Multi-level marketing (MLM) is a marketing strategy in which the sales force is compensated not only for sales they personally generate, but also for the sales of the other salespeople that they recruit.
In order to succeed one needs to develop sales, business, teaching and leadership skills. In order to build your business fast you should utilize a proven system of success that includes the application of the Internet. 7 tips for building a successful network marketing fast are listed below:
1. The first tip is often neglected, but it is very important since it will motivate you to keep learning and working on your business. You need to determine WHY do you want to build your 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?
2. Company – How to know which one to choose?
There are thousands of network marketing companies that start-up each year, but less than 10% of these companies remain in business after one year. What does it mean for me and you? Well, maybe after very hard work for many months and achieving great success, the company will not longer be in business and will stop paying you the promised “residual income”. How can you avoid it?
2.1. Verify that the company is financially stable
The company should be at least 18 months in business and preferably should be debt free.
2.2. Consumable and unique product preferably patented that most people need or like.
This type of product can be easily sold to the end consumer and the reorder rate is going to be higher. Each month you will start your business from the volume that you finished the last month. This can help you to build your business really fast.
There are four phases 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 and while one can still make money, it is difficult to make a significant income.
Usually, it is difficult to understand the compensation plan for a new distributor. Start from deciding what you would like to earn per month and then create a plan to achieve it. Make sure, however, that the company is not promising to pay over 100%, because it will not stay in business too long. Actually very few companies can afford to pay more than 60% of their revenue.
Training is very important and it basically consists of 3 levels
4.1. Working with a warm market locally and long distance. It is necessary to have a successful and duplicatable system that everybody can follow.
4.2. Approaching cold market. This is much more difficult than working with a warm market. It has to be approached with knowledge and patience.
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 course while you can.
Dr. Grazyna Pajunen is a researcher, professor, and a consultant in a field of EE. She is also a successful Real Estate investor and a Network Marketer. Lately she has implemented online network marketing principles 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 .