Everyone’s looking for a shortcut or the SECRET to success in the MLM Industry. After all, we live in the “I want it now” society. People don’t like to wait for things.
Here’s the UGLY truth. There is no secret to success in the MLM Industry. You can trust me on that. I spent YEARS looking for it.
Success in MLM is similar to success in any other type of business. You must do certain things in a certain way. Success boils down to a combination of hard work, timing, connections, and even a little bit of luck.
What I’d like to do in the paragraphs below is share the advice I would give to anyone looking for the secret to success in the MLM Industry.
The Secret to Success in the MLM Industry
You must develop some basic skills.
Every industry requires a specific skillset. In our industry, you must master the basic skills such as prospecting, closing, inviting, promoting events, retailing, and launching new reps. You don’t have to master these skills to make SOME money, but you must master these skills to make the BIG money. Best of all, you can earn while you learn.
For most people, it will take about five to seven years of consistent part-time effort to truly master the basic network marketing skills.
The best way to learn these skills is to (1) get in the trenches and stay in the trenches so you learn by doing, and (2) serve as an apprentice to a successful mentor.
You must know your target market.
Every business has a target market. These are people most likely to do business with them. For example, steak houses don’t try to sell steaks to vegetarians. Instead, they market and advertise to attract steak eaters. Make sense?
In your network marketing business, your best prospects for the business are people with MLM experience and your best prospects for your products or services are people ALREADY buying similar products or services.
Yes, you can approach anyone and everyone. That is the shotgun approach. I just prefer the sniper approach, focusing on people most likely to be interested in what I am offering.
You must develop and follow a simple, yet effective marketing plan.
Every successful business I know of has a written marketing plan. This plan outlines HOW they will reach their target market. It has clear goals, specific objectives, a detailed marketing budget, and outlines the ins and outs of their daily marketing efforts.
In our industry, there are hundreds of ways to get leads and build your business. What works for one person might not work for someone else. What matters most is that you have a written plan that makes sense to you and aligns with your personality, skills, and goals.
Create your marketing plan and your daily mode of operations and do it daily!
You must differentiate yourself in the marketplace.
There is a lot of competition in EVERY industry, especially the MLM Industry. You must know WHAT makes you and your company different from your competitors. If you can’t tell your prospect WHY they should join YOU, rather than another rep in your company, or another company itself, you won’t be in business long. This is known as your Unique Selling Proposition.
Sit down somewhere quiet and figure out your USP. For example, I am the No B.S. Network Marketer. I tell it like it is without using hype or pressure. People should join me and my company because I am as committed to their success as they are to their own success.
You must offer a product or service people WANT to buy.
In most cases, people buy what they want, not what they need. You don’t need the cheapest or best product or service, BUT you must offer something with a high perceived VALUE. To clarify, your CUSTOMER determines the VALUE of what you are selling, not you.
Ideally, your product should have mass market appeal and be priced competitively. Or, you can have a unique product or service that isn’t available anywhere else in the marketplace.
You must invest in your business.
It’s sad that I even have to write this. Every successful entrepreneur invests in their business BEFORE they are making money. Can you imagine a restaurant owner saying I won’t buy plates or utensils until I start making money? Me neither.
We are the only industry I know of where people nickel and dime their business to death, or don’t invest any money at all.
Think of your new business as a newborn baby. It must be nurtured and loved, especially when it is young. As it grows and matures, it needs less nurturing and attention.
You must be 100% committed.
The low cost of entry is the blessing and curse of our business. Most people do not treat their business seriously because they only have a few hundred dollars (or less) invested in their business.
Let’s keep it real for a moment. It’s easy to put your business on the back burner when you don’t have much money invested. It’s easy to quit when things don’t go as you expect. It’s easy to let life get in the way and distract you.
What you want to do is ACT AS IF you have one million dollars invested in your business and you only have a year or two to earn it back. You must be part-time with a full-time attitude if you want to succeed. Dabblers never make much money or make it to the top. Commitment is key.
You must FOCUS on one thing until successful.
Most successful entrepreneurs have multiple streams of income, but they didn’t start out that way. Instead, they focused on one thing until it became profitable, stable, and successful. Then they diversified. If you’re trying to build two businesses before you’ve built one, you will fail, or at least not get the same results you could have if you just focused on one thing.
You must give yourself time to succeed.
The goal the first year in business is to learn and survive. That is a fact. Successful businesses are built over a period of years, even decades, not weeks or months. Give yourself at least two years with ONE company before you decide if the industry will or won’t work for you. “Trying it out” for a month or two will only lead to failure and disappointment.
You SHOULD follow a mentor who has achieved what you are trying to do.
Some entrepreneurs didn’t have a mentor. They had to figure out everything on their own. This is the slow and painful way to build any type of business.
When possible, follow a mentor who has achieved the success YOU desire. That way you can learn from them and avoid the mistakes they made. Plus, you will have a good sounding board to share ideas with.
The beauty of our industry is you get a free mentor. They never charge you one penny. Plus, they only make money when they help you make money, so they have a vested interest in helping you out earn them.
Just be smart enough to humble yourself and LISTEN to your mentor, and do what they teach you.
You must work on yourself.
People join people, not businesses. Be the type of sponsor you wish you had. Be the type of person you want to sponsor. Work on your personal development daily. Your business will only grow as much as you do, so keep growing and learning and never stop!
And here’s the most important tip.
You MUST approach at least 5 to 10 new prospects DAILY. If you aren’t doing that, it doesn’t matter what else you do, you won’t make it in this industry long-term. Recruiting and retailing are the lifeblood of your business. The only way to make that happen is to connect with a steady flow of new prospects DAILY.
In conclusion, this is the secret to success in the MLM Industry, as I see it.
What are your thoughts? Do you agree or disagree with me? What did I leave out? Leave a comment below to share your thoughts. I look forward to hearing from you.
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