Building Your Network Marketing Business is part 3 of the 3-part post - How To Build 8-Figure Passive Income Network Marketing Business.
In this part, you'll learn how to build your network marketing business the right way to earn 8-figure passive income.
This part is written for network marketing rookies, those who have quitted MLM business but want to have a go again, those struggling to make impact in the network marketing business or MLM veterans looking to start a new challenge.
Be sure to claim your gifts.
I repeat, before you attempt to implement any of the suggestions below, make sure you have taken the two actions below.
Now let's begin!
Many people are scared away from network marketing, also known as multi-level marketing (MLM), because of all the myths and misunderstanding about this type of business.
Part of negativity comes from reported low MLM success rates.
However, network marketing business isn't destined to fail any more than any other business.
Regardless of the home business you start, success comes from doing the work to build it.
This part 3 will focus more on activities that you need to carry out on ongoing basis to build your network marketing business.
Enjoy reading . . . and at the end of this post, come back and comment the steps that is most challenging and exciting.
#1 Attend MLM Opportunity Meetings
If you live in the proximity of your company branches or headquarter, you will be privilege to attend opportunity meetings.
Normally, you have a successful distributor doing the business presentation.
The speaker spends most of time talking about all the DETAILS of the business.
They talk about the ingredients of the products.
They talk about how great the company is and where it is headed.
They talk about how successful they are in the business!
Sure, some distributors do a good presentation during the business opportunity meeting.
They keep it to 20-30 minutes.
Focus on the benefits.
They show the products and business as a SOLUTION to their prospects’ problems.
Simply put, they focus on the prospect.
However, in most cases they are WAY too long, at least 60 to 90 minutes.
Most prospects don’t have 60 to 90 minutes to waste, so many folks will leave half way through the meeting (or they won’t show up at all).
So my advice is that you should first attend the MLM opportunity meetings yourself.
That way, you will learn how to be a good speaker.
You will also learn all you have to know about your company and the business.
Besides, you will also come to know great speakers in your company who you can allow your prospect to attend their presentation.
#2 Building Your Network Marketing Business With Events
Most people crave interaction with others. People want to be to part of a group that makes feel good, place where they feel like they belong.
What I have found is by using event networking, you can increase your associations and grow your network marketing business.
I am going to share some of the connections you can use to grow your network marketing business.
Professional Business Associations: The vibrant networking community provides a personal forum for you to promote your business, product or service, share ideas and expand your network.
Professional Networking Events: These events can be found online, local in your area. Most of these events have a nominal yearly cost or cost per event. Some of these are more fruitful than others depending on the initial investment. I have found that the more you invest in a group, the more you get out of the group.
Meet Ups: These meet-ups are open to everyone and are usually free of charge. These are best to make casual contacts and develop friendships. It’s a great way to meet like-minded individuals in a no pressure environment.
Local Educational Events: These events are usually the first events that potential partners are exposed to. They can be in someone’s home, conference room or hotels. It’s a great way to meet the team, learn more about the business and hear testimonials. Many people enjoy these meetings because it is a no pressure way to learn more about the products and business
Regional Educational Events: These events are the place to bring your team as well as any new potential partners that live in the area. These are the events that corporate usually hosts as well as the top leaders in the company. It is a great place to validate what you and your local team are doing as well as grow your network.
Annual Educational Events: In my opinion, these events are the best way to grow your MLM business. By attending the big events, you are able to introduce new partners to established teammates so they can hear first hand the possibilities in front of them. It’s a great way for people to experience the culture of the company and see the BIG picture in person.
If you are a member of our RankTribe Bootcamp, you will get to learn more about important events in your locality that you can participate in.
#3 Indulge In Personal Development
Network marketing is an ever evolving industry.
Do not believe the world will obey your rule of stagnation - @JetroOlowole
Consistently practicing personal development skills is often overlooked by a handful of network marketers.
Changing your thinking and sharpening your personal development skills will help you in a variety of ways:
- It will help you become more valuable
- Grow your network marketing business
- And allow you to take it to the next level
If you want to earn more money, learn to become more valuable and share that knowledge with others.
There are many activities that can help develop your real person. These include: improving your project management skills, individual growth, teamwork, productivity, giving back, communication skills, relationship building, leadership, creativity and attitude.
I will be sharing more on this in the RankTribe Bootcamp.
