I recently re-read Wave 3: The New Era in Network Marketing by Richard Poe. This is a popular network marketing book written in the 1990s.
What I would like to do in this post is share some of my favorite quotes from the book and provide a quick review of the book.
Book Review of Wave 3: The New Era in Network Marketing
First off, I really enjoyed this book. Overall, I give it a 7 of 10. What I enjoyed most about the book were the stories of successful distributors talking about what they did right, and wrong, in their business. The book was well organized, easy to read, and it had some great content. If you haven’t read the book yet before, you should.
Favorite Quotes from Wave 3: The New Era in Network Marketing
What you will see below are some of my favorite quotes from the book. Each quote is in bold and italics. After each quote, I share my own two cents on it.
# 1 As long as she worked for someone else, she would never be happy. This is exactly how I feel. I can’t speak for you, but I know I was not created to work for someone else. Some people are great employees. Others were designed to be their own boss.
# 2 You can never be free as a professional selling your hours for dollars (Jerry Rubin). Most professionals, even those who own their own business, are struck trading hours for dollars. They have no leverage, and if they stop working they stop getting paid.
# 3 When you work for linear income, you must jump to another’s commands. Without leverage, you must do what your client (or boss) wants you to do.
# 4 Attrition usually knocks out 90 percent of your distributors before they make any money for you. This is my biggest frustration in this industry. We are the only industry in the world, that I know of, where people start a business and quit in 90 days or less. Most people who join our industry are not entrepreneurs, nor do they have any financial stake in their business, so it’s easy to quit.
# 5 To make it big in MLM is one of the hardest tasks you can undertake. Anyone who tells you this industry is easy is lying to you. This is the hardest thing I have ever done. That being said, the payoff is worth the sacrifice if you can stick with it and build it big. The lifestyle this industry offers beats any other industry I know of.
# 6 However, no amount of automation will ever eliminate the need for human effort. This is a people business, and always will be. Yes, you can leverage technology to work smart, but you still must connect with people and build relationships with people to succeed.
# 7 To succeed in MLM, you must become a positive thinker. Positive attracts and negative repels. Check your attitude every day. Are you someone worth joining? Are people excited when you enter the room or when you leave the room?
# 8 People pay much more attention to who you’re being than to what you’re saying. Talk is cheap. Your actions speak ten times louder than your words. Do what you say and say what you do.
# 9 Many new recruits make the mistake of quitting before they’ve even mastered the basics. They fail to understand that network marketing is a profession that must be learned like any other. This is sage advice. Any new profession you start, you will have to go through a learning curve and develop new skills. Network marketing is no different.
# 10 I’ve had the worst luck with people who were successful in previous careers (Mark Yarnell). Most people who are already successful in what they do will join this industry and try to do things their own way. They won’t be coachable or follow a system. As a result, they will fail.
# 11 Go by the facts – not the hype. Make logical decisions. Crunch the numbers. Trust your instincts. Make your decisions in a logical manner.
# 12 Ninety-nine percent of MLM companies spike and disappear in eight months. Be cautious of start-up companies and ground floor opportunities. Most of them won’t even make it one year in business.
# 13 Many growing network marketing companies die because they are under-capitalized. It costs a lot of money to grow a company. Money must be spent on infrastructure, employees, research and development and more. You want a company that has the capital, or can get it, so it doesn’t grow too fast and implode.
# 14 What makes network marketing work is the division of labor between distributor and parent company. A good company takes care of everything except selling and recruiting. This is what I love most about our industry. The parent company takes care of all the details and behind the scenes stuff while we focus on helping the company find new customers.
# 15 I’ve gotten to the point where, if a person won’t make a one-year commitment, I refuse to sign them up (Mark Yarnell). If someone tells you they will try it out for a few months and see how it goes, don’t sponsor them. Any new business, of any type, will require at least a one-year commitment just to get the business off the ground. This is not a lottery or get rich quick type of business. It’s a real business that requires time, hard work and patience.
# 16 An unhealthy obsession with gadgets, gizmos and systems often masks a fatal pattern of avoidance. Don’t trick yourself into thinking that technology alone will build your business. It won’t.
# 17 Your phone is the most important thing. Of all the resources you have at your disposal, the phone is the most efficient tool you can use to grow your business.
# 18 Many network marketers fail because they treat their businesses like hobbies or part-time jobs. They dabble, rather than commit. Most simply lose interest in the business after a short time. Act as if you have ONE MILLION dollars invested in your business. Make it a top priority and don’t dink around with it. Treat it like a real business and it will pay you like one.
# 19 In truth, there is only one way to make money in network marketing – moving product. At the end of the day, we only get paid when people purchase the products or services the parent company offers. It doesn’t matter how many people you sign up, if no one orders the products.
