Everyone’s looking for a shortcut or the SECRET to success in the MLM Industry. After all, we live in the “I want it now” society. People don’t like to wait for things.
Here’s the UGLY truth. There is no secret to success in the MLM Industry. You can trust me on that. I spent YEARS looking for it.
Success in MLM is similar to any other type of business. You must do certain things in a certain way. Success boils down to a combination of hard work, timing, a good game-plan, connections, and even a little bit of luck.
What I’d like to do in the paragraphs below is share the advice I would give to anyone looking for the secret to success in the MLM Industry.
The Secret to Success in the MLM Industry
You must develop some basic skills.
Every industry requires a specific skillset. In our industry, you must master the basic skills such as prospecting, closing, inviting, promoting events, retailing, and launching new reps. You don’t have to master these skills to make SOME money, but you must master these skills to make the BIG money. Best of all, you can earn while you learn.
For most people, it will take about five to seven years of consistent part-time effort to truly master the basic network marketing skills.
The best way to learn these skills is to (1) get in the trenches and stay in the trenches so you learn by doing, and (2) serve as an apprentice to a successful mentor.
The good news is, that once you develop the skills of network marketing success you have them forever. Your network marketing business will have ups and downs like anything else, but if you are consistent and apply the right skills, you can eventually reach your goals.
You must know your target market.
Every business has a target market. These are people most likely to do business with them. For example, steak houses don’t try to sell steaks to vegetarians. Instead, they market and advertise to attract steak eaters. Make sense?
In your network marketing business, your best prospects for the business are people with MLM experience and your best prospects for your products or services are people ALREADY buying similar products or services.
Yes, you can approach anyone and everyone. That is the shotgun approach. I just prefer the sniper approach, focusing on people most likely to be interested in what I am offering.
To be great in what you want to do, you must know your prospects well and gauge how best suited they are for small business opportunities. Be sure to keep in touch with their innermost desires and their needs. You need to understand what drives your audience in life and how they wish to improve their lifestyle.
You must develop and follow a simple, yet effective marketing plan.
Every successful business I know of has a written marketing plan. This plan outlines HOW they will reach their target market. It has clear goals, specific objectives, a detailed marketing budget, and outlines the ins and outs of their daily marketing efforts.
In our industry, there are hundreds of ways to get leads and build your business. What works for one person might not work for someone else. What matters most is that you have a written plan that makes sense to you and aligns with your personality, skills, and goals.
Create your marketing plan and your daily mode of operations and do it daily!
Never believe in the myth that the success of a business is based on the decision made through instincts. Planning is the most essential element in a business. And do not plan verbally because you may forget to mention a few things and even worse you may forget what you have planned. So, it is important for you to make a blueprint. It will not only help you to work systematically but will also help you to make changes in your plan accordingly. The discipline of writing down a plan is the best way to make sure you actually understand how to transform your idea into a business.
Source: Home Business
You must differentiate yourself in the marketplace.
There is a lot of competition in EVERY industry, especially the MLM Industry. You must know WHAT makes you and your company different from your competitors. If you can’t tell your prospect WHY they should join YOU, rather than another rep in your company, or another company itself, you won’t be in business long. This is known as your Unique Selling Proposition.
Sit down somewhere quiet and figure out your USP. For example, I am the No B.S. Network Marketer. I tell it like it is without using hype or pressure. People should join me and my company because I am as committed to their success as they are to their own success.
When designing your USP you must distinguish what is unique about your product or service, incorporate excitement and determine why your customers do business with you over your competition. All of this needs to be done in a concise format that is simple and can be articulated in less than 30 seconds. Once formulated, your USP can be used to position your business in marketing materials, on your web site and for your sales pitch.
You must offer a product or service people WANT to buy.
In most cases, people buy what they want, not what they need. You don’t need the cheapest or best product or service, BUT you must offer something with a high perceived VALUE. To clarify, your CUSTOMER determines the VALUE of what you are selling, not you.
Ideally, your product should have mass market appeal and be priced competitively. Or, you can have a unique product or service that isn’t available anywhere else in the marketplace.
If you notice a great demand from the products your targeted network marketing company is offering, this is a good sign to take that opportunity and get started quickly. Selling something that people are already looking for is way better than trying to convince them to buy.
