Tips to Succeed with a Network Marketing Company
Wealth Creation Mastermind — Apr 25, 2019
The first of our network marketing tips is the most vital. Pick the right company. The right product line is the top priority. Sounds obvious. But most people ignore this network marketing tip, and as a result this is where most people fail.
Before blindly jumping in to any opportunity, arm yourself with knowledge. Begin by reading our blog – What is Network Marketing.
This article is one of a series written to give you as much information as you need to make an informed decision about the network marketing (NM) industry. Here’s a list of all the blogs in succession.
- What is Network Marketing?
- Top Network Marketing Companies
- Tips to Succeed with a Network Marketing Company
- Strategies to Succeed with Network Marketing
- Network Marketing Courses and Trainings (upcoming)
- Skin Care Network Marketing Companies (upcoming)
- Supplement/Vitamin Network Marketing Companies (upcoming)
Note: Businesforhome.org is the source for many of the facts and figures shared in this series of blogs. It is highly respected in the Direct Selling (or Direct Sales) Industry.
Network Marketing Career
Most notable of our tips for network marketing is this: when considering a NM career, the first thing to consider is the company you will affiliate with. Remember, you are putting your credibility on the line. By recommending a company, product, business model, and method of operation, you are personally endorsing that brand. The values and corporate culture of the company you are advocating are a direct reflection on you, your ethics, and character.
Network Marketing Tips
Following is a short list of tips for network marketing that helped me go from $250k in debt to being part of the top 1%.
Network Marketing Tip #1: Choose Wisely
The first tip for network marketing success is to choose a company wisely. This is paramount to your future success. It’s incredibly easy to be seduced by all the wrong things. When you hear a brand representative making any of the following claims, let it serve as a red flag that merits deeper investigation:
- This is the next international super giant.
- Our business will be the next billion dollar company.
- My company will break all of the records.
- Everyone wants these products.
- The products sell themselves.
- Nobody has anything else like this.
- No other company has ever grown as fast as this one.
- This is the best compensation plan in the industry
- It’s super easy to succeed and get rich with this company.
- We have a system that does all the work for you.
- You need to get in now while the opportunity is hot.
The NM industry attracts its share of promoters who lay it on a bit thick. They use overstatement, embellishment, big talk, and distortion to generate a sense of urgency. When exposed to it, use it as an opportunity to evaluate the culture they represent. When selecting a company to champion, look for one with a corporate ethos you would be personally proud to be associated with. Here’s an additional tip for network marketing: when you’re recruiting your downline, be honest and don’t use hyperbole like the above promoters do.
If someone promises you can have this in 2 months and without any real work, run.
Network Marketing Tip #2: Look for a Stable Company
Next up in the hierarchy of network marketing tips is stability. It’s true that every billion dollar company was once a start up. However, that’s the exception rather than the rule. Over 80% of all businesses fail within their first five years. Network marketing is no different. A company that has succeeded in maintaining steady operations for ten or twenty years has a far higher probability of staying in business for the long term than a start up. If you do select a young company, know the risks and be willing to accept the consequences.
Network Marketing Tip #3: Help Others
Nobody is really looking for a NM business. What they’re really interested in is:
- a sense of belonging
If you want to find those things, then find someone who can help you get them. Memorize and highlight this network marketing tip: the way you succeed in NM is by helping enough other people get what they want. We all want the same things. Learn how to get it yourself, then teach others to do what you did.
Network Marketing Tip #4: Find a Coach
After you’ve found the right company, the next tip for network marketing is find a mentor. Richard Bliss Brooke is one of the great teachers in the industry and has written a number of top network marketing books including The Four Year Career. In his blog Why Network Marketing and Why You? he goes into some detail about the benefit of having a coach worth hundreds of dollars an hour who will work with you for free.
If you want to become a Network Marketing leader, the best thing you can do is discover someone who has already achieved success and follow everything they teach you to do.
Network Marketing Tip #5: be Willing to Pay the Price of the Promise
The promise is that you can set yourself financially free for life. You can build a business that allows you to live like others only dream of. There is almost nowhere else that gives you the ability to have both time freedom and financial security. Don’t be fooled. The price is high. The only way to build a business to last is to do it the right way. Near to the top of our network marketing tips list is to know the price you will need to pay to generate the results you desire.
