Creating a six figure network marketing business is not easy, but it is simpler than you think. Here is a no-nonsense look at the 3 stratgies used over and over again by people who create six-figure businesses in network marketing.
People are attracted to network marketing for the promise of a new life. A new level of income…A chance to make a change, yet few people ever make that change. The failure rate in network marketing is over 90%. Why is this so when so many people come to the industry with good intentions?
The answer is simple, really. The people who make a hundred thousand dollars or more in network marketing follow and teach three simple principles that hold true no matter the company, no matter the compensation plan, no matter the product.
The three key principles are
1) Autoship
2) Know the compensation plan
3) Practice and teach a duplicable system
What is autoship? Autoship is simply your agreement to receive a certain product or service that is of value to you in exhange for a monthly fee. If you have bills you are participating in someone’s autoship program. Every utility and most banks practice autoship. You will accrue some advantage through autoship whether that advantage is a lower price for a product or the waiver of monthly activation fees. In the case of your cell phone service, for instance, you are avoiding a new activation fee each month by subscribing to a cell phone plan and paying for the service monthly. Your cell phone carrier can predict their monthly revenues based on the number of subscribers they have, indeed, their monthly subscribers constitute a large portion of the value of your cell phone carrier’s business. You have the advantage of knowing that your cell phone service is available on an ongoing basis as you need it. Another example is a bi-saver mortgage payment plan. If you are participating in a bi-saver mortgage program you are agreeing to regular bi monthly payments in exchange for long term interest savings on your loan. Since you already have your mortgage, what is the product being autoshipped?
Your dollars into your bank’s business accounts.
Many people object to the autoship feature of network marketing companies they look at as a major disadvantage to joining a company. They see the autoship feature as a negotiable expense. I recently spoke with a couple from another company who had 700 distributors in their downline. They were frustrated because they had no income. Their company did not promote autoship. Neither did they and their income was zero. If Fortune 500 Companies use autoship, why not incorporate that feature into your business?
Distributors who make 100,000 or more in their respective companies promote and use autoship.
Know the compensation plan. What is so special about your compensation plan? The compensation plan was designed for you to make money. Every compensation plan has a series of steps or building blocks that allow you to progress and make more money. Each company usually has starter kits that fit into the compensation plan in such a way that you can maximize the way in which you build your business. As an example, your company rewards you for building 10, 000 in volume points over a month. You have three packages to help new distributors get started with. One package is worth 100 points, another is worth 500 points and the other is worth 1250 points. Which package allows you to build the fastest? Which the slowest? Which allows you to build with momentum, which does not?
You must always have value in mind for your new distributor no matter which package you promote. If you put people into the highest priced package because it benefits you, your business will not last long.
Distributors who make 100, 000 or more in their respective companies promote the highest value package their company offers, understand the value that package offers to new distributors and teach their teams to do the same.
Practice and teach a duplicable system. Your team must be using a duplicable system. Your potential sponsor may tell you that actions XY and Z are what the team does, but are those truly the actions your potential sponsor does? Is your potential sponsor using landing pages and generating his or her own super qualified leads via the internet while telling you and the rest of their team to buy leads? Does your potential sponsor have systems in place that sift and sort leads so that he spends his time with only the most qualified prospects while the rest of the team makes “courtesy calls” to lists of unqualified leads? Does your sponsor tell you to make a list of 50 to 100 names while he actively seeks out new business partners with networks in the thousands? Does your potential sponsor tell you to leave business cards in bathrooms and book stores while he actively runs advertising campaigns in the local paper or on line?
Distributors who make 100,000 or more in their respective companies have systems that a new person can tap into out of the gate. If they are building with a web-based solution, they have websites, infrastructure and training that a new associate can tap into for a small fee. Distributors who make 100, 000 or more understand the value of duplication and readily share with their teams their success strategies so that their team members can duplicate their success.
There you have it, the key principles to creating a 6 figure network marketing business. To recap they are
1) autoship
2) know the compensation plan
3) practice and teach duplicable systems
Practice and teach these principles and you will be well on your way to creating a 6 figure network marketing business.
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