Network Marketing and Direct Selling is an exciting business endeavor for anyone wanting supplemental income and or to use top-notch health & wellness products, along with other products such as financial services. With how the global economy is heading, network marketing is growing at a solid 5% pace a year, and performs even better during recession. Before joining a network marketing company there’s some caveats that would benefit you in learning.
The failure rate is high in network marketing because to be honest people quit things that take a little work. Network marketing is a real business and profession, and if not prepared for the setbacks that any entrepreneur faces, then that person will quit.
Here are the 7 Deadly Sins of Network Marketing…
1. Doesn’t learn the skills to prospect effectively
The new network marketer wants to tell the world the new business they have just begun but this is as dangerous as handing the keys to a Ferrari to a 14 year old. They can’t drive yet and they don’t know the power. Same with network marketing, it’s a powerful profession that earns leaders in the industry six figures a month. So, it’s imperative to get proper education on the industry from the person who showed you the opportunity and read what you can on it and watch videos from network marketing trainers, like Todd Falcone.
2. Brands the product, not themselves
The new network marketer is so behind the product and loves everything about network marketing and wants everyone in the world to know they are in that company, so they slap up the company’s logo everywhere on their websites, blogs and social media. This not only looks amateurish to professionals, but it gives away your company name which means people can google it and usually forget who showed them the company to begin with, which was YOU, so you are out of luck of them signing up with you. Someone who probably has a better article on the business and is ranked on the first page of Google probably got their business. So, brand yourself. List things you do outside of the network marketing company. Are you an Author? What hobbies do you love? If you brand yourself, people will join because of YOU, not the company.
3. Seeks acceptance
The excited network marketer rushes to tell their friends and family about the company and BAM, they laugh and ridicule you and the business. Uncle Tony knows for sure it’s a Pyramid, so he must be right! For one, don’t listen to broke people. Number two, all successful leaders endured ridicule and opposition. Look at Oprah, she was told she would never make it and she has haters also. In fact, if you don’t have a hater or two, you aren’t growing fast enough and not taking any risks. So, you can’t please everyone, especially in business. Stay focused, endure the setbacks, ignore the haters and persevere!
4. Google the name of the Company
Newbies get excited about a network marketing company they want to join so naturally they Google the name. What comes up in Google is usually the company name followed with the words SCAM or SCHEME and “Stay Away!” Little does the newbie know that there’ s tons of clever internet marketers online that do this on purpose because they know they can get people to read their own business opportunities that way. They know people type the word SCAM in Google because it’s one of the highest searched words. So, trust your gut and read a little bit more until you get a full picture, or trust the person that exposed you to the opportunity to begin with.
5. Doing more than one network marketing company at a time
It’s okay to expand and develop your own personal self-development courses and lead generation tools, but that helps the network marketer. If you do two or more network marketing companies you are not only cheating on one of the companies but you’re diluting your focus and power in building a solid business. If you look at the top 150 leaders in network marketing they are all devoted to one.
6. Pouring poison downline
This is a term for inside the business. The rule of thumb is you state your concerns to your upline (that’s your sponsor, the person who you signed up under) and only good news to your downline. (These are people you signed up and are under you on your team.) You want to be the leader that your team members expect you to be and that is through integrity, positivity, and problem-solver. You don’t want to spend too much time solving problems or micro-managing your team, but you want to be a positive role-model that remains upbeat and charismatic.
Too many people in network marketing quit for a number of reasons, but it boils down to impatience, small profit in the beginning and negative reactions from people because of poor prospecting skills and lack of confidence from the new network marketer. Another big issue is the new network marketer was misled in the beginning by unrealistic financial figures from an overly aggressive marketer who probably hasn’t made a dime yet and feels the need to boast and brag to make up for his losses.
Another issue is the shiny object syndrome. This is when a bright new opportunity comes along and it sounds too good to be true, but the newbie ignores the “too good to be true” warning and jumps ship, only to find a dead-end yet again in the new new company. These people are called “jumpers” in the profession and they never have long- term success; stay focused and stick with your company.
Network marketing takes a long-term commitment of at least two years and sometimes can take 8-10 years to fully take off and retire you, but let me ask you this: Isn’t that still way better than 20-40 more years at a job you can’t stand with a boss that you hate?
It’s your choice. I love you guys! Thanks for reading…