You must know your target market for your MLM Business.
You see, every business has a target market. Whether you sell toilet paper, Mercedes-Benz® cars, real estate, vitamins, organic mouthwash, or anything else, you have a specific group of people that will be interested in your product or service.
This group is your target market: a group of people MOST LIKELY to buy your product or service.
These people have the DESIRE and MONEY to make a purchase. In most cases, they’re already buying similar products or services. Please make a note of that.
Advertising or prospecting people outside of your target market is a slow and painful way to build your network marketing business. It’s like fighting an uphill battle. Trust me, I tried it for years.
Smart businesses focus EXCLUSIVELY on their target market.
The Successful Realtor
I know of a successful realtor in a small town in western Ohio. This guy sells LOTS of single family houses. I asked him his secret to success and this is what he told me:
Before I ever show a home to someone, I pre-qualify them. I make sure they have APPROVED financing and I make sure they really have the desire to purchase a home. I ask them a lot of questions to find out exactly what they are really looking for. This saves me a ton of time, because I do not want to waste my valuable time trying to sell a home to someone who doesn’t have the approved financing and doesn’t have the desire to buy a home.
The Successful Car Salesperson
Successful car salespeople take a similar approach. Rather than trying to make a pitch to everyone and anyone who walks onto the lot, they PRE-QUALIFY people first. They make sure the prospect has a good enough credit score to qualify for a loan. They find out what the person’s budget is and what type of car or truck they are looking to buy first, and then they go into a sales pitch and show the person their different options.
This is much smarter than wasting hours and hours of your precious time trying to sell someone a vehicle, only to find out their credit score is so bad they can’t qualify for a loan. Or even worse, they’re just window shopping.
Your Target Market in Your MLM Business
Successful network marketers take a different approach to their business than amateurs do. While most people in our industry claim that everyone is in your target market, successful reps know otherwise. They are very selective about who they focus their marketing and prospecting efforts on.
In network marketing, you really have two target markets, one for your business opportunity and one target market for your products or services. While anyone MIGHT join your team or BUY your product or service, certain groups of people are MUCH MORE LIKELY to do so. These are the groups you want to focus on.
When it comes to your business opportunity, your best target market is other network marketers. This could be current or former network marketers. These people are already pre-sold on the industry and most of them have already been trained to some degree. In other words, you won’t have to convince them that what you have is a good deal.
Sure, other entrepreneurs, sales people and folks looking to change their life for the better might still join your team and do well. You should not ignore these folks by any means.
BUT, if you are marketing and advertising your business, and using paid strategies, I highly recommend focusing on recruiting other network marketers. It’s just good business sense.
When it comes to your product or service, your target market is people with the money and desire to buy what you are selling. Normally, this would be a group of people who are already buying similar products or services.
For example, if you sell a weight loss shake, your target market is NOT people who need to lose weight. Many people who need to lose weight have no desire to do so.
Instead, you are looking for people who are already buying weight loss shakes (or weight loss products), going to the gym, hiring a personal trainer and already spending time and money to try and lose weight. These are the people who are most likely to buy your products.
Common Mistakes Businesses Make
Some of the most common mistakes network marketers make is focusing on the wrong prospects. Rather than approach other network marketers, other successful entrepreneurs, and people with the money and desire to buy their product or service, they focus on anyone and everyone.
They focus on prospecting their broke Uncle Ricky. Or, they approach their unemployed neighbor. Or, they approach the government worker who only wants a pension and job security and health insurance. Or, they approach their lazy friends and family.
Folks, you want to focus on your BEST prospects. Would you rather recruit 100 non-serious people who will do very little and and most likely quit the business or would you rather recruit 2-5 leaders and professionals? I already know the answer to that question so there is no need to answer.
Recruit up. Focus on people sharper and more successful than you are.
Make a Decision
Starting today, make a decision to focus on your target market in your MLM Business. By all means, you can also talk to other sharp people that you meet and come in contact with. Just focus most of your time, money and energy on people in your target market, because these are the people who are MOST LIKELY to make a purchase or join your team and actually do something with the business.
There you have it folks. Now you know your target market in your MLM Business. I hope you found the information helpful and I hope you will apply it in your own business starting today. What are your thoughts? What do you think about this simple concept? Leave a comment below to let me know what you think. I look forward to hearing from you.