Today, I want to talk about the fundamentals of building a successful MLM Business. I’ve been in this industry a long time now and I’ve studied hundreds of successful distributors.
The one common theme I find with them is that they focus on the fundamentals. They keep things simple and they focus on the basic tasks/things that propel their business forward.
A fundamental is “a central or primary rule or principle on which something is based.” In my own words, I like to think of a fundamental as a basic “building block” or “essential task” you need to focus on to build your network marketing business.
For example, the fundamentals for a defense in football are:
- Block Destruction
- Creating Turnovers
Some of the fundamentals in basketball are:
The most successful sports teams focus on the fundamentals. Once you master the fundamentals in something, everything else will fall into place. And if you can’t get the fundamentals figured out, nothing else will work very well.
When it comes to network marketing, there are only a few fundamentals that you need to understand and master. As I see it, there are five basic fundamentals in network marketing which include (1) prospecting and lead generation, (2) inviting, (3) showing the plan, (4) following up, and (5) duplication.
In the paragraphs below, I will cover each fundamental in more detail.
# 1 Prospecting & Lead Generation
Knowing how to generate leads is quite perhaps the most important fundamental in network marketing. Without a constant flow of new leads your business is doomed to fail. At the end of the day, it’s the person who is the best at generating leads that will have the highest likelihood of succeeding in our industry.
There are many ways to prospect and get leads for your network marketing business. A few popular methods include: (1) approach strangers via the three foot rule, (2) place ads in newspapers, (3) do home parties, (4) generate leads on Facebook, (5) buy leads, and so much more.
The real key to success is to pick a prospecting or lead generation strategy that you feel comfortable doing and then MASTER that one strategy. Get so good at it that it comes naturally to you, and works every time.
# 2 Inviting
Inviting is another important MLM Fundamental. Once you have leads and prospects you must know how to invite them to listen/watch a presentation that explains the products or business opportunity. Even if you aren’t good at showing the presentation yourself, you can use your inviting skills to get people to watch a webinar, attend a meeting, or listen to your upline give a presentation.
# 3 Show the Plan
This is the only “questionable” fundamental on this list. I don’t believe you HAVE to know how to give a presentation to your prospect to succeed in network marketing, but it sure does help. With today’s technology, you can send anyone to watch a video or webinar that explains more about what you do. That being said, once you know how to give a presentation yourself, you are off to the races and control your own destiny.
# 4 Following Up
The money is in the follow up. How many times have you heard that before? It’s so true. This is one of the most important fundamentals on this list. The best network marketers are really good at following up with people. They realize that most people need at least seven to twenty exposures to something before they commit and buy. Learning how to follow up effectively, without begging or chasing people is a very valuable skill to have.
# 5 Duplication
Duplication is another important fundamental in network marketing. Duplication is what builds fortunes. Anyone can sponsor someone, but a good network marketer has a good game plan in place so that new person can also sponsor others and duplicate themselves. This really comes down to having a good system in place that you can follow and working closely with your new team member their first 90 days in the business.
If you want to be successful in network marketing, you need to MASTER these basic five fundamentals. It won’t happen overnight, but if you take the time to educate yourself and work in the trenches every single day, you would be amazed at what you could accomplish in just a few short years.
Remember to keep things simple. Don’t complicate this business. Stick to the fundamentals and you will do very well. Over-complicate things and you will get frustrated and burnt out.
What do you think? What do you believe are the most important fundamentals in network marketing? Leave a comment below to share your thoughts. I look forward to hearing from you.