Big MLM Tip of the Day: What are You Promoting?

Are you promoting your business or yourself? 

If you are out there promoting your business, you're missing out. I know many of you already know this, but it's amazing to see how many people are out there promoting a business opportunity without branding themselves in the market. 

You should always promote yourself first, and then offer your assistance, or whatever product or service, once people have had a chance to get to know you. People don't care how much you know until they know how much you care. 

In another example, you have the people who are branding themselves, but not in a good way. These are people with a case of "Program Overload". That will be our topic for tomorrow.

Big MLM Tip of the Day: The 5 Pillars of Success in Network Marketing #5 A Proven Duplicatable System

Everyone talks about having a system. What you should ask is, is it proven and duplicatable? 

First, is it proven, meaning has it been shown to get result? How long has the system been in place? How many people have used it successfully? A proven system will have a track record to back it up.

The next question is, is it duplicatable? Can anyone, with any experience or knowledge, be able to follow it? Are there any special skills required? Will this system work for anyone, at any level, and help them develop the skills to further their business? 

If you can answer these questions to your satisfaction, then you are doing great. 

This post concludes our discussion on the 5 Pillars of Success in Network Marketing, for now. For more detailed information download the MP3 file Five Pillars for Your Success.

If you are looking for a PROVEN, DUPLICATABLE system, which will work with any MLM business, for anyone at any experience level, check the Mentoring Resources.

Big MLM Tip of the Day: The 5 Pillars of Success in Network Marketing #4 A Comp Plan that Pays the Part Timer

For a network marketing company to be successful it needs to pay the part time distributor. 

If it is difficult to make enough money to cover their own monthly product order, people will get discouraged. 

In some comp plans, the top 3% distributors are earning 95% of the commissions. It can be difficult to break into the higher percentage category. If someone tells you about so-n-so who is making a kagillion dollars, what that really means is, nobody else is. 

We will look much deeper into the different comp plans another time. For now, it’s a simple matter of math. Start with a good round number, say $10,000, and figure out how many people you will need in your organization to earn that each month. Disregard any bonuses because those are not residual. 

Once you come up with this number, ask yourself, “How much money could a part time person make doing this?” 

For more info on the particulars of compensation plans, here is an MP3 file of a training call on this subject. 

Enjoy,

Bill

I LOVE My Products. Why Doesn't Everyone Else?

WE established, this morning, that most all Network Marketing companies have great products. Outstanding products have become an industry standard to the point that a company with sub par products will never last. This is great for the MLM industry in that people know this, so you don't have to do much convincing that your product is really good stuff. However, there is a drawback.


Okay, so you have a great product. That's wonderful. But, so does the guy down the street, or on the next web page a person visits. So, what makes YOUR product different? It's not the product that will separate you from the pack, it's YOU! 


If you get this, then you are on the right track. I see people out there all the time promoting a product or a business opportunity. These people don't "Get It". People do NOT join a company because of the products or the opportunity, they join because of the people, more specifically, YOU! 


Always promote yourself first. People will only buy from someone if they KNOW, LIKE and TRUST you. This includes buying your products or joining your business. Few people will ever join you unless you can show them that you can help them. Therefore, don't bother studying products, study PEOPLE! MLM is a PEOPLE business.


For more information on how to relate to people based on their personality type, I suggest listening to this MP3 file. Learn how to identify each of the 4 personality types including how to prospect and coach each.

Big MLM Tip of the Day: The 5 Pillars of Success in Network Marketing #3 Exceptional Products

It is a given in this industry that you have to have outstanding products. Great products are the standard. 

Just remember, you do not have to love the product. Many people make the mistake of thinking they need to find a product they love, then have a hard time finding others who are as passionate about it. 

It is far better to find a product that people are screaming for and fall in love with THAT product. 

Also remember, you don't have to be a housekeeper to sell tons of cleaners, or a woman to sell millions of tubes of lipstick. 

Let that sink in for a minute.  

Now, stop back by this afternoon because I have a bit more to say about MLM Products.

Big MLM Tip of the Day: The 5 Pillars of Success in Network Marketing #2 Timing in the Company, and Timing in the Industry

First let's look at timing in the company. You never want to be in a start-up company. 

When over 90% of new companies fail in a year, it is best to wait and see how it plays out. If it's a good deal now, it will be even better in two years after it has stood the test of time. 

On the same token, you may not want to get involved with a really old company that has flat lined and is experiencing very little growth. It is really hard to build in some of these. 

Timing in the industry is important too. For example, let's look at technology: 

Most tech stuff that costs money today will be free in less than two years. How will you be able to compete if others are offering the same service for free? 

Telephone service is another good example: 

After long distance was deregulated in the 80's, companies sprang up overnight to take advantage of that. The selling was easy because people could save a lot of money. 

Today, with most people having unlimted long distance for a flat rate, such a business would be hard to build. 

Be sure the timing is right. 

Tomorrow we will discuss Pillar #3: Products.

Big MLM Tip of the Day: The 5 Pillars of Success in Network Marketing #1 Company Management Experience With Integrity

This post starts a 5 part series on the 5 Pillars of success in Network Marketing.  When looking at any network marketing company, Keep these things in mind. If it is not a 5 Pillars company, it will be difficult to build.

For any network marketing company to be successful, there are 5 pillars that must be I place. The first is "Company Management Experience with Integrity". 

What does this mean? It all boils down to who is running the company. What is their experience? 

There are a lot of company owners out there that cannot spell MLM. Has this person ever built an MLM downline? If not, he will likely have little respect for those who do. He will brag to his buddies about the huge volume HE is moving. Guess what bud, it's not you, it's the distributors. 

