Many people say bad things about network marketing, because of all the myths and misunderstandings about this type of business. In 2021, the direct selling industry made USD 186.1 billion in retail sales, making it one of the highest turnovers by any given industry.
Without the proper experience in how to build a real-life business, you are naturally going to hate network marketing. But once you throw your hat into the race, it then starts to make sense. Part of the negativity comes from reported low MLM success rates.
However, multi-level marketing business isn’t destined to fail any more than any other business. Regardless of the home business, you start, success comes from doing the work to build it.
For some reason, many people don’t view their MLM business as a business, like they would if they opened a franchise.
One of the most important things you can do to ensure your success is to treat your MLM venture as the business To build a network marketing business quickly, you must have goals and know how to achieve them.
You need to set clear goals and then work toward achieving those goals. If you don’t know what your goals are, you won’t know whether you’re succeeding or failing. And if you don’t know how to achieve your goals, you won’t know when you’ve succeeded.
What is Network Marketing?
Network marketing, also known as Multi-Level Marketing (MLM), is a business model where independent partners buy into a company and earn a commission on the products they sell. In a real sense, Network marketing allows any individual to own shares in such a company.
Why You Should Join a Network Marketing Company.
Network marketing is one of the highest-making industries on earth, even ahead of the music industry and behind the tech industry.
So many millionaires have been produced in geometric progression from the network marketing business model. Here are very few reasons why you should join a network marketing business.
1. Low Start-Up Costs.
If you look for meagre capital and a geometrically profitable profession, then network marketing is the right business.
It takes an average business out there significant business startup funds, most of which business entrepreneurs do not have funds for, but you can start very little with network marketing.
Leverage is the act of making use of the means nearby you to get what you want. Network marketing is full of leverage. You leverage people, technology, and so many other things.
3. Passive Residual Income.
Residual and stable income is tough to come by these days, and in most cases, it takes time for a self-built business to generate residual income for you. You can earn residual income just in the first period of joining a perfect network marketing company.
4. International Business Owner.
Multi-Level companies operate internationally, so owning a business with one gives you the leverage to drive and earn in various parts of the world.
5. Time Freedom.
Time Freedom is one of the essential factors in wealth building, and you have all the time you desire while at a network marketing company. In addition, you can devote time to every other important factor in your life, such as Family, Business and career development.
6. Personal Development.
A regular 9 am – 5 pm job restricts you to almost nothing, which can impact your personal development. One of the core values that almost every network marketing company imbibes in you is the ability to develop yourself.
This personal development is not limited to one area but every aspect of life, including leadership, Finance, Faith and E.T.C.
7. Personal Branding.
As a network marketer, you become forced into branding yourself because the nature of the business moves you to talk to one or two people more often. No one will trust you except you are an authority in your chosen specification area.
8. Impacting Lives.
Another benefit you get while at any network marketing company is the chance to impact lives. I love network marketing so much because of this reason. In network marketing, you rise by lifting others. But, unlike the secular workspace, you have to work hard to pull others down to get to the top.
How To Grow Your Network Marketing Business.
It has been discovered that most network marketing businesses fail in the first five years. One of the major causes of these failures is that most network marketing business owners do not build their business on an excellent foundation.
For any business to stand the test of time, there needs to be an excellent foundation upon which such a business is laid; building a sustainable network marketing business requires the implementation of so many skillsets and strategies, most of which will be discussed here.
Are you presently a network marketing business owner? Here are very few tips and guidelines to help you grow your network marketing company.
1. Understand How Network Marketing Works.
The first thing you need to do before joining a network marketing company is to understand how it works. Network marketing as a business model is designed to utilize individual distributors who market and sell a product to their network of friends, relatives, and people they know or meet.
The distributors make money through commissions on the products they sell. Often, they’re not employees of the company, but rather independent contractors. So instead of paying for direct advertising, or any media, the company utilized your influence to sell its products.
Distributors in network marketing businesses typically use three strategies to succeed: lead generation, recruiting and management.
2. Join a Network Marketing Company You love.
You cannot preach to a company that you have not tried out yourself. One of the primary reasons most network marketing business owners give up is that they don’t have confidence in the product.
When most people see a network marketing business opportunity for the first time, it’s the first time they have been introduced to the MLM industry.
With the MLM industry offering significant income potential and the offer of freedom, it’s easy for people to focus on those and believe that the company first exposing them to the industry is the right company for them.
