A Short Guide To Network Marketing
When you want to start a business, work without a boss or simply earn a bit more money aside from our primary job, you might soon become overwhelmed by all the choices available to you. Network marketing is one of those choices, and the more you find out about it, the more you may discover that it is the best solution for your finances and life. Here is a short guide about network marketing that will give you a solid foundation you can use to start and grow in this field.
What is Network Marketing?
Network marketing might be more familiar to you under an alternate name: multi-level marketing, or MLM. When you run a network marketing business, there are two ways for you to make money. The first is to sell products for your parent company, and the other is to recruit more people into your “downline” who will also sell the products and recruit people. Typically, whenever your downline sells something or recruits someone, you see a portion of those profits.
Reasons for You to Go Into Network Marketing
While there are a lot of other businesses to get into, network marketing can be done so with ease. Here are some reasons that network marketing is a great business to get into.
- You don’t need to come up with an idea.
A major barrier to starting your own business may be that you just don’t know what kind of business to start. Without an idea, you may think that your dreams of owning a business will never come true.
Network marketing provides an excellent chance to get into business while capitalizing on existing products. There is no need to reinvent a wheel; the products have already been conceptualized, designed, produced and are currently selling well.
This saves you from having to do all of the research necessary to bring a product to market and you can hit the ground running.
- You get support.
Just as there is a ‘downline’ with MLM, when you sign up with a network marketing company, you will be signing up under someone and will be part of their downline. As part of that downline, they will have a vested interest in watching you succeed. Therefore, you are likely to get a great deal of support from them.
Marketing sites and other materials may be part of the deal as well, so that you are given everything you need to start succeeding in the business. There are likely to be weekly or monthly phone calls or webinars to provide even more support.
- There is low cost to start.
While you may need to buy a start-up kit or something similar, your initial investment in a network marketing company is small when compared to opening a restaurant or store. Because you don’t have to pay insanely high prices to get started, you can start profiting that much more quickly from your MLM business.
- You can make your own hours.
This is one of the best reasons to get into network marketing. As with most businesses, MLM offers you the choice to make your own working hours. However, because you have a downline, you have even more freedom. If you recruit enough people below you, you may find that your own working hours can decrease, giving you the kind of freedome everyone wants and enjoys.
- You can have more security.
Because you are working with an established company, you don’t have to worry that the business will crater. You don’t have to worry that there won’t be enough products or concern yourself about how they will arrive to your home. All the backend things are taken care of for you so that all you need to think about are your customers and your downline.
When you do decide to get into the network marketing field, the most important thing you can do is to find the right company to work with. If you choose the wrong one, you’ll find that everything is much more difficult. You won’t get the support you need to make a success out of your business, and you may end up losing a lot of money. Here are some things you need to pay attention to when you choose a network marketing corporation.
- How long they’ve been in business
It is vital that you get an idea of how stable any MLM company is before you sign up with them. Have they been in business a long time? How good are their financials? Are they growing?
- What their compensation structure is like
Of course, you’ll need to know how you’ll get paid. Will you be paid each week? Will you be paid each month? When will you get paid for the work your downline does? These are just some of the important questions to ask.
You will also need to find out what percentage of your sales you will be making. This may help you select a company because you may be more interested in selling one product because the product interests you, even if the percentage you’ll get is a bit less. Conversely, you may select another company because you want to earn the highest percentages you can.
Be aware that there may be different percentage levels for the products you sell and the products that everyone in your downline sells.
- The integrity of their products
Many new beginners in the MLM field pay too much to the money they can make off the products and through recruitment without stopping to ask themselves whether they even like the products that a particular company sells.
In order to be truly successful in network marketing, it is critical that you actually like and believe in the products you’ll be selling. After all, you will be trying to encourage others to join you in selling them, and you will have to encourage people to buy the products. If you don’t care about the items that you’re selling, why would someone else? You only set yourself up for failure if you think that it doesn’t matter whether you like the products.
Be sure to try out the products yourself so that you know whether the company is good for you.
How to Recruit Others to Your Downline
One of the vital parts of your business is to recruit new people under you to form the downline that you need to be most successful in the network marketing field. In order to do that, you need to think carefully about how best to recruit those people, get them to sign up with you, and then continue to monitor their performance. Here are some tips to use for this purpose.
- Have interviews.
It may seem odd to interview for a network marketing downline, but remember that the people who sign up under you may provide a significant portion of your income. It’s important to recruit people who are business-minded, smart, eager and want to be successful in this kind of business. Have an online chat with them or call them on the phone to get an idea of where their head is at. That way, you can hit the ground running with a group of people who are as passionate as you are.
- Spend a portion of your time with them each day.
Check in with your downline every day, whether through a quick email or a post on social media. It is important for them to know that you are available for questions and support, so that you can all start to profit from the MLM company you’ve chosen.
Weekly, you might also want to provide your own chats and calls so that you and everyone in your downline can check in with each other. This can be a great way for you to build a little community within your own income stream.
- Give them feedback.
You might check out their sites and their online activity every now and then to give them feedback on what they’re doing right and what they are doing wrong. This kind of activity can help them improve their business, which helps improve yours.
- Ask for feedback.
Just as you give them feedback, ask them for suggestions about how you might be able to better support them and what they can do to make everything perfect for them. When they feel better supported and happier with your involvement, they can work better. As a result, they may bring more money in and that will benefit you as well.
How to Get the Word Out About Your Product
One of the hardest things you can do as someone who is in network marketing is to remember to sell products yourself, especially as your business continues to grow. You might get comfortable with others in your downline selling products and living off of those proceeds, but it is important to note that the more you focus on selling products yourself, the more money you can start to make.
After all, you are likely making a higher commission on the products you sell yourself anyway. Not only that, but you can also turn those customers into valued members of your downline, if you like.
Here are some ways that you can start to get people interested in your products.
- Create your own custom site.
You might use the site that you were given when you signed up with your company, but it is a good idea to know that others got that identical site. In order for you to truly stand out, you’ll need to make your site different than everyone else’s. You have to create a mini-brand of your own that no one can duplicate. The first step for doing that is to create your own custom-site.
If you don’t know anything about making a site, don’t worry. There are a number of freelance web designers, and you can find them on various online marketplaces. Many of these designers can set up a small site for you very inexpensively.
- Target a particular market
It is vital that you drill down and really get a feel for a specific group of people that you can sell your products to. When you do this, you can create extremely targeted marketing messages that will be way more effective than if you try to sell to everyone in the world.
For instance, if you want to sell lotions, you have to think about who will be buying that lotion. Are you trying to sell to older grandmothers? Then your marketing materials will be different than they would be if you were trying to sell your lotions to teenagers. Targeting a specific market helps you to know exactly how to reach them, which makes your job much easier and raises the chances that everything will work the way you want it to.
- Start a blog.
One of the smartest ideas you can use when you want to start selling your products for your MLM company is to start a blog. This allows customers and potential downline recruits the chance to get to know more about the products you’re selling. More than that, it allows them to get to know you in some way, so that you can position yourself as an expert on the products and someone who knows what they’re talking about. A blog might be the one thing that convinces new recruits to sign up with you instead of signing up under everyone else who works for the same company that you do.
Now that you have had a chance to read through this guide, you may feel more sure than ever that network marketing is something you want to pursue. Be sure to look for the right mentors and support from others in the MLM field. Use the information laid out above so that you can be a profitable, enjoyable network marketing business.