Savvy Ways to Succeed in Network Marketing (or Multi-Level Marketing) - ToughNickel - Money
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Savvy Ways to Succeed in Network Marketing (or Multi-Level Marketing)

Michael has a degree in international marketing and is currently an affiliate marketer who also works for a global e-commerce company.

What You Need to Know In Order to Succeed In Your Network Marketing Business

There are many people today who do not make it in multi-level marketing and there are lots of reasons for this. The objective of this article is to guide you through the steps on what you need to have in place in order to succeed in network marketing as a business.

First, it is important to understand that someone who has found a new job is never aware of the full extent of what they are getting into. They may have an idea of what the work involves based on a posted job advertisement or vacancy listing that they came across during their search, or even from exchanges they have had in an interview.

However, like a short trailer that precedes a film, what they really have is only a glimpse of what is actually involved in the new journey they are about to begin. Only when they actually report to work and practically step into the new role, does the full scope of the challenge begin to dawn on them.

So when one decides to become a network marketer, how can they best prepare themselves? This is key to achieving success in the new role.

1. The Product

Knowing the product may appear to be very basic and obvious. However, the reality is that lots of network marketers do not take time to deeply understand exactly what they are promoting.

It is not enough to memorize and quote all the features and benefits of the product. You need to fully comprehend the unique selling point (USP) of the product. What are the specific characteristics that make this product stand out from all others out there?

Closely linked to this is a key decision the network marketer needs to make. They need to decide whether to promote all the products the company is offering (if a wide range is involved) or to only focus on a specific few. Though the company may have a variety of products for distribution in its offering, it does not mean you can market all of them effectively.

The reality is that there may only be a limited few which you are best suited to work with based on your background and skills. You also have to consider the actual needs of the target audience you intend to reach out to.

In order to be effective as a network marketer, you will need to constantly share your first-hand experience of using the products. This means the products you distribute need to be products you are comfortable using yourself. In this way, you will also be able to fully learn the pros and cons of each.

As opposed to working as an employee, the decisions you make and the strategies you adopt will directly impact the progress you make over time.

2. The Company

When researching the company, ask yourself these questions:

  • When and how was the company started?
  • What is the nature, background, experience of the founder, the owner and the management team?
  • Where are the company's regional offices located? (It would be beneficial for you if you are able to visit these in person in order to understand more about the company).
  • What exactly are the company's mission and vision? Do they resonate with your own values?

Once you have a thorough understanding of the answers to these questions, you will be able to better position yourself as a representative.

savvy-ways-to-succeed-in-network-marketing

3. The Business

Unlike the world of employment out there, it is essential for you to recognize that you are now in a business where you are the owner. The position of being your own boss comes with the responsibility for both success and failure.

As opposed to working as an employee, the decisions you make and the strategies you adopt will directly impact the progress you make over time.

Recognize also that it takes time to build this type of business into a successful venture and so you will need to have patience with yourself. This is far from a get-rich-quick scheme.

Plan strategies, set goals and take action.

If you do not see the results you were expecting, don't be discouraged or give up, but instead make adjustments to your strategy and try again. Continue refining and fine-tuning your plan until it begins to yield the results and solutions you are looking for.

If you do not see the results you were expecting, don't be discouraged or give up. Make adjustments to your strategy instead and try again. Continue refining and fine-tuning your plan until it begins to yield the results and solutions you are looking for.

4. The Industry

This leads us to a broader aspect. It is necessary to understand the network marketing industry within which you are operating. Research on how it began, where it is now and the direction in which it is headed.

Find out the differences between network marketing operations that are legitimate and the pyramid schemes which are illegal scams. This is especially important as a lot of resistance to your marketing efforts will come from people who think that you are trying to draw them into a fraudulent scheme of some sort.

Your refined knowledge of the industry will enable you to better respond to doubts and questions that such people may raise.

5. The Compensation Plan

Network marketing companies tend to have intricate plans on how their distributors are remunerated. These compensation plans keep changing from time to time as the company strives to improve its inner workings and strategies.

What this means is that as a network marketer, you will not be able to grasp the entire scope of the compensation plan from the beginning. You may have a general idea from the onset, but the reality is that the compensation plan keeps evolving with time.

Therefore, in order to be effective, you will need to invest time on your own to continue studying the structure, updating yourself on all the latest changes, and seeking assistance in the areas that are not fully clear.

You need to aim at being so well-versed with the compensation plan that you are able to explain it to others clearly and answer any questions that may arise.

In addition to this, you need to research on other compensation plans being offered by other competing network marketing companies out there, and see how yours compares in terms of merit.

6. The Multiplication

Network marketing at the core is not a sales business, but a people business.

Therefore, in order to succeed you will need to extend your circle of influence and build your network in terms of relationships and partnerships. Here is where you exercise both cooperation and leadership.

Within this circle, you need to provide support and training with the aim of replicating yourself and your current network through your downline business partners.

As you work toward multiplying your efforts, you will afford your business the chance to grow exponentially through leverage.

For more detailed information as to how you can deliver an effective presentation as a network marketer to an individual or group, check out the following article:

Network Marketing: Key Guidelines for Making Presentations

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2019 Michael Duncan