It’s rare for a person to go and research other companies in the industry to find the one that offers the products or services it most believes in.
Before committing yourself to a network marketing business model of any company, make sure that you are confident in the product, and one way to do this is by using these products.
3. Make sure you Sponsor, Don’t Recruit
Most people would be scared of joining your network because they feel you would not support them enough; in my minimal experience with network marketing, this has been the primary complaint of so many prospects; nobody wants to feel used.
In my previous network marketing business, when I tried recruiting, most prospects I approached usually complained of the carefree attitude of leaders in their lasts network marketing business, and this has now made them adamant about so many network marketing opportunities they now see network marketing as a pyramid scheme where business owner make use of the prospect to climb on the ladder to success.
In my own opinion, you should not only recruit downlines for the sole purpose of building your network, but you should also take them as your responsibility. Make sure to focus more on the success of your success line and not you.
4. Leverage The Power of Digital Tools.
The use of digital tools in network marketing cannot be overlooked. Digital marketing comprises all marketing efforts that use the internet. These include digital channels such as search engines, email, websites, social media, etc., that can be used to connect with current and prospective customers.
Unlike traditional methods, digital marketing helps you reach a larger audience and target prospects who are most likely to buy your products and services.
Additionally, it is more cost effective than traditional marketing. The key to successful marketing has always been about connecting with the target audience in the right place, at the right time.
Businesses are using effective digital marketing strategies to ensure their marketing efforts are more likely to reach customers and will, in turn, lead to significant commercial benefits.
Digital marketing happens on the Internet, which means that the reach you can achieve with it is immense. There are various ways to achieve digital success in network marketing and they include;
1. Blogging around your business.
A website is one of the most important tools to build any type of business. Blogs are different kind of website that allows you to post regular updates on them.
They are search engine-friendly, and search engines such as Google and Bing love them. So if you can write good content and use on-page SEO strategies, your content will stand a decent chance of ranking well.
Owning a website gives you a presence on the web and lets people find out more about you. A website also makes it easier for prospects to contact you.
I wrote a comprehensive guide on how you can start a blog and become successful at it. Check out the link to the article below to learn more.
2. Grow Your Email List.
Email list building is the act of getting more people to subscribe to your emails. If you have a CTA on your homepage, that would act as a source to build up your email list.
The more ways you can encourage visitors to subscribe to your email, the stronger your email list will be.
An email list is simply a list of emails that businesses have gathered from prospective customers that would like to receive information, information about your business or services.
Email lists are important because email marketing is the best way to connect with customers other than the regular use of social media.
Emails are 6x more likely to be read than tweets. Also, email is 40 times more effective at acquiring new customers than Facebook or Twitter.
I wrote a comprehensive guide on how to build and grow your email list. Check out the link to the article to learn more.
3. Use Social Media.
In today’s society, the use of social media has become a necessary daily activity. Social media is typically used for social interaction and access to news and information, and decision-making.
It is a valuable communication tool with others locally and worldwide, as well as to share, create, and spread information.
Social media can influence consumers’ purchase decisions through reviews, marketing tactics and advertising.
These social networking sites have increasingly grown beyond personal use. Social media has become one of the most powerful tools for building relationships with prospects and customers.
It’s also a great way to build your network marketing business quickly.
I wrote a comprehensive guide on how you can build your business across various social media platforms. Check out the link to the article to learn more.
- (Facebook Marketing) How To Grow Your Business On Facebook
- (Twitter Marketing) How To Grow Your Business On Twitter
- (Instagram Marketing) How To Grow Your Business On Instagram
4. Start a YouTube channel.
YouTube is the world’s second-largest search engine. Second, of course, to Google; the owner of YouTube.
YouTube has over 2 billion regular monthly users with over 500 hours of new video content uploaded to the site every minute!
When someone wants to look something up, the first thing they’re likely to do is to Google it.
As well as being indexed on Google, YouTube content is indexed on other search engines too like Bing and Yahoo! so just by existing in the YouTube realm, you’ll be found much more all over the internet.
You can further capitalise on your business’s YouTube channel’s exposure by writing a complimentary high-quality and in-depth article on your website’s blog to go alongside each video every time you upload a new video to your business YouTube channel.
I wrote a comprehensive guide on how you can start and grow your YouTube channel. Check out the link to the article to learn more.