Discover Bankers Network Marketers Guide to 8-Figure Part-time Business Working 30 Minutes a Day Plus 15 Common Startup Mistakes To Avoid.
Many bankers have tried the network marketing business model but have not been able to make any headway. In this video, I discussed 15 reasons why bankers fail in network marketing business.
Ultimately, I am going to show you in this bankers network marketers guide 3 simple steps to build 8-figure network marketing passive income business. But before I proceed, why would a banker consider network marketing business?
Why Network Marketing for Bankers
There are two reasons why bankers should consider network marketing business, This is for health and second income opportunity.
Lengthy work days and a high-stress environment can take a toll on the bankers’ psychological and physiological health. A recent study by the University of Southern California has linked long work hours to depression, and banking is one of the high-stress professions that might put the health of its professionals at greater risk of being compromised.
As a banker, unless you are good at avoiding work, you'll sit 16 hours a day in front of your computer, and the only exercise you will get will be performing super-fast excel shortcuts, going to the printing room to get pitchbooks, and fetching 200 calories lattes at Shoprite. Combined with the lack of sleep (a direct cause of weight gain) and the fact that with your big dinner allowance you feel compelled to eat as much junk food as you can for dinner, weight gain is inevitable.
Research have shown that most bankers will develop chronic health conditions like Thyroid disorders, Cohn’s disease, Psoriasis, rheumatoid Arthritis, Diabetes, Hypertension.. Bankers are at higher risk of burn-outs and mental health problems due to the stress and volatility of the profession. Many bankers neglect their health for lengthy periods of time, a lot in their 30s are addicted to prescription drugs, and an alarmingly increasing number are prone to bouts of depression, chronic fatigue and diabetes.
Quite a number at entry-level develop stress-related physical or psychological ailments within several years on the job. Under the immense stress of their jobs, many suffer personal and emotional problems that escalate into full-blown health crises, with a quite a number developing diseases that remain long after they have left the profession.
How does this connect with network marketing? Most wellness network marketing companies have superior nutritional supplements that can help reduce the effect of work related stress associated with banking. As a member, the monthly bonuses and incentives you get can henceforth be used for preventive healthcare and emergency medical bills and set you on a rewarding health and financial insurance plan.
This will help you to prevent chronic diseases associated with bank workplace health hazard. Also, you will continue to receive financial incentive into your retirement year to cover medical expenses and have enough to travel around for optimal health.
For Second Income
The salary of a banker can hardly be enough because of the public perception of the profession. Bankers maintain a luxury lifestyle that requires high income. Besides, most family members usually look up to them as the cash cow of the family.
Usually, as a banker, your income is always under attack and will not be enough to cover the lifestyle you crave. This is where network marketing business come in. It is one of the very few business you can work part-time and eventually earn full-time income. Network marketing can substitute as your second income source while allowing you to focus on your current job.
This bankers network marketers guide will help you avoid the following 15 reasons why bankers fail in network marketing business.
#1. Lack of Network Marketing Business Plan
It’s really important to draw out your Network Marketing Business Plan so that you know exactly what you need to do to reach your goals. I know it’s easier to get someone in activity mode if they know WHAT they have to do. Business plan is as important to traditional business as well as network marketing business. Remember the popular saying, failure to plan is planning to fail.
#2. Working With The Wrong Company
Most genuine network marketing companies are right in their own way. However, a combination of factors and various circumstances may make a network marketing company wrong for you. For instance, some companies focus on the direct sales culture while others emphasize networking. Before you join a network marketing company as a banker, you must know what the culture is and if it fits your circumstances and ability.
#3. Lack Of Understanding Of Compensation Plan
One of the most important yet least understood aspects of a network marketing opportunity is the compensation plan. In fact, most bankers in network marketing cannot provide an accurate description of how they are paid. This lack of knowledge results in too many distributors getting involved with opportunities that are not right for them or realistic for their efforts. Unfortunately, the usual outcome for these unknowledgeable entrepreneurs is disillusionment after revenues from sales do not provide adequate compensation for the effort spent generating them.
#4. Recruiting Instead Of Sponsoring
Some bankers in network marketing are master recruiters. They use their network to bring in the masses. Their philosophy is simple: throw them up against a wall and see who sticks. They crunch people the same way accountants crunch numbers. They are only interested in the bottom line.
A good sponsor learns what their new distributors want, and then goes on to work with them to get it. You see pro network marketers aren’t concerned about what they want. Instead, they are driven by the needs of the people. If you will help enough people to get what they want, you won’t have to worry about what you want.
The problem is that they left a lot of dead bodies in their wake. And once a person has been burned in network marketing, it makes it very difficult if not impossible to get him involved in the industry again.
Tragically, some of these discarded people might have made successful networkers if someone had taken the time to train and support them.
#5. Recruiting The Wrong Set Of People
Building a profitable network marketing business to earn a steady passive income every month can be difficult. You’ve got to consistently sell products and recruit new team members to make that happen.
In your attempt to build a larger business, you may be tempted to recruit pretty much anybody who shows the least bit of interest in your products or business opportunity.
Many bankers start recruiting deadbeats who are only looking to get rich quick. In the process, they are hurting their business and probably the entire MLM industry more than they might think.
#6. Failure To Take Responsibility
The only people I’ve ever met who became successful in life were people who took 100% responsibility for their own lives. They knew that their future and their success were in their own hands, and they embraced that responsibility.
When it comes to your network marketing business, you have to take responsibility for your own business. You have to realize that NO ONE cares about your future, or your business, as much as you do.
