What is the # 1 asset in your MLM Business? The answer might surprise you. It’s definitely not your team of distributors. It’s not your company or your customers, either. Nor is it your email list.
I believe the # 1 asset in your MLM Business is your ROLODEX. This list of names includes everyone on your team, everyone you have shared the business with, every successful distributor you know, and all of your prospects. It also includes people you’ve met, but never shared the business with.
One of the best things you can do when you first get involved in network marketing (or any other business) is to keep a ROLODEX of everyone you meet.
This includes people you meet prospecting, people who respond to your advertising, current and former customers, people you respect and admire, and anyone else that had any contact with you or your business.
You can organize this list of names in some type of offline file system or online software program. You should keep the name, address, email and phone number of everyone you meet.
Also, you might want to write down birthdays, kids’ names, spouse’s names, and any other pertinent information you have about them.
Even if people aren’t interested in joining your team right away, you should add them to your ROLODEX. And you should keep in touch with them every 60 to 90 days, FOREVER, just to see how they are doing. Your goal is to cultivate a friendship with them, so they know you, like you and trust you.
In the months and years to come, many of these people will eventually join your team as a customer or distributor, if you stay in touch and treat them well.
If you ever decide to switch companies, start a new type of business, or find a new product to sell, you can potentially have hundreds or even thousands of prospects to talk to right from the start.
This is one thing that the top earners do. They are list builders.
They realize that everyone they meet might join their business when the timing is right for them. Sometimes that might take several months to happen and in other cases it might take many years to happen.
But they capture each person’s contact information, add it to their list/rolodex, and follow up regularly. And when they follow up, they show a genuine interest in the other person, rather than trying to make a sale.
They send greeting cards and holiday cards. They write personalized notes. They do follow up calls. They send newsletters. And they do all of this with NO AGENDA. If anything, there agenda is to make a friend, not to sponsor the person into their business.
Whatever you do, you should focus 100% of your efforts on building your list or Rolodex.
As you build your list, do what you can to start building relationships and friendships with these people. Send occasional emails, give them a call, or drop a note in the mail every few months.
Over a period of time you will form strong friendships with many of these folks. And many of them will join your team when the timing is right for them.
Your objective should be to add new people to your ROLODEX or list every single day. Here are a few simple ways to do that:
- Attend Company Conventions and Meet the Heavy Hitters
- Join a MLM Mastermind Team
- Leave Blog Comments On Popular MLM Blogs
- Attend MLM Generic Training Events
- Join Networking Clubs
- Join the Chamber of Commerce
- Hang Around Successful People
- Meet Two New People Every Day
- Join Activities That Interest You
Whenever you do these things, strive to meet new people with NO AGENDA. Just show a genuine interest in them. Introduce yourself to new people and make a favorable first impression. Once you get home, add them to your Rolodex and stay in touch. It really is that simple.
In summary, I believe that your list or Rolodex of names is your # 1 asset in your MLM Business. I also believe this applies to any business owner, not just network marketers. The money is in the list, if you build your list right and get the people on your list to know you, like you and trust you. The only way to do that is to be a person of value and to keep in touch on a regular basis.
What are your thoughts? What do you think is the # 1 asset in your MLM Business? Leave a comment below to share your thoughts.
20+ Year Network Marketing Professional
Top Earner & Top Recruiter
P.S. Learn how to grow a successful network marketing business. Secret tips, training, and practical ideas. Free training delivered by email.
8 thoughts on “The # 1 Asset in Your MLM Business”
I keep finding so much useful information in your posts. Rolodex is crucial, it’s a MUST! It is indeed the number 1 asset in the MLM business. Building that list is not that simple, but you have provided us with so many ideas and advice. Not only should I build that list, but I also need to stay in contact with those people, I need to build strong relationships and in a way strong friendships with them. I need to add other valuable information to that list, such as; birthdays, their kids’ birthdays, and so on… If I decide to completely change my business, I will still have that list of people. That list of people will be mine forever, so I realized that I need to invest a lot of time and effort into building it! We need to strive to meet new people with no agenda, show genuine interest in them. Thank you so much, Chuck for a very useful article!
If you follow the advice you just shared in your comment, that you learned from the article, there is no doubt in my mind you will succeed in network marketing.
Networking, networking, networking. One of the most valuable lessons I learned as a college student. Getting to know people, getting their contact information, and staying in touch has been such a valuable asset as I have branched out on my own. By being open, honest, and personable I have been able to build a good reputation and I have a long list of individuals who have helped me or connected me or funded me when I need it as a result. I must agree with you here Charles, the ROLODEX is key!
Meeting people is easy. Staying in touch frequently is where most people mess up. Just my two cents.
Absolutely – I agree! Whether you call it your Rolodex, your contacts, or just your list, the records of everyone that you come into contact with is the most valuable asset that you can have as a business owner. Protect it , but don’t just let it sit there collecting dust. This is the list of people who can eventually make or break your business: your customers, recruits, and/or your knowledge resources. Stay in touch with them!
The real money is in the follow up. And if possible, you want to do that OFFLINE. Emails are the worst. Use direct mail, the telephone and in person whenever possible.
I feel like this is one area I really need to work on. It’s easy to be so focused on getting the sale/recruit that I forget to just talk with them. I’ve lost a couple leads that way.
Your real asset is the people who know you, like you and trust you because you have STRATEGICALLY stayed in touch with them, built friendships and helped them. Companies and businesses come and go, but your network is YOURS forever.