All I Ever Needed to Know About Network Marketing, I Learned in Elementary School by Kim Martin - HTML preview

Kim

Before you read on!

This eBook comes with free redistribution/reprint rights. You are welcome to use it as a bonus or an incentive or training tool for your business, as long as it is not altered in any way.

LESSON 1: Do Your Homework

Lured by outrageous promises, too many people jump into a home-based business before they’ve really had a chance to look under the covers. If this is you, it’s okay. It’s happened to the best of us. Just remember the old adage, if it seems too good to be true, it is.

In addition to seeking an opportunity that is appealing to people who want to build a business of their own, make absolutely certain the company you select provides a legitimate product or service that offers real value to a target audience. You should be able to attract customers who want to buy your offering for no other reason than it’s a great product. Your residual income is dependent on this.

Once you’ve selected a company, the real work starts. Learn your business inside and out. Potential customers will want to know why you have a solution to their problem. Why is your offering different? How does it work? The ability to confidently respond to prospects’ questions with accurate facts and figures will give you confidence. And the more confidence you have, the more sales you’ll make.

The same goes for working with people who are interested in joining your business opportunity. Study the history of the company and its management. Be able to speak to the size of the market for your product. Does it address the needs of a specific audience? Does it capitalize on a growing trend? Know the compensation plan like the back of your hand (this can be challenging, but find someone in your upline who will work with you until you can pitch it in your sleep).

If you are just starting out, it’s understandable that you’ll have a learning curve. Make a cheat sheet and lean on the expertise of your upline. They’ll be glad to help.

LESSON 2: There Are No Stupid Questions

If you have a question, ask it! If your sponsor can’t provide a concrete answer go to someone else in your upline.

Likewise, when a customer or business prospect asks a question that you can’t answer, be honest and tell them you’ll have to get back to them. Whatever you do, don’t “wing it”. You could end up misleading someone and damaging the credibility of your company.

LESSON 3: Attendance

Be sure to attend training calls, meetings and events whenever you can. Not only will you stay at the forefront of the latest company news, but you’ll sharpen your sales pitch in the process as you hear company leaders present the product and business opportunity.

Better yet, try to hear the story from a variety of leaders in your company. Each will have a unique style, perspective and a fact or figure that you haven’t heard before. Find a presenter that you are comfortable with and emulate him or her.

When you stay plugged in you stay motivated, which is especially important when you are just getting started. Growing your business takes time. Some days will be better than others, but the encouragement of a team leader is often all you need to regain your focus. Be patient and keep your eye on the prize.

LESSON 4: Honesty is the Best Policy

There’s no excuse for misrepresenting your opportunity or product to anyone. If you can’t sell the advantages of your product or the business opportunity without sugar coating the facts, you might want to look for a new opportunity.

Be upfront with people about what it takes to be successful in this business. Network marketing requires time and effort.

Sales is a BIG part of the equation. This requires picking up the phone, talking to people and following up with them. Marketing is also key because distributors need to find their product and business prospects somewhere (your warm market can only go so far). While there are low-cost ways to market your business, distributors should have an advertising budget to work with – even if it’s initially a small one.

We all recognize that the ability to recruit others who want to build a business is imperative to success in network marketing. However, it’s equally important to understand that not being truthful with a person (telling them it’s easier than it is or making promises you can’t keep) is setting that person up for failure. You’ll lose them before you even collect the fast start bonus. Focus on people who understand network marketing, are prepared to make the commitment and aren’t looking for a “get rich quick scheme.”

Tell it like it is. The best team members are those who understand what it takes before jumping in and are willing to do what’s needed to grow their business.

LESSON 5: Be a Good Listener

People become involved in network marketing for different reasons. On the surface it often seems that money is the driving motivation, but there is usually something more specific behind that desire.

When you are presenting your business opportunity to a prospect, ask questions about what they are looking for and listen intently to their responses. Are they looking for the flexibility to work from home, more time with their kids, extra money to travel? Find their “why” and help them understand how network marketing can help them achieve their goals.

LESSON 6: Show and Tell

Don’t just tell them what you know, show them! From a product standpoint, it’s easier than you might think. For instance, if you are selling a travel-related product, don’t stop at telling someone they’ll be able to travel less expensively. Ask them where they plan on traveling next and run the numbers. How much would they save on that particular trip with your product? Do you offer a hot new technology that changes the way businesses communicate with customers? Demonstrate it.

