Network marketing, also known as Multi-Level Marketing (MLM Business), is a business model where independent contractors buy into a company and earn a commission on the products they sell.
The profession appeals to many people because they can be their own boss, set their own hours, and work towards their own success. It is a big commitment, but network marketing can be a very lucrative career
Starting an MLM Business
Choose the right mentor.
In most MLM Businesses, the person who recruited you becomes your mentor. That mentor will coach you through the early stages of your work. Typically, the more successful you are, the more money your mentor makes, so it is in his best interest to be there for you. In a mentor, you’d want:
- Someone who is available if you need help.
- Someone who you could see yourself working with.
- Someone who will be honest with you if there’s something you can do better.
Study your products and know them well.
It’s your job to sell these products, so you should dedicate yourself to knowing everything about them. You’ll need to plan how you will pitch the product to potential customers, how to answer any questions or doubts they may have, and any relevant research or studies that support your product.
Attend MLM Business meetings and training calls.
These will help you make new contacts and learn new skills. You can leave them better prepared to build your MLM business successfully.
Build new leads.
In network marketing, leads are potential customers. You’ll need to keep finding new leads if you want to keep making money. There are various ways you can find new leads, and you should use multiple strategies to attract the largest market possible.
- Social media is a cheap, easy way to generate buzz for your product. Start a page for your company on each of the major social media sites and update them all regularly.
- Buy advertising space online and offline. Websites and newspapers can help build awareness for your product.
- Cold calling, though old fashioned, is still a popular method of finding potential leads.
- Personal interaction is also useful. Always have business cards on you and be ready to talk about your company. You never know when you may come across someone who is interested in what you have to offer.
Follow up with all leads
To turn leads into paying customers, you’ll have to follow up with them and pitch your product.
- Set up your web page with an auto responder designed to contact people who visit your page.
- Manage all your contacts in an organized file with all their information easily accessible.
- Have a sales pitch ready at all times when you contact a lead.
- Try more than once to turn a lead into a customer. Just because someone wasn’t interested once doesn’t mean they will never be interested. Be careful not to overdo it, though- you could easily get a reputation as a spammer, which can hurt your business.
Building Your MLM Business
Recruit new members.
Mentor your recruits effectively.
Give your team members good commissions.
Consult professionals about your business.