My goal in today’s post is to share 7 valuable lessons I learned from Mike Dillard, through his courses, videos, training calls, and teachings.
Who is Mike Dillard?
Who is Mike Dillard? Well, if you’ve spent any amount of time online trying to learn about network marketing or internet marketing, you’ve probably heard of him before. He is an expert marketer who taught the network marketing industry attraction marketing. Here’s what his website has to say about him:
I’ve been exactly where you are. I understand your frustrations. I know where you’re stuck, and I know exactly how to help you move forward…
Back in 2009, I became interested in building my MLM Business Online. One day, I stumbled across My Lead System Pro. This is an attraction marketing system for network marketers. As part of that system, there was an offer to purchase Mike’s eBook: Magnetic Sponsoring.
Out of curiosity, I spent $27 on that eBook. I had never heard of Mike Dillard before. And, the title really captivated my attention!
Now, even 11-years later, that was the best money I ever spent on a course. I devoured the book in one setting. It’s a fast and easy read. I’ve probably read it 100x now. That book is a game changer for anyone who wants to learn about sales, marketing, lead generation, why people buy, funded proposals, attraction marketing and more.
In fact, that book is loaded with valuable lessons that have helped me eventually become a top earner. The lessons you see below come from that book and from Mike’s newsletters and videos.
7 Lessons I Learned from Mike Dillard
Let’s get started with the 7 lessons. Just keep in mind they are listed in no particular order.
Lesson # 1: You Need a Funded Proposal When You Advertise
A funded proposal is a low cost item or service that helps offset or even eliminates your advertising cost. Rather than lead with your business opportunity, you lead with a low cost eBook or training course. You advertise this low cost item when you advertise. People opt in to your capture page and then they are given the option to purchase the item.
Whether they buy the item or not, they become a lead for your business. Some of the people who become leads end up buying the item, which helps offset your advertising cost. In return, you can offer your business opportunity to all of the leads you generated, on the back end. Here’s an example to give you some perspective.
You promote a legal services MLM Company. Rather than promote your business opportunity upfront, you sell a $19.99 estate planning kit eBook. People visit your capture page and once they type in their name and email, they are redirected to your sales page with the offer for your eBook. You spend $300 on advertising and generate 1,000 visits to your website.
From that traffic you generate 100 leads. Of those 100 leads, 10 buy your $19.99 eBook. That gives you approximately $200 in sales. In a nutshell, you generated 100 leads for your business for just $100 ($300 spent – $200 in sales), which comes out to only $1 per lead. You now have 100 people you can market your business opportunity to!
Ultimately, your goal is to get your funded proposal working so well that you actually make a profit with the low cost item you are promoting. This allows you to generate and endless supply of leads for your MLM Business FOR FREE! This is exactly what I do in my own business.
Lesson # 2: Your Email List is Your Greatest Asset
Business opportunities come and go like the common cold. The most valuable thing you can build is your email list. In reality, your list is your real business.
If you do things right, your list is like an ATM Machine. Every time you send out an email to your list you can make money!
Your goal is to build a up a targeted email list of people who know you, like you and trust you. You do that by providing value and helping solve your audience’s problems.
Your # 1 focus in your business should be growing your list. Add new subscribers daily and never stop. Communicate often, at least several times per week. Provide valuable content and over a period of time, your audience will begin to like, know and trust you and want to buy from you.
Mike Dillard taught me to build my list, build a relationship with my list and then monetize my list. This is the most important thing I ever learned from him.
Lesson # 3: Learn Marketing, So People Contact You First
When it comes to selling, it’s much better to be the hunted than the hunter. It’s much better to have prospects seeking you out than it is for you to chase people down, and try to sell, pressure and convince them to buy what you are selling.
When people contact you first, it’s a much easier conversation. They are already pre-sold (in most cases). There guard is down. All you need to do is answer their questions, point them in the right direction, and make sales.
Back in the day, network marketers were taught to prospect everyone they met, to make a name list of everyone they knew, and to utilize the three foot rule. The key to success was to “work the numbers” and achieve success that way.
By all means, you can follow that approach and still achieve good results in your business. Many people have. But, it’s definitely not a SMART or EFFICIENT way to build a network marketing business in today’s digital world.
