What You Must Know In Order To Succeed In Your Network Marketing Business
There are many reasons why people fail in network marketing.
However, instead of looking into each of these causes, the purpose of this article is to explain what people MUST know when they start their network marketing business so that they will have a better chance to succeed.
This is what you must know in order to succeed in your network marketing business:
1) What is your "job" scope?
2) What is expected of you in your "job"?
3) What you should expect in your "job"?
Network marketing is a business and not a job! In fact, in the network marketing or MLM circle, the acronym J.O.B. stands for:
- Just Obey Boss (Work on a job and take orders from the boss.)
- Just Over Broke (Work on a job, get paid, and after you pay all your bills, you'll be just over broke.)
- Journey Of the Broke (Work on a job and you'll likely end up broke after working their whole life!)
- Jump Out of Bed (Hit the alarm clock and jump out of bed each morning to get yourself ready for another day's work.)
So, what am I talking about?
WHAT IS YOUR "JOB" SCOPE?
Say, you check out a job on a classified ad. You'll be looking at the job title and then the job description. Some ads are so small that you really wonder what's involved. So, you write that perfect job application letter, update your resume and secure your interview. And besides the salary that you'd most interested in, you'd be finding out the duties and responsibilities of the job.
Bottom line: You know the scope of your job when you get one.
Now, when you start out in your network marketing business, do you know your "job" scope?
As a network marketer, this is your "job" scope:
- Understand your product and offerings
> Learn about the products especially those that you want to focus on (if your company offers a wide range)
> Find out the unique selling proposition of your products. In other words, what are the benefits of your products?
> Be a product of your products so as to know their pros and cons and you'll be able to share from first-hand experience.
- Understand the company, its mission and vision
> Find out when and how was the company started
> Find out who owns it and who's who in the management team
> Find out where are the regional offices (if any) and visit some of them if possible
> Know the company's mission and its vision
- Understand the compensation plan
> Study the compensation plan and know how to explain to others clearly
> Know the merits of your company's compensation plan and how it compare with other compensation plans.
- Understand the network marketing industry
> Find out about the network marketing industry and how it started
> Study the difference between legitimate network marketing and illegal pyramids
- Build your network through duplication
> Realize that network marketing is not sales but a "people" business
> Build your network through your circle of influence and relationship, friendship, partnership and leadership
> Provide training and support to duplicate your downline business partners
> Multiply your efforts so as to grow your business exponentially through the power of LEVERAGE
WHAT IS EXPECTED OF YOU IN YOUR "JOB"?
Once you got that job and started working, you are expected to learn and pick up your skills from your seniors and your peers and even from your subordinates.
It is in fact not much different in network marketing. And these are the things that are expected of you:
- To get into a "business" mind set
> Realize that since this is a business, you must take responsibility as a business owner
> As you are your own boss, you owe it to no one except yourself whether you succeed or fail
> A business takes time to grow, so be patient with yourself
> Network marketing is a "get rich sure" and not a "get rich quick" business
- To practice the "success" mind set
> Set your goals and plan your strategy, then take action
> When you do not get the results you want, don't give up easily but adjust your strategy and take action again
> Keep adjusting your strategy as necessary to achieve the results you want
> In this business, you cannot fail if you practice the "success" mind set
- To have the right attitudes
> In network marketing, you can only succeed if you help others succeed
> Use less of "I, me, myself" and think about how you can add value to your prospects and partners
> Be prepared to walk the extra mile and get busy once your network starts to grow
> How fast your network grows depends on you as you are the leader of your own network
> Whatever you DO, not whatever you say, is duplicated by your network
- To learn the "business" skills
> It's not money that makes you rich, it's business skills
> Learn the basic business skills that you need to make this business work
> These are essentially inter-personal and communication skills encompassing prospecting, inviting, presenting, closing, following up, training and support
- To share the business with others
> If you had started a traditional business with $100,000, would you open your door to do business everyday? Yes, of course.
> Network marketing is a word of mouth business. Thus, to do business means you simply tell others about your products or services.
> When you share your business everyday, you are in fact opening your door to do business everyday.
> Sharing your business is just making a referral. Do not confuse it with selling. A good example is to refer a friend to a restaurant because you thought the food was great. However, you most likely won't know how they cook or what ingredients the chefs use. You just loved the taste of the food or perhaps the service there.
WHAT YOU SHOULD EXPECT IN YOUR "JOB"?
Once you got that job and started working, you are expected to learn and pick up your skills as soon as possible but not instantly. (Unless of course you already have relevant experience in a previous similar job.) So, you actually go through a probation period of 3, 6, 12 or even 24 months. And then, initially, there's so much to learn and so exciting. However, this wears out as time goes by...
It is in fact not much different in network marketing. And these are the things that you should expect:
- There is a learning curve
> No matter how simple your product or compensation plan seems, there is simply a learning curve
> If you are starting network marketing from scratch, you need time to learn and develop the "business" and "success" mind sets as well as your "business" skills.
- Your initial excitement will not last long
> Your initial excitement when you join a network marketing company can only last for 1 to 2 months
> So, you need to maintain your enthusiasm by building your belief and commitment by attending meetings, training, reading or listening to audio, etc
- Replenishment is necessary
> People come and people will go whether in jobs or in network marketing
> As this is inevitable, you need to constantly replenish your network by sponsoring new people till you reach a critical mass whereby the growth in your network exceeds the attrition rate. I have written an article, ?How To Create A Surefire Stream Of Prospects For Your Network Marketing Business? which you can download from http://www.rogerloh.com/mlmtips
- There will always be rejection
> No one has a 100% record in sponsoring no matter how good they are.
> Realize that rejection is part of the "job" and that they are rejecting the opportunity, not you
> Dismiss the rejection by chanting, "Some will, some won't, so what, someone else is waiting"
> There are many reasons why people reject your business opportunity. It could be due to money, time, family or personal problems, fear of rejection, fear of failure, etc.
> There is a ratio like 1 in 10 will join you after you share your business with them. So, the key is to share with as many people as possible. And the good news is that your ratio will increase.
To recap, this is what you must know in order to succeed in your network marketing business:
1) What is your "job" scope?
2) What is expected of you in your "job"?
3) What you should expect in your "job"?
In summary, your job is to share your business through word of mouth with your family and friends. So, learn to share as much as you can and you will get better each time.
However, the decision to join you or not lies with them, not you :-)
Roger Loh, spent many years setting up computer networks and is a network marketing and Internet marketing entrepreneur. Visit: Blog (Internet Marketing): http://www.rogerloh.com Blog (Network Marketing): http://www.rogerloh.com/mlmblog
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