Network Marketing Tip #6: Grow Your Business
The distinguishing element in a NM business that separates it from any other business opportunity is compounding. Take a minute and read our page – Multiple Streams of Income.
In the early stages of a network marketing career your reward is based exclusively on your personal efforts. Consequently, the best thing you can do is give it everything you’ve got when you first get started. If you are successful at attracting others onto your team who duplicate your efforts, you will enter into the compounding phase of your business.
The primary benefit of the network marketing business opportunity is your ability to be paid a small percentage of the efforts of other people. Only by growing your own marketing team and teaching them to grow theirs can you enter into the compounding phase of the business. If you’re looking for tips for network marketing, here’s a key one: this is a business of duplicating systems that are already proven to work.
With hard work and good mentorship, you can see exponential income growth.
Network Marketing Tip #8: Compensation Plan
The reason coaches emphasize the importance of the compensation plan is because of the element of compounding. The best plans encourage team building. The most important element of any compensation plan is the type of behavior it encourages. One of the most critical tips for network marketing success is to find a company with the right compensation plan. It’s not easy to become knowledgeable about different types of compensation plans, but it is important to have some familiarity with the variety of plans available. My opinion is that the most advantageous plans, the ones that best reward compounding, are called Hybrid compensation plans.
For a brief overview of the variety of comp plans available read Criteria #5 in our blog titled – Top Network Marketing Companies.
How do successful people grow their network marketing business?
Another of our network marketing tips is: this is a business of building relationships with the willing. What does that mean? The bottom line is that this is a sorting business, not a convincing business. You are sorting through a large list of people in an attempt to identify those who already have a predisposition towards what you are offering. See yourself as a farmer, cultivating a field, rather than as a hunter, looking for prey. There are things you do and others you don’t.
You’re a farmer, not a hunter.
Let’s begin with the do’s:
- Provide a product that genuinely satisfies a need or provides a service that’s in demand.
- Represent a product line that your customers consume and reorder regularly because of the benefits they receive.
- Supply that product or service at a competitive price.
- Offer a product or service that people want, regardless of whether there’s a business opportunity attached to it.
- Give your customers and business partners all the information they need to make an informed decision for themselves.
- Always give greater use value than you charge in cash value.
- Go the extra mile. Give more than is expected.
- Talk to enough prospective customers and associates to find the ones who are looking for what you are offering.
- Coach your fellow business partners on how to duplicate your success.
Now for the don’t ever’s:
- Try to talk someone into anything that does not serve them.
- Attempt to sell anything to anyone. Remember, this is a business of finding people who are looking for what you have.
- Make untrue or unsubstantiated claims.
- Exaggerate the benefits your product provides.
- Work with people you don’t like and enjoy spending time with.
- Compromise your ethics.
Tips for Network Marketing
Here are our top network marketing success tips:
- It’s a mental game. Success is a do it to yourself program. Get trained on how to use your mind to create the results you want. Read our blog – The WCM’s Law of Attraction Course.
- Don’t drink poison. Sounds obvious. So why do it? That is precisely what’s going on when you listen to anyone who has not achieved success with a network marketing career. Everyone else is just blowing smoke. Worse, they are generally ignorant about the truth.
- Put on your armor. Warriors who go into battle unprotected sustain the highest casualties. Network marketing for beginners can be a scary place. The best single tip to succeed with network marketing is to arm yourself with knowledge. A person in possession of the facts can never be held hostage by someone with a false theory. Do yourself a favor and read two books. #1 – The Four Year Career by Richard Bliss Brooke and #2 – Go Pro by Eric Worre.
- Family and friends may not be the best place to start. The people we are closest to are sometimes the ones we have the least credibility with. Frequently they will try to discourage you, often with the intention of protecting you. It’s rare to have a casual acquaintance be as harsh as those we are closest to. Additionally, if some family and friends are not in your target market, then you wouldn’t be doing those individuals a service by trying to sell to them.