I’d agree with Mike Dillard that it’s much better to have people contact you first, about what you have to offer, than it is for you to chase people. Network marketing is fun and profitable once you learn marketing and have people call you.
Lesson # 4: Never Rely on a Single Source of Income
At the end of the day, you want to have multiple streams of income. Having all of your income tied to one source is foolish, whether it be a job, investment or business.
If you’re going to build your MLM Business online, it makes sense to have several income streams, such as a blog with affiliate ads, Google Adsense, a lead program, coaching, information products and more.
On a side note, I am NOT suggesting you promote more than one MLM Company at a time. Just pick one network marketing company that you like and focus on that. But, if you are dabbling in the online world, and you are building your own email list like you should be doing, it’s foolish not to have several different things you could promote to your audience.
Lesson # 5: Become an Expert
When you are perceived by your audience as an expert, they will flock to you for advice. They will buy your products and services, in many cases, without you even asking them to. People want to do business with people who are successful, confident, know who they are, where they are headed, and are perceived as an expert.
The best way to be perceived as an expert online is via attraction marketing. This is when you create content such as books, articles, videos, an podcasts about your specific area of expertise.
Because of Mike Dillard, I started my blog, YouTube Channel and podcasts. It has paid off immensely, although it did take many years. People find my content online, get value from it, and as a result, they seek me out. The same thing can happen to you!
Lesson # 6: Why People Buy
Successful salespeople and entrepreneurs understand WHY people buy. They study buying behaviors so they can focus their advertising, marketing and overall customer acquisition strategies to appeal to more people and get more sales.
Mike Dillard taught me a few important lessons about why people buy.
So, why do people buy? First and foremost, buying is an emotional decision, not a logical one. People make emotional decisions and then justify their decision with logic; not the other way around. Never forget that.
Also, people don’t buy what they need. Instead, they buy what they want. Your real objective is to figure out your prospect’s hot button and then show them how your product, service or business opportunity helps them get what they want. If you can do that, you will make more sales.
As an example, he used to say that people buy a drill because they want a hole, not because they want a drill. By focusing on the BENEFITS of what your product, service or opportunity offers, you will make more sales.
Lesson # 7: Know Your Target Market
Another valuable lesson I learned from Mike Dillard is to know your target market for your MLM Business.
Every business has a target market. This should be 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 or service.
When it comes to your products or services, you want prospects who are already buying similar products or services (or have the desire to do so) and have enough disposable income to make the purchase.
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 target market is other network marketers.
By focusing on your target market at all times, you can work smart, spend less money on advertising, and get better results.
Mike Dillard Quotes
To keep this post interesting, I wanted to include a few of my favorite Mike Dillard quotes .
“I believe most leaders in this industry tend to skip over the war stories of their career because they’re afraid you’ll run away screaming if you actually knew what they went through to achieve success. Looking back, I wish that my upline mentors would have shared their stories of struggle with me. If they had, it would have made the challenges I faced along my journey that much easier to swallow. In many ways, we are all part of a very special brotherhood, united by the battle scars we earn during this amazing process of growth.”
~ Magnetic Sponsoring
Success in this industry is not about finding the right person, but in becoming the right person.
About Becoming an Expert
When your audience sees you as an expert who wants to help, instead of a sales person after a dollar, they will gladly come and pursue you as soon as they are ready to make a purchase.
When you walk into a room of successful entrepreneurs and see beaming smiles across their faces, it’s because every single one of them has a past filled with pain that they have conquered.
You’ll know you live a life of abundance when money no longer controls your emotions… Because you know that you can always attract more.
In conclusion, these are the 7 most valuable lessons I learned from Mike Dillard.
Of course, he’s taught me hundreds of other great lessons too. Other than my father and Dan Kennedy, Mike Dillard has shaped my entrepreneurial skills more than anyone else. Not only is he my mentor, but he is also one of my heroes. I can only hope that I will positively impact even half the amount of people he has. So if you ever read this post MIKE, I just want to say THANK YOU for all you do to help inspiring entrepreneurs.
What are your thoughts? What lessons have you learned from Mike Dillard? Leave a comment below and let us know what you think. I look forward to hearing from you.