# 21 I want to help my downline as much as I can, but it’s easy to end up hand-holding and babysitting them instead. I believe we sponsors can best lead by example, by keeping our fire intact, our conviction and commitment level high. A sponsor should be a warrior, a leader, and a conqueror, not a den mother. The last thing you want is your team to be 100% dependent on you. Teach people to be self-sufficient and train people in a group setting whenever possible. Don’t do things for people that they should be doing themselves.
# 22 Most people hate selling. This is a fact. Teach people simple ways to do the business so they don’t have to be a glorified salesperson.
# 23 If you push too hard, you may lose customers who would otherwise stay in your network for years. Meet people where they are at and never pressure people to do more with the business than they want to.
# 24 If you yourself are a true believer, that is the most engaging sales pitch of all. The most important person you will ever recruit is yourself. If you don’t believe in your products or services, neither will your prospects.
# 25 Whenever possible, you should sell by demonstration, rather than persuasion. Put the products in people’s hands and let them try the products out. This will help them sell themselves on what you are offering them.
# 26 Prospecting has always been the most arduous hurdle networkers face. If you learn nothing else, take the time to learn how to generate your own leads. This will make the business fun and profitable.
# 27 Anyone over the age of 25 knows over 2000 people on a first name basis. You know a lot more people than you think you do.
# 28 Your first four to five months in this business should be dedicated exclusively to contacting your warm market. Start out by reaching out to the people that you know. This will help you get off to a quick start and will teach you how to talk to people, so you can feel confident entering your cold market.
# 29 I swear to you, if your enthusiasm is high, you can get people to follow you off elevators. Get excited. Be excited. Excitement and enthusiasm are contagious.
# 30 Until your recruit makes a commitment to actually work the business, he or she is nothing but a name on the list. Work with the people who are committed to the business. This is no more than 5 percent of your team.
# 31 One of the most common mistakes is to provide your prospect with too much information. Do not give your prospects or new team members information overload. Keep everything simple and do baby steps.
# 32 The champion prospector is always the one who sorts through 100 bad prospects… to come up with five pearls! You have to turn over a lot of rocks to find a few diamonds. It’s a numbers game.
# 33 Don’t waste your time pleading or arguing with people who seem closed or unduly skeptical. You are in the sifting and sorting business, not the convincing business. You are looking for people who are looking.
# 34 Psychologists agree that fear of pain is far more persuasive than desire for pleasure. Your prospects, customers and team members will be motivated more by the fear of loss than the desire of gain. Use that to your advantage. Always show people what they have to lose.
# 35 Other people are your greatest resource in network marketing. This is a people business.
# 36 Stick with your upline and stay away from other leaders, cautioned Mark Yarnell, until you’re making about $50,000 a year. Find one leader in your upline who has what you want and follow their lead. Block out everyone else.
# 37 In the beginning, do it your sponsor’s way. Follow your sponsor’s system. Do not reinvent the wheel, especially if you are new and inexperienced.
# 38 Focus your time and energy on your frontline leaders-those people whom you personally recruited and personally sponsor. When you sponsor someone into the business, help them get started and drive depth.
# 39 Experienced networkers say your front-line is never wide enough. You should keep recruiting front-line leaders, long after you have five leaders in place. Always be recruiting. Never let a month go by where you don’t personally recruit five to ten new front-line distributors. EVER.
# 40 To find one good leader, you must sift through scores of prospects. For every 100 people you sponsor, you might find one good leader.
# 41 In short, the number and quality of your leaders directly controls the amount of time freedom you can ultimately draw from your business. Remember that our real business is finding and developing leaders.
# 42 Answering questions is one of your most important and time consuming duties as an upline leader. Be smart about how and when you answer questions. It can consume all of your time if you do it by phone. I’ve found the best way to answer questions is by email, because you can answer questions quickly and at a time that works for you.
# 43 Your success or failure in network marketing ultimately depends upon your ability to create self-sufficient leaders. Without leaders, everything relies on you. The more leaders you have in your team, the easier your life gets.
# 44 In other words, most people in network marketing have no expectation or pressing desire to get rich. All they want is a little extra money, and a little extra time. You need to realize that most people who join your team would be happy simply making an extra $200 to $500 per month.
# 45 Network marketing is one of the few known methods by which the masses can gain control over their daily schedules. We are one of the only industries in the world designed for the person with little skills and little capital. It’s an equal opportunity for anyone. Most other businesses are too expensive to get started and take a full-time or double full-time commitment.
There you have it folks. This was my review and favorite quotes from Wave 3: The New Era in Network Marketing by Richard Poe. I hope you enjoyed the review and quotes. If you haven’t read this book yet, you should. It is available anywhere books are sold.