MLM or Multi-level marketing is based on a strategy in which the sales people are compensated not only for their own sales or consumption of their company product, but also for the sales, or product consumption of the other people that they recruit.
This strategy involves development of sales and business skills, as well as leadership skills in order to succeed. Since we live in an era where the Internet is the number one tool for most businesses, Internet marketing skills are also very important for long term success. Seven tips that are essential for building a successful network marketing business fast are listed below:
1. The first and the most important item is to determine your WHY. Why do you want to build this business? Where are you going to be in five years if you continue to do what you are doing now? Will you have a lifestyle of your dreams? Will you have enough time and money to do what you want to do?
2. Company - How to know which one to choose?
Thousands of new network marketing companies are established each year, but more than 90% of these companies are out of business in just one year. It means that even if one builds a successful business fast, the company will not be there to pay the promised "residual income". How to choose the right company?
2.1. The company that you choose should be financially stable
The company should be at least 18 months in business and preferably should be debt free.
2.2. Unique consumable product, preferably patented, that most people need and like.
This type of product will allow you to build a network of consumers and their reorder rate will be very high. This will allow you to build this business really fast.
2.3. Timing
There are four stages of growth of any business: formulation, concentration, momentum and stability. Richard Poe in his book entitled "Wave 3: The New Era in Network Marketing" wrote "...the phase with the most rapid growth is the momentum phase, which occurs after the company has exceeded $50 million in annual sales. This is the moment when exponential growth kicks in, when fortunes can be made... by these lucky few who got into the company before it went into momentum". This means that companies that are well established, like Amway, are already in saturation, thus it is difficult to make a significant income.
3. Compensation
There are different compensation plans for different MLM companies. Make sure that your company is not promising to pay over 100% , because this company will not stay in business very long. Very few network marketing companies can afford to pay over 60% of their revenue. The best way is to determine how much would you like to make a month and find out what you need to do to achieve it. Then, with a help of your sponsor, create a feasible plan of action to achieve this goal.
4. Training
Training of new distributors is essential and it can be divided into 3 different parts:
4.1. Sponsoring your warm market locally and long distance. It is necessary to have a proven and duplicatable system that everybody can follow.
4.2. Cold market. This is more difficult and everybody should work with their warm market first before they start working with a cold market.
4.3. Internet Marketing strategies. This is the best and and at the same time most advanced strategy. It takes time to develop it, but it creates the most lucrative and stable business. The seven videos that show how to generate an endless new stream of distributors ready to join your business is available online, for a limited time only, for free.
Download your videos while you can.
This strategy involves development of sales and business skills, as well as leadership skills in order to succeed. Since we live in an era where the Internet is the number one tool for most businesses, Internet marketing skills are also very important for long term success. Seven tips that are essential for building a successful network marketing business fast are listed below:
1. The first and the most important item is to determine your WHY. Why do you want to build this business? Where are you going to be in five years if you continue to do what you are doing now? Will you have a lifestyle of your dreams? Will you have enough time and money to do what you want to do?
2. Company - How to know which one to choose?
Thousands of new network marketing companies are established each year, but more than 90% of these companies are out of business in just one year. It means that even if one builds a successful business fast, the company will not be there to pay the promised "residual income". How to choose the right company?
2.1. The company that you choose should be financially stable
The company should be at least 18 months in business and preferably should be debt free.
2.2. Unique consumable product, preferably patented, that most people need and like.
This type of product will allow you to build a network of consumers and their reorder rate will be very high. This will allow you to build this business really fast.
2.3. Timing
There are four stages of growth of any business: formulation, concentration, momentum and stability. Richard Poe in his book entitled "Wave 3: The New Era in Network Marketing" wrote "...the phase with the most rapid growth is the momentum phase, which occurs after the company has exceeded $50 million in annual sales. This is the moment when exponential growth kicks in, when fortunes can be made... by these lucky few who got into the company before it went into momentum". This means that companies that are well established, like Amway, are already in saturation, thus it is difficult to make a significant income.
3. Compensation
There are different compensation plans for different MLM companies. Make sure that your company is not promising to pay over 100% , because this company will not stay in business very long. Very few network marketing companies can afford to pay over 60% of their revenue. The best way is to determine how much would you like to make a month and find out what you need to do to achieve it. Then, with a help of your sponsor, create a feasible plan of action to achieve this goal.
4. Training
Training of new distributors is essential and it can be divided into 3 different parts:
4.1. Sponsoring your warm market locally and long distance. It is necessary to have a proven and duplicatable system that everybody can follow.
4.2. Cold market. This is more difficult and everybody should work with their warm market first before they start working with a cold market.
4.3. Internet Marketing strategies. This is the best and and at the same time most advanced strategy. It takes time to develop it, but it creates the most lucrative and stable business. The seven videos that show how to generate an endless new stream of distributors ready to join your business is available online, for a limited time only, for free.
Download your videos while you can.
About the Author:
Dr. Grazyna Pajunen is an inventor, professor, and a consultant in a field of EE. She is also a successful Real Estate investor and a Network Marketer. Recently she has applied online network marketing strategies to her businesses. The FREE course showing how to obtain an endless stream of customers to your business is available, for a limited time only from MLM Success .. Unique version for reprint here: 7 Tips Of How To Build A Successful Network Marketing Business Fast.
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