Blaming your upline, the company, your downline, or the industry for your shortcomings and lack of success will not help you in any way.
Many of the bankers in network marketing I met took the blame on others. They blame their sponsor for quitting. They blame their upline for being busy to help them. They blame their team for not producing. They blame the company by saying the products don’t work or they are too expensive.
The only person they fail to blame is themselves for not taking responsibility.
#7. Lack Of Good Mentor(s) For Guidance
Successful network marketers have mentors. There are no exceptions. They have coaches who inspire, help, teach, encourage, support and train them. You see, just about every successful person in life have mentors.
Tiger Woods has a coach. So do most other top athletes. Most entrepreneurs have mentors. So do most actors and actresses. Most politicians (not that I like them) have mentors.
If this successful people have mentors, shouldn’t you?
#8. Being Active In Their Effort and Expecting Passive Result
Active prospecting gets faster results than passive marketing, but both are a necessity for long term business growth.
Many bankers in network marketing I met were only active in their network marketing business but majority of them expect a passive result.
The moment they realize their efforts is only producing short term benefits they get discouraged and give up.
Passive marketing is definitely a long term approach to building a network marketing business.
I totally believe in utilizing different strategies to attract people to my network marketing business through my passive marketing, but I also understand that it can take a while to start getting the attention of my target audience.
But when the result for passive marketing start coming in, you can go from zero to sponsoring a mass following in a blink of an eye.
#9. Focusing Only On Their Immediate Environment
The world is open for business to network marketing companies. Worldwide revenues now exceed $110 billion generated by 59 million distributors and consultants, according to the Direct Selling Association (DSA) (www.dsa.org). Some of the largest and best direct-selling companies produce more of their revenues outside of their country than inside their borders.
With the advent of Internet, it is now easy to do business beyond your immediate town or city. You can venture into other states or country.
However, many bankers in network marketing business got stock in their city or community or circle of friends.
Because they only focus on their immediate environment and city, they are not making much progress in their organization.
#10. No Knowledge of Social Recruiting and Digital Promotion
If you are a network marketer, you likely have approached people in the real world right? Recruiting using social media is very similar. The only difference is that you are using an online method instead of an “in-person” method.
You can meet many more people on social media than ever before. Social media is the best thing that has happen to network marketing and it's also the worse.
Most bankers in network marketing I met are not using social recruiting and those attempting it do not have idea of how to do it the right way to get the best result possible.
You can get results with social recruiting and digital promotion but you have to do things in a certain way.
#11. Failure To Generate Both Short & Long Term Lead
Prospecting is the heart and soul of network marketing. Without prospecting, you won’t have anyone to sponsor in your business. Most network marketers fail because they don’t prospect and they don’t create a prospect list.
A prospect list is a list of names that immediately pops up in your head when someone asks you, “Who among your family and friends do you think might be interested in the business you’ve just joined?”
#12. Failure To Be Involved In Team/Company Events or Meetings
Have you noticed that motivation only last for a short period and inspiration last much longer?
Big events are building belief in your team members. When they attend and see thousands of people who are sharing same vision, when they listen to company updates and plans for the future, that soaks into them. Now they believe for sure that they are part of something really big and unique.
A very important part of company events is training. When you take your team with you they have the opportunity to be trained by the best trainers in your company. That will save you a lot of time and hustle. Let the best of the best do the job for you!
Another thing events help with is to inspire people from your team. When they listen to success stories of people who are recognized on the stage they understand that success in your company is possible even for them.
Smart network marketers leverage meetings, calls and events to build their network marketing organization.
However, I realized that many bankers in network marketing do not know how to use this opportunity to build their organization. Worse still, many do not know how to use modern technology to enhance their meeting and event participation.
#13. Failure To Build Relationship With Prospects
In network marketing there is no greater asset than the relationships that you develop. Network marketing is all about creating relationships that you can use to develop your business, help it grow, and at the same time help others.
Many of the bankers I met do not develop relationship with their downline. They just recruit them and leave them to fend for themselves.
If you are not growing and building relationships in network marketing then you are not growing your business or maximizing the potential of your team and downline.
#14. Lack of Consistency
Consistency brings success in network marketing. Yet for so many individuals they get started in a network marketing business opportunity, have zero consistency completing the necessary tasks, then are shocked when they don’t make any money.
All too often people get started in their network marketing business and are excited about their new venture and will do all the things their upline share with them.
However, as the days turn into weeks and the excitement of starting network marketing business fades, the consistency with which the tasks are being done also fades. The communication becomes less frequent and the result is the individual quits their network marketing business opportunity.
#15. Failure To Do Follow Up
Do you know where most distributors drop the ball in our profession? Come on at least guess….
If you said “Follow-Up” you are correct!
I’ve definitely been guilty more times than I want to remember, but why is that? Several reasons come to mind: maybe lack of organization, being too busy or perhaps just forgetting all together.
I personally believe the #1 reason most distributors don’t follow-up with their prospects is more psychological than simply a lack of organization.
I believe the root of poor follow-up is due to a lack of belief. A lack of belief in themselves, their future success or even the opportunity they represent.
Many of the bankers I met are victims of failure to do follow-up.
Check it now before I take it off!
This 15 reasons why bankers fail in network marketing business can help you avoid being part of the failure statistics.
In my next video, I am going to share with you bankers network marketers guide in 3 simple steps to build 8-figure network marketing passive income business even working part-time. This is a high privilege video and I will only share it with you if you are interested.
If you are interested simply comment 'I am interested' in the Facebook comment session below and I will get back to you with the link to watch the video.