Does it feel like that you have over-complicated your Network Marketing business? It’s a simple concept but still many people drag it down by trying to re-invent the wheels of this system to achieve success in a short time. Although companies can differ in terms of products or services, the basic principles of doing business are the same. Following are some principles of network marketing that can help you to bring your business on the right track:
Power of Duplication
One thing you should remember that network marketing uses the power of geometric progression or duplication (to duplicate). It’s Because of this ‘doubling concept’ that network marketing is one of the most powerful business opportunities to even been discovered. The geometric progression concept enables the business to grow and in return, its growth duplicates over time. That’s why NM has grown the rapid pace in the history of the free enterprise system.
But remember, it’s a business of teaching and not of selling. The reason, why most individuals fail in NM, is because they treat their business as if they are a salesman. You have to understand that in network marketing or the MLM industry, you can’t achieve true geometric progression all alone. You must understand to teach others the concept of duplication to ensure the continuation of geometric progression (the concept of ratio).
A Success Plan
To achieve success in Network Marketing, there are 4 things you need to do in order. You can call it your success plan also.
- Plan your schedule map and set the end goals.
- Prepare yourself for the challenges.
- Fill yourself with knowledge and skills.
- Use that knowledge to influence others and connect with quality people.
“Remember, Success is a Journey & you are a traveler to make it worth.”
Your foundation must be strong
Starting a Network Marketing business is like constructing a building. The bigger and strong the building will be, the deeper and wider the foundation should be. In the initial stages of this NM, it’s only you and your sponsor. To build a strong and long-lasting business empire, it needs effort, adequate time, and persistence. The more effort and time you’ll dedicate to the business, the quicker and stronger your foundation will be laid.
Differentiate Quality Person from Mob Mentality
One of the biggest mistakes that a newcomer makes in the network marketing business is failing to differentiate between a business builder from the mob mentality. Not everyone is capable of doing business. Some people will only see you as a tourist guide as they’ll forget everything you have told them when they step outside your business zone. The best way to understand people is by analyzing their actions. To learn about it, you must read the “Body Language – Allan Pease” book.
Prospecting is the key
Before you start building your network, one thing you should know is “how to connect with people.” In any MLM business, you have to meet and talk with people to make them understand your business plan and build your network base. In order to build a large organization, you must have a strong duplication system that others can follow. Remember, your goal is not to convince or sell – all you need to do is invite them to take a look at your business and decide for themselves. You must learn the art of inviting and developing trust with your prospect.
Time Vs Money
In the beginning, you will have to spend most of your time to achieve small financial returns. In NM, it takes time for the ratio of geometric progression to increase. But once you lay a strong foundation, the amount of time you spend in your business will decrease while income will increase. That’s the beauty of network marketing. You can accomplish this by utilizing the concept of time leverage or leveraging people. NM only desires your time and effort, and the returns are incredible.
Understand your Role
In the initial stages of business development, you are simultaneously learning and implementing the knowledge you attain on a day-to-day basis. But as your business grows, your role also changes. You need to understand how to capitalize on the enthusiasm that you and your representatives have to ensure the steady growth of the business. You need to pass the knowledge and skills that you have to your team and help them to implement those skills.
An effective Follow-Up
Most people encounter problems when they have to take a follow-up of their prospects. A key to effective follow-up is to talk about your prospect rather than beating him/her over the head about the features of your company. Make the talk simple by telling him/her how it’s going to benefit them and help them to solve their life challenges. It is what you call “intentionally follow up.”
You will encounter different kinds of people in the network marketing industry. There’ll be those who are willing to take action, those who take actions, and those who don’t have any desire. You can’t control that. What you can control are the steps that you are taking to reach the top.