Source: Market Solvers
You must invest in your business.
It’s sad that I even have to write this. Every successful entrepreneur invests in their business BEFORE they are making money. Can you imagine a restaurant owner saying I won’t buy plates or utensils until I start making money? Me neither.
We are the only industry I know of where people nickel and dime their business to death, or don’t invest any money at all.
Think of your new business as a newborn baby. It must be nurtured and loved, especially when it is young. As it grows and matures, it needs less nurturing and attention.
One of the best selling points of network marketing is that the cost of getting started with a company is very low. The initial costs can range anywhere from $100 to $1,000. With some companies, there is a residual membership model where you pay every month to take part in the compensation plan. The idea is to sign on new referrals to the program to build a residual income.
Source: Market Business News
You must be 100% committed.
The low cost of entry is the blessing and curse of our business. Most people do not treat their business seriously because they only have a few hundred dollars (or less) invested in their business.
Let’s keep it real for a moment. It’s easy to put your business on the back burner when you don’t have much money invested. It’s easy to quit when things don’t go as you expect. It’s easy to let life get in the way and distract you.
What you want to do is ACT AS IF you have one million dollars invested in your business and you only have a year or two to earn it back. You must be part-time with a full-time attitude if you want to succeed. Dabblers never make much money or make it to the top. Commitment is key.
It is easy to start a MLM business, which can be a threat. People do not take their new venture serious as the investment is low, and treat it as a hobby. If you treat your business as a hobby you will likely to get paid as a hobby.
Source: Business For Home
You must FOCUS on one thing until successful.
Most successful entrepreneurs have multiple streams of income, but they didn’t start out that way. Instead, they focused on one thing until it became profitable, stable, and successful. Then they diversified. If you’re trying to build two businesses before you’ve built one, you will fail, or at least not get the same results you could have if you just focused on one thing.
You must give yourself time to succeed.
The goal the first year in business is to learn and survive. That is a fact. Successful businesses are built over a period of years, even decades, not weeks or months. Give yourself at least two years with ONE company before you decide if the industry will or won’t work for you. “Trying it out” for a month or two will only lead to failure and disappointment.
Once you have decided to join the networking marketing industry, stick to it and stay persistent. Remember that network marketing takes time to mature, and it is worth it in the long-term if you stay on the course. Every time you hear a ‘no,’ learn from it and work on yourself. You have to lead the way for people who do not want to step out of their comfort zone.
Source: Prime MLM Software
You SHOULD follow a mentor who has achieved what you are trying to do.
Some entrepreneurs didn’t have a mentor. They had to figure out everything on their own. This is the slow and painful way to build any type of business.
When possible, follow a mentor who has achieved the success YOU desire. That way you can learn from them and avoid the mistakes they made. Plus, you will have a good sounding board to share ideas with.
The beauty of our industry is you get a free mentor. They never charge you one penny. Plus, they only make money when they help you make money, so they have a vested interest in helping you out earn them.
Just be smart enough to humble yourself and LISTEN to your mentor, and do what they teach you.
[To succeed,] you need to be willing to listen and learn from mentors. The way this industry is structured, it’s in the best interests of the [MLM veterans in your company] to help you succeed, so they’re willing to teach you the system. Whatever [your mentor] did to become successful, it’s very duplicatible, but you have to be willing to listen and be taught and follow those systems.
You must work on yourself.
People join people, not businesses. Be the type of sponsor you wish you had. Be the type of person you want to sponsor. Work on your personal development daily. Your business will only grow as much as you do, so keep growing and learning and never stop!
Network marketing has probably produced more millionaires than any other industry, and although each of those people built their businesses with different companies and using different methods, they all did one thing–work. MLM isn’t a get-rich-quick scheme; you’ll only get rich through hard work.
And here’s the most important tip.
You MUST approach at least 5 to 10 new prospects DAILY. If you aren’t doing that, it doesn’t matter what else you do, you won’t make it in this industry long-term. Recruiting and retailing are the lifeblood of your business. The only way to make that happen is to connect with a steady flow of new prospects DAILY.
In conclusion, this is the secret to success in the MLM Industry, as I see it.
What are your thoughts? Do you agree or disagree with me? What did I leave out? Leave a comment below to share your thoughts. I look forward to hearing from you.