About 70% of network marketers quit within the first 6 months. Others do not make any money for years. Is it possible that people go in without understanding network marketing or do they just fail to adhere to the principles? Experts that have studied MLM and those that have genuinely succeeded say that simple mistakes cost people a chance to succeed in network marketing. Here are 4 mistakes people make in network marketing.
1. Lack of a proven strategy
Every business requires a strategy. Once you join a network marketing company it becomes a business for you. You need to have a strategy to drive growth and profit for your business. You need to have goals and results. Actually, even your choice of the company to join should be a strategic decision. Here are some strategic tips that people in network marketing overlook;-
· A company that pays well. Higher commission payout means better chances to your financial freedom and growth.
· A custom website design and a professional blog. It is your business and so you should have an online presence with your brand. It should help you stand out as a marketer.
· Generating traffic to your site. Formulate goals of the number of visitors you would direct to your site every day. Keep increasing the traffic with each new goal.
· A prospect follow-up plan. You can decide to do a 90-Day plan or 60-Day plan so that your prospects hear from you at least once or twice a week in 60 days.
Most people also fail to devise a selling strategy. You need to generate traffic and leads to sell. The source of traffic and leads should be consistent. There are many ways of doing this such as video marketing, forum marketing, article marketing, blog marketing, twitter marketing and even paid advertising depending on your goal and target market. You should at least have 3 sources of traffic or leads.
When trying out lead generation, try this strategy:
· Learn a technique of generating traffic
· Try it out until you get results
· When you have the results, look for ways of increasing efforts to enhance your results
· Automate the technique. This will allow you to get predictable results every day without much strain on your part.
· Repeat the process.
2. Making wrong business decisions in network marketing
Just like any other business, MLM requires you to make the right business decisions. Most people fail at this when it comes to network marketing. While you belong to a network which has a recommended structure of doing business, it is up to you to define your own business success. Remember you have already invested your resources into this business; it only makes sense if you make the right strategic moves.
Here are some of the common mistakes people make
Wrong Target Market
Each product has its appropriate target market. Sometimes it is the companies that advise newbies to make a list of 100 people that they know and pitch the product. This is not the right strategy. The problem with targeting everyone is that you waste a lot of time, which brings discouragement to most people.
Not everyone is a prospect. Study the product including its features and pricing and relate it to the right group. While the first instinct tells most people to pitch to friends and family, not all of them require the products.
Most successful marketers say they identified people who needed their products and pitched instead of dwelling so much on their circle of friends and family. They could form part of the market, but most will join in when they have seen success of your business.
The golden rule is to find your target market and pitch them.
Wrong Business Partners – Recruiting Down
As a network marketer you need to recruit up. Most of them do the complete opposite. Recruiting up involves focusing on people that are highly-motivated, self-driven and successful, if possible, from a higher economic status.
Most network marketers only target people within their level, same economic status and people they feel comfortable approaching. This is a mistaken approach.
Wrong Choice of MLM Company
Some MLM companies mislead their members. Your choice of company to work with is extremely important. Starting from the payouts, availability of training as well as their product offering has a lot to do with whether you will be packing bags in 6 months.
The company must have systems (particularly for training and marketing), and you should be willing to follow them. You need a company that offers you proper marketing training. There should also be successful network marketers that you can look up to and get tips for succeeding at this game.
3. Promoting Multiple MLM Companies or Switching up MLM Companies Often
Even if you had the right target market but you kept selling them different products every time you met, how could they learn to trust you? Your prospects and team members may get confused. There are very rare occasions where this could work, but the products must be far apart or you are already an established network marketer. This is not to mean you cannot have multiple incomes streams.
Choose the best MLM Company and stick by it. Go for one that you are passionate about and whose products you love and believe in. it is already difficult building one network marketing channel, how do you manage two or more?
Another common mistake is jumping from one MLM company to the next every often. Every time you switch up you lose momentum and credibility. You have to start over and rebuild, which is both hard and time wasting.
4. Getting Carried Away by Hype
When shopping around for a MLM company, learn to work out the numbers for yourself. You will come across magical presentations of crazy earnings in a short period. You will also be enticed by names of people that earned this much in this period. Study the products, test them if you can, listen to their systems (training, marketing and incentives) and go out to do market research. When you follow the hype you are likely to be scammed by a pyramid scheme or choose the wrong company.
It is no secret that network marketing holds great potential for financial freedom when done right. However, most people make simple mistakes that cost them a fortune and an opportunity to excel in this field. If you are just new to networking marketing, visit us for more details on how you can avoid these mistakes.