The same goes for talking to prospects. Do you have great marketing support materials? Show them. Is the training from your company’s leaders fantastic? Invite them to a call. Make your product or business opportunity real for people and let them SEE the value.

LESSON 7: Share, Share, Share

Unlike most corporate environments where people hoard information to maintain their expertise or try to outdo one another in order to secure the next big promotion, network marketing is an environment of cooperation where people benefit from the success of those around them.

Network marketing is about teaching and coaching. Sharing knowledge and success strategies with people on your team is a must because your success is largely dependent on their success. But what about people outside of your team? And what about people who aren’t even involved in the same business opportunity as you? Aren’t these people competition?

You could look at it that way, but I recommend you don’t and I’ll explain why.

Network marketing is only partly about which product is best or which company has the best comp plan. These issues factor into a person’s decision to join one company over another, however decisions are largely based on people dynamics.

Do you have expertise that’s of value to others? Are you sincere in your desire to help them? When you give of yourself (without motive), you will naturally form relationships with people, be perceived as a leader and draw people to work with you.

In a nutshell, the more you give, the more you will receive.

Lesson 8: You Win Some, You Lose Some

While relationship building is important, network marketing is also a numbers game. Some offerings have a higher “close rate” than others, but all of us will experience rejection and success. Realistically, you’ll hear many more people say “no” than “yes.” The good news is that once you’ve reached your “no” quota, you can get excited, because you are getting closer to that “yes”!

It takes a thick skin! Focus on the getting to that “yes” and invest your efforts wisely. It’s one thing to counter objections. It’s another thing to waste your time trying to convince someone who is adamantly opposed to networking marketing that it’s right for them. You may convince someone to join you, but if they were dragged into it, it’s unlikely that they’ll stick around for long.

Know when to move on. Focus on the “yes”!

LESSON 9: Make New Friends

Of course there are times when it’s appropriate to talk to Aunt Lucy or your best friend from high school about your network marketing opportunity, but as noted in previous lessons, network marketing isn’t for everyone and the sooner you realize that, the less likely you are to alienate your friends and family.

Personally, I really dislike the concept of “making a list of everyone you know.” We all do it to some degree, but I’m much happier and successful attracting interested people to me versus chasing after unqualified leads.

The internet has changed the game for network marketers. By combining the techniques in Lesson 7, “Share, Share, Share”, with the power of the internet, you can draw new prospects from all over the world to you. Write a blog with tips, offer a free “how-to” guide, write an eBook. Internet-based network marketing is the ideal platform for those who hate cold-calling to build their business.

If you aren’t ready to author your own material, you may want to consider distributing someone else’s material. Case in point, I’ve given you free distribution rights to this eBook. You could turnaround and offer it to people who provide you with their name, email address and phone number. As you do this, you create a list of qualified prospects.

This is a technique called “Magnetic Sponsoring” that I learned from Mike Dillard. For more information on this topic, visit www.extremesponsoring.com.

LESSON 10: The More the Merrier

Billionaire, J. Paul Getty once said, "I would rather earn one percent of the efforts of 100 people than 100 percent of my own efforts."
The world’s most successful entrepreneurs understand the POWER OF LEVERAGE. Leverage also happens to be the cornerstone of network marketing.

Even the hardest, most driven worker only has 24 hours in a day. There’s only so much you can do! But what if you had 10 people, 100 people or even 1,000 people working on the same thing in that 24 hour day? And what if their efforts directly benefited your business?

In network marketing, leverage empowers you to earn money through your work efforts and the work efforts of others. The result is a high ratio of outcome to input – in other words, a 150% return on a 100% investment. That’s time (and money) in the bank!

That’s it!

The 10 Lessons seem rather basic and that’s because they are. While network marketing isn’t easy, people tend to make it a lot harder than it has to be. But wait! There is one more thing… not really a lesson, but a parting thought.

Quitters Never Win

And winners never quit. If network marketing has so much potential, why do so many people fail? The reasons vary, but patience is a big factor. Growing any business takes time. For most of us, it doesn’t happen overnight. That said, once the power of leverage kicks in, you will be surprised at how fast your business can grow. Stick with it! You’ll be glad you did.

Best of luck!

 

Visit www.extremesponsoring.com for more information on how to become a magnetic sponsor.