money and DESIRE to purchase your products. So if you are selling energy drinks (as an example) your target market is people who already purchase energy drinks and consume them on a regular basis. You would be much better off contacting people who already buy energy drinks than by contacting your grandmother, Aunt Sally, or friend Steve (who have never purchased an energy drink in their life).
Once you know your target market, your primary aim is to advertise and contact people exclusively in your target market. You want to find out everything you can about your target market (the books and magazines they read, the websites they visit, the publications they subscribe to, etc.) and you want to advertise in those mediums. This will allow you to work smart and get much better results in your business.
In summary, knowing your target market can save you time and money in your network marketing business and help you get better results, quicker! When it comes to network marketing you have two target markets: one for your business opportunity and one for your products or services. Make sure you take the time to identify your target market and then spend all of your time, energy, money and resources targeting these groups of people.
What are your thoughts?
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Chuck HolmesWebmaster, OnlineMLMCommunity.com
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