When you first hear the words "network marketing", you probably immediately think of gossiping
housewives selling Tupperware around their neighborhood, or a salesperson keen on convincing
you that you can become a millionaire if only you join them and help them sell whatever
product they are trying to share.
But this is pretty far away from what network marketing, also known as direct selling or
multi-level marketing (MLM), really is.
If you think it is no more than a hobby or a quick path to becoming rich, you might be
surprised when you find out it actually takes effort, time and clever management, like any
other part-time or full-time business.
So what are the best methods to apply in order to be successful in the industry of network
marketing?
Listed below are some tips offered by Vincent J. Kellsey, director of member services for
the Direct Selling Women's Alliance, an organization that provides resources to both
women and men in the network marketing industry.
1.
The most important thing is to choose wisely.
When you are faced with choosing between different companies and opportunities, there are six
key elements to look out for: a.
The stability of the company, i.e. for how long the company has been around.
b.
The quality of the products and/or services.
Are they excellent and will the customers use and need them in the long run?
c.
A good payment plan.
This one is crucial because it determines how you will or won't get paid.
Is the overall distribution even, fair and generous?
You can start by checking how many pennies out of each dollar from sales go back to the
distributor each month, and whether the distribution of those pennies between old and new members
is actually fair.
d.
The integrity of the company and its management.
You should investigate the background and the experience of the company's CEO in the
network industry market.
Try to find out anything about their reputation as well as past successes with other companies.
e.
Momentum and timing.
Look at the status of the company, where it's at, and if it's growing.
f.
Systems of support and training.
If you have found a company that satisfies all of the five conditions above but that
does not have a stable and functional system in place, nothing of it matters.
Training systems and mentorships should be provided by most companies, if not all.
Be willing to listen and learn.
The key to success is often the willingness to listen to your mentors and to learn from
them.
This industry is structured in a way that it is in your company's best interest that
you succeed, so the MLM veterans in your chosen company will want to teach you the system.
If your mentor is successful, it is definitely for a reason, and you have to be willing to
listen and follow the rules they give you.
They know exactly where you can go if you follow the right path.
2.
Make sure you are satisfied with your higher-ups.
In the industry they are also referred to as the "upline".
They should be supportive and help you realize your plans; they should be committed to your
success as they are committed to their own.
If at any given time you happen to need help, you should feel comfortable with calling the
"upline" and count on them to help you out.
The support you get from the people above you is of great importance.
3.
Invest in the relationship with the "downline".
If "upline" refers to the people above you, then "downline" refers to those below
you, i.e. the new members of your company.
If you have been given the task of bringing people in, you should take the lead and commit
to them.
There's a term in the industry – "orphans" – for the people who are brought in but
whose mentor is so busy bringing other people in that they don't find the time to actually
teach and train the new member.
As a mentor, you should be prepared to dedicate at least one month to helping someone new
enter the industry, teaching, supporting them and holding their hand until they are ready
to go off on their own.
It means building a long-term relationship, and you should ask yourself if you are able
and willing to do what it requires.
4.
Use the internet properly.
If you have your own website, you can use autoresponders when you capture leads so that
you can follow up with that person.
It's one of the most useful things the internet has provided the industry, as the automatic
follow-ups enable you to stay in contact with everyone, even the people who express interest
but then don't follow up on their own.
However, the internet can also be used for the wrong things, and in this industry it's
mostly about spam.
If you're thinking about spamming as a marketing tool, do not do that.
It gives a very bad reputation both to you and to the company you work with.
5.
Take care of the taxes.
It's very important to do your research before you get involved and start making money.
Ask yourself how it's going to affect you tax-wise and what your write-offs will be.
It's probably a good thing to have an accountant to help you in financial matters.
6.
Establish a support team around you.
The best decision would be to choose lawyers who deal with network marketing, so they're
familiar with all the laws and how they affect your business.
There are also accountants who specialize in home-based businesses in the network marketing
industry.
7.
Keep your day job until you're a 100% certain you can live on MLM.
As long as you're not a hundred percent certain you will get your income from the
company, do not quit your regular job.
Give yourself time to spend with the company; work with them, start making money, and make
sure the amount you get is equal to or higher than the one you get on your day job.
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