7 Components of Network Marketing Success
Learn what successful Network Marketers consider when choosing an MLM company and sponsor to join. When you understand these 7 components you can make great breakthrough advancements in your Network Marketing Career.
One of the biggest mistakes the new entrepreneurs make is when they think or are convinced by someone that there is a “magic bullet”. Success has always been tied to the efforts that a person is willing to apply. The reality is that no matter what kind of business you’re building or the marketing system that you are using it takes passion with a consistent effort in order to achieve long-term success.
So, here are the 7 Components for creating success.
Even if all the other ingredients are perfect in your opportunity, nothing will change if you don’t have the passion and are not giving it a consistent effort. You must have an unstoppable belief in what you are doing that is so strong that no one can sway you. When you find the ideal business you must belief that you can achieve massive success.
As you start your journey with your ideal business it’s important to remember that there are 7 components that we’ll talk about here all equally important to your overall success. Keep in mind that your business is a learning process and as the late personal development guru Jim Rohn once said, “Formal education will make you a living; self-education will make you a fortune.”
Business is about making peoples lives better. To achieve success in network marketing it’s important not to reinvent the wheel. A mentor is a person that has your interest in mind and is somehow compensated for helping you become successful. When you select the right company they will have built into their compensation plan to do just that.
When you choose a company that has a seasoned management team that realizes that people helping people is exactly what business is about then you have truly joined the right company. So make sure that your sponsor, or their upline is willing to mentor you to success.
To build a long-term network marketing business, you need to effectively market your companies products, services and business opportunity and to teach others to do the same. You must Teach the Teacher to Teach! And the best way to achieve this is by plugging into a consistent training system where everyone gets the equal opportunity to learn how to build an effective business.
A good training platform will offer many ways to market your new business online and offline with proven campaigns to generate leads and product sales to grow your business.
“A leader’s potential is determined by those closest to him. The leader finds greatness in the group, and helps the members find it in themselves.” ~John C. Maxwell
In your network marketing business, you are in business for yourself but not by yourself. An ideal team should generally have the same vision as you and provide you with unwavering support and encouragement you need to stay focused on your goals. Moreover, an ideal team should also make you feel that others have your back and you feel empowered to grow and become the business owner that you desire to be.
5. SYSTEM AND TOOLS
SYSTEM: Save Your Self Time Energy and Money
A person without a plan is simply a disaster. To get from point A (your starting point) to point B (massive success) you MUST have a plan. You would not travel across the country without a roadmap or a GPS to guide you and keep you on course…would you?
The system and tools should allow you to market online and offline based on your preferences, and be simple enough to use and easy to duplicate. It should teach you the process of building your business step-by-step. From talking with people to signing them in the business, the system should be user friendly and complete.
The internet has leveled the playing field for building an international network marketing business, so make sure that the system and tools you align yourself with are capably of achieving success.
“Downsizing trends and the changing global market require people to reinvent themselves and think like entrepreneurs.” ~Les Brown
Those that ignore economic trends and have a loyalty to their interests or academic expertise will have a hard time growing a successful business. Ideally, if you start a business you need to position yourself at the front of a trend so that you get the largest growth-potential without having to work as hard. Those that position themselves behind trends will face intense competition and will have to be very skilled in what they are doing to out-compete competitors as they fight for their share of a small and shrinking pie.
So, what are some trends one needs to be educated about for network marketing today?
- Industries that cater to the Baby Boomers: Baby Boomers are the population born between 1946 and 1964 that makes up over one-third of the population and controls a substantial amount of the world’s wealth. Numerous billion dollar companies today have achieved success because they got in front of trends and offered products and services to this group of people. With Boomers retiring the next few decades, it would be wise to choose a company that offers products and services Boomers would want to buy such as health and wellness and retirement planning services. If you plan to recruit Boomers, you must also make sure the marketing systems and tools are easy enough for them to use.
- Health and Wellness: This will be the next trillion dollar industry. People getting more health conscious and they have the desire to live healthy, longer, and stay younger.
- Internet and social media technologies: As internet and mobile technology continues to evolve, communication will continue to get cheaper and easier and social media will continue to impact all aspects of our lives. Just like how Fortune 100 companies are already embracing social media and internet marketing to launch their business campaigns, a smart network marketer would also choose a company and team that embraces online and social media marketing.
- Global recession and currency crisis: Unemployment rates in many developed countries are high, banks are beginning to bounce more than checks bounce, gas prices and taxes are going up, and the U.S. dollar is decreasing in value which means the money we work so hard to earn can buy us less stuff. A smart entrepreneur would start a business that allows them to have a business from multiple global markets so they are shielded from currency instability and also offer others a way to work from home to escape the recession.
- Gen Y and Younger Peoples Generation: Today’s youth have vastly different lifestyles and thinking compared to the older generation. They are much smarter, technology and internet-savvy, more health conscious, and have the desire have freedom to work and travel wherever they want. You business should also cater to this generation to ensure your team and leadership stays relevant to the fast, ongoing changes around us.
Network marketing is the big wave of the future. It’s taking the place of franchising, which now requires too much capital for the average person.” – Jim Rohn
A network marketing company is your business partner not your employer. They are responsible for product research and development, manufacturing your products, packaging and shipping your products, providing customer service, and providing any other resources to ensure that you can have a global business marketing their products.
An ideal network marketing company should have the following in place so you do not have to do their job:
- Global product order and delivery system: Customers should be able to place orders online or over the phone and immediately have the products shipped to their local address.
- Global payment system with direct deposit or company debit card: Representatives should never have to deal with paying commissions to their downlines or currency conversions.
- Online customer and downline management system: Your business should be easy to track online as long as you have internet access.
- Understanding of product life cycles: The company should continue to innovate their products or add new unique, consumable products to their product lines so that representatives can continue to have a growing customer base even when older products come to their end of their life cycle. This is also crucial to prevent “pyramiding” where the majority of reps only recruit others for the opportunity because the products have become too expensive or hard to sell.