These owners with little experience are the ones who will have a policies and procedures that is 60 plus pages filled with legal terminology. This is normally because they came from the corporate world and decided to "TRY this MLM Thing".

The person with real world MLM experience doesn't do that. They respect the distributors because they were one. The corporate guys are the ones who will add all sorts of removal or termination clauses in their distributor contract. 

Bottom line, you want a company that is run by someone who knows MLM. You wouldn't take your car to a shop that was run by a barber.Why would you join an MLM company run by a lawyer?

Over the next 4 days we will cover the rest of the 5 pillars, but if you want to know more about them, visit the Mentoring For Free link on the Mentoring Resources page.

The New Social Toolbar

For those of you who have visited my blog here already today, you have surely noticed the new toolbar at the bottom of the page as well as the new "CONTACT" button on the left of the page. This, to me, is a really cool tool to help people interact with you on your site. The best part is, it's totally free. Yes, there is a premium option (what doesn't have a premium option these days), but I don't see the need for it at this time.

If you would like a bar like this for your site, simply go to www.wibiya.com or click on the "powered by wibiya" and set up an account. It's super simple. You don't even have to put the code in for yourself. There is an automated process that installs the bar on most popular blog or website platforms.

Feel free to grab your own toolbar, and while you're here, try it out by tweeting or sharing this blog via my toolbar.

Bill

Big MLM Tip of the Day: Overcoming Objections: "I could never do that"

This is the phrase network marketers should fear more than any other. If what you are doing is not, or does not appear to be, duplicatable, you are in trouble. 

Fortunately, this is an easy one to overcome. As a matter of fact, if you are aware of this potential problem, you can be sure, in advance, that people will not have this objection. 

Just ensure them that anyone can do it with the right coaching and mentoring, and then offer it to them. If you want such mentoring and coaching, click the "Mentoring Resources" tab at the top of this page. 

Another way to reassure your prospects is to borrow a line from one of my mentors, Michael Dloehy. "I will believe in you until you believe in yourself."

Big MLM Tip of the Day: Overcoming Objections: "I'm not a salesman"

 

This is an easy one to counter. If someone ever tell you they cannot do this because they are not a salesman, say something like, "That's good because this is not a sales business". 

It's true. MLM is a mentoring and coaching business or more simply a people business. 

Never forget that. If anyone starts to tell you things like, "It's a numbers game" or "you have to get 100 noes to get a yes", it may be time to think about seeking help elsewhere.

Is Fear Holding You Back?

I came across this article yesterday evening and wanted to share it with my readers. If Fear is an issue for you, or even if you don't think it is, you should read this. You may be surprised at what you find.

The F Word (and the C Word)

The F Word that gets in your way and the C Word that helps. 

 

I hope this article is as helpful to some of you as it was to me.

Bill

 

 

 

Big MLM Tip of the Day: Overcoming Objections: "I've tried one of those before"

You will likely hear this one a lot. Many people have tried and failed. 


You may have tried network marketing before yourself. I had tried, without luck, several times. The company makes a huge difference, but there are many good ones out there. 


The real difference is the training system. 


Each MLM company has their own, and there are others that are more generic and not company specific. If your prospects tell you they have tried MLM, regardless of their experience, they are a good quality lead. All they really need is some good training and mentoring. 


They are already familiar with the concept, and are at least willing to try, so 1/2 of the work is already done for you. Get them plugged into a training system. If you want a Proven Duplicatable System you can share with your team, check the Mentoring Resources tab above.

Big MLM Tip of the Day: Overcoming Objections: "Those things don't work"

I cannot count how many times I have heard this statement over the years. 

I first started in network marketing over 15 years ago, and after failing, I still had a feeling that it could work. I just assumed that I was not right for this business. Boy was I wrong!

A good response to this objection would be something like, "You are right. They do not work without the right coaching and mentoring. Since few people offer such assistance, I can see where you would think that". 

At that point, you need to make sure they understand that you are there to help them every step of the way and that you will get them the training they need. Most people just want to know that you will help them. 

Just be sure you do not have any other agenda. If you are focused on how you can make money by sponsoring them you are setting yourself up for failure.

Offer your help with no strings attached and the income will follow as a byproduct.

Big MLM Tip of the Day: Overcoming Objections; "I don't have time"

Let's face it, people are busy these days. Between full time jobs, family and other obligations, many people will feel like they would not have the time to devote to a side business. 

Therefore, people can get very protective of their free time, trust me, I would know. 

When I first started out, I was working full time with a young child at home. It seemed as though I had no time to spare. So, rather than sitting around watching TV after the little one went to sleep, that was when I would work my business. 

Why? Because I knew that if I were willing to sacrifice some free time now, that I would have much more of it down the road. 

Imagine how much more free time you will have once you have worked yourself out of a job.If your prospects get this, then the time objection will no longer be an issue.

Big MLM Tip of the Day: Overcoming Objections; "How much does it cost"

First off, remember that these objections are usually not the real objection a prospect will have. Their real objection is they are unsure if they can do it and that you will be there to help them, although they will never say that. 

They will come up with other objections like, "how much does it cost?" 

If you have done your homework, and gotten the right training, you will only be promoting products that people would buy even if there was no comp plan tied to it. 

This makes the cost issue easy to overcome. Simply ask the person if they are currently, or would consider in the future, buying a similar product. If they say yes, then you at least have a potential customer. 

Then you can explain to them how they can get their product for free, and maybe make a little money on the side.