Lead Generation Concepts – Two Things You Need To Significantly Increase Your Chances Of Succeeding In Your MLM Business
The Network Marketing Industry is an incredible industry. It's an industry that has produced more millionaires than any other industry in the world. More and more business people, including business icons Donald Trump, Richard Branson and Warren Buffet, are embracing and endorsing the industry. Coupled with the fact that the economy is just getting worse, the Network Marketing industry is experiencing a massive boom.
Why? It's simple... More people than ever are looking for an opportunity for financial relief. So that means that you should be able to build your business with no problems, right? You simply have to join a company and start signing people up like hotcakes, right? Of course not, that would be unrealistic. Even in times like these where more people are open for an opportunity, you still need some things to be in place to stack the chips in your favor when it comes to succeeding in your network marketing business.
In this simple article, I'll cover two very important things you need to have if you you want to give yourself the best chances of succeeding.
The first thing you need is LEADS.
The lifeblood of any business, whether it be a traditional or home based business, is leads (prospects). Without leads (prospects) your business will die a slow death. Understand, that one of the biggest reasons why people fail in network marketing is that they don't have enough people to talk to. The typical network marketer usually talks to their uninterested and broke friends and family, and tries to convince them to join their business or buy their products. Now, they may sign up a few people and get a few customers, but once they run through their warm market, their dead in the water. They have no one else to talk to, so they keep following up with the same uninterested people until they throw their hands up in frustration, quit and declare that network marketing doesn't work. This is what happens to over 95% of network marketers, and what may be happening to you.
But, let me ask you a question? If these very same people had 10-20 fresh leads (prospects) to talk to every single day, do you think the outcome would be very different? If you had 10-20 fresh leads (prospects) to talk to every single day, would your business be different? Of course it would.
Let's take it a step further... What if the 10-20 fresh leads (prospects) you're talking to everyday already believed in the network marketing concept, and you didn't have to convince them that starting a home business was a smart thing to do? Would that make your life easier and make your business more fun? Of course it would...
Now, I'm not saying to not talk to your warm market. In fact, I believe you should talk to them (as long as you do it the right way). But, make no mistake about it, you need leads (prospects) to talk to if you want to build a successful business. You can have the best products in the world, and the best compensation plan in the industry, but without anyone to talk to about it, you will go broke.
The second thing you need is a system to MONETIZE the leads you get.
As you generate leads, it's important to have the right expectations. You're still going to come across tire-kickers or people that just want to "check it out". Or perhaps you might have a really sharp prospect who simply doesn't want to join your business because they already have a network marketing company that they are building. Statistically, you'll probably have 8-9 out of 10 leads (prospects) not join your business for whatever reason. And that's OK, considering that your probably sponsoring 1-2 people out of every 10 leads.
But, what if you can still make money from the large percentage of people that aren't joining your business? In other words, what if you made money whether someone joined your business or not? Would that make a difference in your business? Of course.
Considering that most network marketers spend more than they make, having the ability to profit from every lead (prospect) whether they join or not, can make the difference between someone staying in business or not. Think about all the business expenses that you incur while you're building your network marketing business? The average network marketer pays for a monthly autoship, monthly website fees, weekly meeting dues, gas, toll, parking, tickets for events, airfare and hotel for conventions, etc. (sound familiar?) What if you had a system that allowed you to profit from the people that didn't join your business, so you can turn around and use those profits to pay for all your business expenses, so that you didn't have to cut into your commissions, and you could stay profitable? Would that make a difference to you? Of course it would. This is why you need to have systems in place to monetize your leads. It will allow you to finally start building a profitable business.
If you want to stack the deck in your favor and give yourself the best chance of succeeding, you need to have these two things in place: leads and a way to monetize your leads. If you have these two things in place and combine it with a solid business opportunity that has good leadership, marketable products and a lucrative compensation plan, you can very well be on your way to building a very prosperous business.
Questions and Answers
In the world of network marketing, there are a two simple ways to judge the potential for success that a given business has: leads and cash flow. Of these two, cash flow seems to be harder to come by—at least in the short run. Unless you happen to be particularly wealthy, keeping your business infused with money can be a real struggle. Ironically though, one of the biggest expenditures in networking marketing is lead generation.
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