3 Tips to Building A Successful MLM
There are so many myths floating around about multilevel marketing (MLM), sometimes called network marketing or direct sales. However, the fact remains that MLMs are a great way to be your own boss without the high risk and high entry cost associated with starting more traditional businesses. One of the benefits of a MLM is having the support of your business team (other business owners) while having the flexibility that comes with being your own boss. ,coupled with hard work and time, can lead to more financial opportunities, flexibility and control.
MLM is a marketing plan, where distributors earn income on the products they sell (retail margin), based on performance (monthly bonuses), and growth incentives. It is however worth noting that not all multilevel marketing plans are made equal. As per the Federal Trade Commission (FTC), if the money you make comes from sales to the public (customers) then it’s legit. But if the money you make is based on the number of people in your downline and sales to them (not the public), then it’s a pyramid scheme. And we all know that pyramid schemes are illegal!
Tips to Get You on the Pathway to MLM Success
Whether you started your MLM to make some extra income monthly or to build a fulltime business, here are three tips that will help you create a pathway to success.
- Leverage your Uplines. Unlike most traditional business, MLM marketing plans usually comes with built-in mentors - your uplines. Work with them to establish short and long term goals. Draw on their experiences to help you achieve your goals. Make a to-do list of things you want to accomplish each week - whether it be setting 6 appointments share the marketing plan, or $500 in sales and challenge yourself.
- Niche down. Everyone may be able to use what you offer but like I tell my clients, if you’re trying to target everyone, then you’re targeting no one. Pick something you want to become, then find and target the people who have that need.
- Follow-up and follow-through. This is the phase where most people drop the ball. They never check in with the prospective distributor or customer which gives them time to get distracted by other things resulting in faded interest. Sometimes all it takes is following-up and asking for the business.
If you're considering starting a side hustle or MLM, drop me a message in the comment box below.