Network Marketing (a.k.a. Multi-Level Marketing or MLM) can be an exciting industry to be in. However, the initial excitement that most newbie Network Marketers share fades within 72 hours or after their first three rejections. The limited few that continue on their journey to success in the industry normally face 4 major problems.
1. The Lack of Quality Leads
Unfortunately, many Network Marketers are trained to market like amateurs to anyone that breathes by generating a list of family and friends, cold marketing in grocery stores and malls, and dragging unqualified and uninterested people to hotel meetings. So, what is a qualified lead? A person who shows interest in a product or service based on a want, need, or problem they are having. Sadly, this is the direct opposite of what 97% of Network Marketers are working with.
So, how do you find a qualified lead? Well, it starts with a target market. One of the best ways to find your target market is to think of your product or service as a solution to a problem. What problems does your product or service solve? Now, what people share those problems? That’s your target market!
2. The Lack of Marketing Training
Most Network Marketers never receive effective marketing training. In fact, most are taught to market by shoving their business or product down a prospect’s throat or to pass out marketing materials (i.e. flyers, postcards, magazines, CDs, DVDs, and business cards) to everyone that walks. Think about this. When was the last time you saw a Wal-Mart or Target open a new store and get new customers with any of the methods mentioned above? Never right! Remember, you are running a business and you want to market effectively like a big business.
To be successful at marketing, you must become a student of marketing. Make it your mission to learn something new everyday. Research the marketing strategies of big companies. Here’s a SECRET your upline either doesn’t know or has not shared with you: the Internet is the easiest way to find your target market and market to them. Think about the last time you used Google to find a solution.
3. The Lack of Duplication
Most Network Marketers have no idea what they are supposed to do to be successful. In fact, once they finally figure out what their upline is doing to be successful, they cannot duplicate those same efforts to their team. The most successful Network Marketers have developed and implemented an easy system that anyone can duplicate regardless if they are available for training and support. The goal is to train your downline to become system dependent versus you dependent.
4. You’re Running Out of Money
Most Network Marketers that stick with the industry are running out of money! Why? They are too busy paying for hotel meetings, ineffective marketing materials, local and regional events, conventions, and/or buying leads. I’m sorry to say, but this is the quickest way to go broke because most people doing this are going in the negative rather than profiting from their efforts. You have to learn how to generate qualified leads for free from the comfort of your own home. Remember, you signed up to work a home based business not a hotel business. The key here is: the Internet.