- Keep your mouth shut. Would you broadcast to the world that you are going to marry the first good looking partner after your first date? Of course not. Yet that’s identical to trying to convince someone else to join your network marketing business before you have mastered the basics.
- Avoid paralysis analysis. Yes, it’s vital to know the basics, but you can master those in a week or two. You do not need an advanced degree in biology or nutrition to talk to others about a product you like and want to share.
- Don’t re-invent the wheel. Follow a success system. If you are wise, you’ve chosen your sponsor and up team with care. They already have a method of operation proven to produce results. Follow it. Once you are out-earning your mentor, then feel free to make adjustments and modifications.
- Learn the Strategies, The Process and the Technology Systems used by your team. Included in this list of tips for network marketing success is this directive. Follow your leader. There is a proven path for success. It is more important to be duplicable than to be brilliant.
- Focus on income producing activities. The new associate who decides to write a success manual on the industry before achieving a high rank and income status happens so frequently, it’s a cliché. Instead of wasting your time in the beginning of your network marketing career, concentrate on inviting others to take a look.
- Use the law of large numbers. One of the greatest pitfalls made by new associates is to come up with a short list of people their opportunity would be “perfect for.” Before you begin you’re left with no-one to talk to because your 5-10 ideal candidates all said “no.” Sit down with a virtual directory of job titles. Use it as a memory jogger and make a list of as many people as possible who you know and who know you.
- Study and role play the method of inviting others to look at your network marketing opportunity with your sponsor. There is no substitute for practice. Your tenth invitation will be better than your first. Your twentieth will be magnitudes better than your tenth. The more you do, the better you get.
- Never miss a team meeting. Live or virtual. If you want to keep warm, stay close to the fire. When you wander away, even for a week or two, you cool off and go cold.
- Be honest with yourself. A network marketing career is not right for everyone. It takes a huge dose of self discipline and the ability to delay gratification. You can work this business part time, or full time, but not sometime. If you will not consistently devote regular time into building and cultivating your team you won’t succeed.
- Expect delayed gratification. In the beginning don’t think your income will grow exponentially. That only happens once you have built a team of leaders who are duplicating, and teaching duplication on their own. For the first one or two years you are paid primarily on what you generate personally.
- You have to do it yourself, but you can’t do it alone. Never expect your team to do anything you haven’t done yourself. This is a follow the leader game. Model the behaviors you want others to emulate. The speed of the pack is the speed of the leader. If you get into all out massive action, so will your team.
- This is not a business of making butterflies strong. It takes a leader to attract leaders. Become the person you want in your business. Study leadership constantly.
- Be a student. The more you know about yourself, motivation, the industry, and leading a team, the more achievement you will have. Find the best Network Marketing Training Programs and study them until you can teach them.
- Invest in yourself. A critical tip for network marketing is to find seminars, books, and training programs produced by those who have succeeded in the business. Get them and learn everything you can from them.
- Marketing strategies matter. 90% of your success depends on the marketing strategies you use. If you want to make $15,000 per month in residual income from your network marketing career, you must be crystal clear on how to do it. The next blog in this series addresses strategies.
- Check your belief system. On a scale of 1-10 rate yourself for belief in each of the following. 1 is a very low belief and 10 is the opposite. Rock solid. Work on gaining the knowledge and confidence required in any area where your belief is below an 8.
- sponsor & up team
How do you get started in network marketing?
Here’s the most important tip for network marketing, because it’s the basis of success: after making the decision to get started in network marketing, commit yourself to a Network Marketing Training program. Ideally it will be offered for free by leaders in the company you have decided to join. Everyone starts as a network marketing beginner. Constantly ask, “How can you improve your skills?” At the Wealth Creation Mastermind, we offer a free nine month training program focused exclusively on your success. I’m a professional network marketer, and I used network marketing to go from $250k in debt to being part of the top 1%. Over the course of nine months I’ll show you exactly how I did it and how, with hard work, you can too.
If you are ready to get started, if you want to set yourself free and work alongside a group of committed, like minded entrepreneurs, we highly recommend you fill out the form to join the WCM.