According to Industry Statistics, 97% of network marketers fail in this industry. Many marketers lose a lot of money and make no or little profit. This is due to lack of adequate knowledge about their business and how to market it successfully. Network Marketing is a business where an average person with little investment and no experience can build a full time income working from the comfort of their own home. Thousands have succeeded in it.
The following steps are vital if you are to succeed in the network marketing business
1. Choice of network marketing business
There are two types of network marketing business, legitimate and scams. For MLM network marketing to work, there has to be a product and market for the product or else you will have problems. Do a business review and be sure it is not a scam. Furthermore, choose the business that matches your skill, knowledge and passion, which would make you love the work and bring ultimate success to your business.
2. Have a marketing system
You need a marketing system that will enable you to build your business successfully. There is the traditional system of warmth marketing, and buying and cold calling leads. Also, you have recent new system and technology comprising capture pages, free educational reports, follow up email and feedback systems, and human support system. I recommend the new technology which is very effective since it is on-line and you have access to the world, unlike the traditional method which is limited, or you combine both system types.
3. Brand yourself as a leader
Branding yourself as a leader gives you the ability to stand out from the crowd in your prospects mind. People follow people and not businesses. Many people already are into network marketing business and are not looking for another to join. They are looking for how to succeed in their business. That is where you come in. Show them ‘how to succeed’ and they will follow you. Some of them will eventually opt-into your business. Do not sell your business, sell yourself first. Let them see you as a leader and they will join you.
4. Targeted prospects
The only people you should be marketing your product to are the ones that want or need the product. Target former, current and struggling network marketers and those who are interested in your opportunity. Also target those who use similar products, and are ready to spend money. Otherwise, you will get so many leads that will say NO to your opportunity
5. Marketing strategies
There are many marketing strategies which include the following: article marketing, PayPerClick marketing, social media marketing. Understand the marketing strategies available and choose the best for you and your business. Pick one or two at a time, market with them till you get desired results before adding another. If you are on a low budget, make use of the free marketing strategies to generate your leads. Acquire trainings on how to use these strategies to market your business for maximum result.
6. Business Schedule
One advantage of home-based business is that it allows one to work on a personal schedule. But there is need for you to have a schedule according to the demands of the business. The right home-based network marketing business can make you some nice money, but you will have to work at it. The more you put in, the more you will get out of it. Your business schedule should accommodate your personal and family needs too. Try to plan your business schedule so you can keep your current job until you make enough passive income to quit.
7. Action Plan
Have a daily step by step action plan that can be duplicated and will lead you to successful results, and follow it. To truly succeed with any business, the responsibility falls squarely on the shoulders of the entrepreneur. Treat your network marketing business as business and give it what it takes to succeed.