WHAT IS NETWORK MARKETING?
Network marketing in business is a model that’s dependent on person-to-person sales of a product or service. It involves developing a team of people who work together to deliver the product’s message to a wide range of potential customers. The leaders of these teams are compensated for the products they sell as well as the products their team members sell.
It’s also known as multilevel marketing, referral marketing and consumer direct marketing. No matter what you call it, these are businesses where the best entrepreneurs can succeed – and even find their true gift.
STEP 1. FIND YOUR PASSION
Network marketing is about “picking the right company and realizing you’re a value creator. Whatever you enjoy the most, you’ll do the most.”
Your love and passion for a product or service drives you to properly tell its story, and that’s how you create value. Consider what products have improved your life in the past and what you want to learn more about. Is it supplements? Home décor? Cosmetics? When you choose something you have a deep interest in, that passion will shine through.
There’s another benefit to choosing something you love: more sales. Today’s consumer is bombarded with marketing, branding and advertising. They’re on high alert and know when they are being “sold” to. If you’re just doing this for the money, they will sense it right away – and react accordingly. The best network marketing entrepreneurs figure out how to combine their true passion with their ability to make money. What is network marketing at its most successful? It’s your chance to make a difference in the world – and make money while you’re at it.
Step 2. Choose the right company
Passion is the most essential ingredient to successful network marketing – and choosing the right company that matches your passion is equally vital. You’ll need to research carefully to locate a business whose message, story and products or services capture your image and make you want to join their ranks. The network marketing business you choose must also have the following traits:
At least five years in operation:
Fifty percent of businesses fail within the first year, and 80% fail within five years. Signing up with a business that hasn’t had its doors open for at least that long is an additional risk.
Steady cash flow:
Network marketing companies with nothing to hide disclose their financial statements. Take the time to read the statements and ensure the business is well-capitalized.
Make sure the business provides the coaching, technology and support you need, and will send you to any conferences and meetings required to advance your training.
Established customer base:
Sign on with an established company that already has raving fan customers. An existing customer base allows a network marketing business to shift gears as necessary.
STEP 3. PUT YOUR RESOURCES TO WORK
Succeeding at network marketing is largely dependent on how many resources you can cultivate. Start by discovering how you can leverage things you already have – connections, education and achievements – into business success. You may already have dozens of relationships that you can capitalize on to grow your network.
As you consider turning to these people, remember that you want to add value to their lives with your product or service. Don’t pitch everyone in your phone book just because you can. Remember that the secret to living is giving. Those who thrive in network marketing understand that it’s not about selling – it’s about using the opportunity to cultivate an abundance mindset and improve the lives of others.
STEP 4: MANAGE YOUR MINDSET
In network marketing, the way you think about yourself matters far more than your tactics. You might have plenty of strategies to deploy, but if you’re not in the right mindset, you won’t be able to execute them. However, even if you have no business experience, you can succeed in network marketing if you create the right mindset.
Before you even start network marketing, you need to learn how to cultivate positive emotions and control your reactions to situations. Choose how you feel rather than reacting to a situation. When you do this, life happens for you instead of to you, putting you firmly in the driver’s seat. You will face plenty of challenges as you learn about network marketing, and viewing each setback as something you can overcome and learn from will help you move on from temporary disappointments.