MLM Training – Three Keys To Increasing Rep Retention In Your Business
If you're building a network marketing business, chances are you're focused on lead generation and personal sponsoring. In fact, most of the training you'll get in your network marketing company will revolve around these two subjects. And rightly so, as these two subjects are extremely critical to your success in your business. However, there is a very important subject that isn't talked about much, and that's the very important topic of rep retention.
Why is this subject so important, you may ask? Because if your rep retention is poor, you'll never be able to build a solid business. Think about it: If you become the #1 rep in your company in personal sponsoring, but those reps leave after 90 days, will you ever build a solid organization? Of course not. This is why rep retention is just as important, if not more important, than becoming the #1 personally sponsoring rep in your company.
Now, don't get me wrong... Of course, I believe that sponsoring new reps is critical to your business, but I'd rather sponsor less people and retain them so I can build a business, then sponsor a massive amount of people and lose them, just to keep starting over every month.
There are many reasons why people quit this industry, and some of them are reasons you have absolutely no control of. For example, if your rep has personal challenges, like a divorce or the death of a loved one, there's really not much you can do. However, there are some reason why people quit that you can definitely influence and minimize if you take some action.
In this article, I'll cover three reasons why people quit this industry and what you can do to directly minimize attrition so you can increase rep retention in your business.
Reason #1 - Lack Of Leads - One of the biggest reasons why people quit this industry is they simply don't have enough people to talk to. For the average marketer, the first 30-60 days is spent running through their warm market. After that, they try cold prospecting and going back to the same old uninterested people in their warm market. One thing you need to understand is trying to talk to uninterested friends and cold prospecting strangers is a sure fire way to fail in this industry. Knowing this, you need to provide a system and train your reps how to generate leads. If you are not teaching your reps how to generate leads, you need to know that it is only a matter of time before they start cold prospecting, and it will only be a matter of time before they get blown out of the industry. On the other hand, if you can teach them how to generate a few leads a day, whether it be online or offline, you'll insure that they will have activity and as along as your rep has a good amount of activity, good things will happen and they will make some money.
Reason #2 - Lack Of Working Capital (Cash) - Another reason why people quit this industry is they spend more than they make, and eventually go out of business. In other words, because they're constantly spending money on their business, and they're not making money early on, they can't turn a profit which leads to them quitting this industry. As a leader, you have anticipate your reps going through this period of spending money on business expenses before they start making significant income. One way you can help your reps alleviate this problem is teaching them the concept of having a funded proposal. By understanding this concept, and leveraging some relevant affiliate products, they can make upfront commissions and monetize the leads they have, whether the leads they have join their business or not. By building a stream of income that doesn't cut into their commissions from their business, they can offset their business expenses and significantly increase their chances of turning a profit early on and this will result in higher rep retention.
Reason #3 - Feel Unappreciated And Mismanaged - This is another reason why people quit. Even if they have the first two problems solved, if they feel mistreated, they will not last long. This is why it's imperative that you, as the leader, treat people right. Now, that doesn't mean that you need to do everything for everybody. Nor does it mean that you should become a door mat for your team to walk all over. However, it does mean that you should treat people with respect and treat them the way you want to be treated. Remember, people who feel good do good and people who feel bad do bad. It's that simple. Make your reps feel good and encourage them, and I guarantee that they will produce more than if you treat them bad.
In closing, while you can't totally control whether people quit or not, you can certainly put systems in place, provide tools and give your reps training so you can guide them through pitfalls, which would increase your rep retention. And if you put the same amount of focus to rep retention in your business as you do to personal sponsoring, there's no telling how bug your business can potentially become.
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