Note though that you can have all the self development in the world, but if you leave it in the books and don’t take action on it, all is lost.
#4 Build Depth Not Width
I have seen that most serious network marketers are constantly in RECRUITING mode.
They are always looking for the next person to bring into their team.
They spend most of their time building WIDTH in their group, rather than building depth.
And while there is nothing wrong with keeping your eyes open for sharp people to personally sponsor, there is a HUGE difference between sponsoring (building depth) and recruiting (building width).
Recruiting is nothing more than signing up as many people as you can as quickly as possible.
It’s the idea of throwing a lot of mud up against the wall to see what will stick.
Recruiting is a sales person’s mindset.
If you are only focused on recruiting, you will have a HUGE attrition problem.
Sponsoring on the other hand is quite different.
While you are still looking for people to personally recruit, your approach is much different.
Rather than just go out and sponsor as many people you can, you look for quality people and INVEST quality time with each person you sponsor.
Sponsors are teachers. Recruiters are salespeople.
The most successful people in network marketing industry are TEACHERS.
Please never forget that.
I speak in details in the action-packed Sailor’s presentation in RankTribe Bootcamp,
You'll learn how to grow a massive (raving) following...so you can pay your investment back, then grow and scale like you never thought possible.
#5 Learn To Lead & Build Leaders
If you are introducing someone else to your MLM business, you are obviously the expert when it comes to what it is that you have to offer.
This expert status will always be there with you because you have been in the network marketing opportunity for a while.
If you are a person who is continuously growing in knowledge, this will always be the case.
Leadership is an absolute necessity when it comes to network marketing.
This is often times non-existent in some organizations which is why they fall apart.
Can‘t get a hold of your upline?
So what, you have to become the upline and take the responsibility to educate yourself and become the expert about the opportunity so that when people come into your organization you can get them off on the right foot.
In addition to becoming MLM Leader, you also want to attract network marketing leaders to your team.
Success in network marketing is mental. Leadership is mental.
If you reflect weakness you will attract weakness, but if you reflect strength and surety in what it is that you are doing, you will attract those who are like minded.
I wrote about different types of leaders in my book The Royale Voyage.
Of all the types of leaders, it is best to work with the paranoids and the passive-aggressive leaders.
Others you may have in your team but working with them directly may be counter-productive.
One way to recognize leaders during your first invite is to get them committed to bring something to the meeting.
Leadership may have become a different beast over the years, but it is still, at its heart, about leading.
#6 Use Lead Magnet Conversion Funnel To Recruit
The Lead Magnet Conversion Funnel is a 4-step process I used in my online marketing agency for social recruiting and digital sales.
When I joined network marketing business, I adapted the process for recruiting with a little modification.
The four basic steps are:
- Step 1: Talent Mapping for Sorting Team HR
- Step 2: Attraction Marketing for Gathering Prospects
- Step 3: Social Recruiting for Filtering
- Step 4: Conversion for Call To Action
The process can be active or passive but focus mainly on social recruiting and attraction marketing.
I speak in details about the step-by-step guide in the RankTribe Bootcamp.
#7 Outsource For Efficiency
Some people say that you have to build your own home business or network marketing organization alone.
I believe otherwise because although you can't fully get people to build your downline for you, you can still outsource enough aspects of your business building to the point that you can almost automate your prospecting funnel!
It has also been said that you should focus on your strengths and not your weakness!
This is true in many ways because you only have 24 hours a day and you cannot be a jack of all trades.
Home-based businesses have flourished in a big way since the 90s and this would not have been possible without the concept of online outsourcing.
No person can be expected to have all talents required to run a business.
These people then outsource things that they are not good in and keep their strengths to themselves.
Among other things, it helps businesses move, because the best people of each portfolio are handling the task.
There are various things you will want to do as a multilevel marketer but probably you will not be able to invest time in all those activities.
It happens as your network grows and you get into more prospecting.
You will be hard-pressed for time to do all the things that you would like to. At such times, outsourcing the jobs that you can get done by someone else can be highly advantageous.
In fact, if you have a team of freelance workers providing you various necessaries of your MLM business, your business could just as well run on autopilot.
The following is a list of things that you can outsource:
- Article Writing and Website Content
- Website Building:
- Sending Emails and Newsletter
- Graphic Design
- Lead Generation
You might be looking upon outsourcing as a good option for getting your work done but you must know that there are limits.
It is not advisable to outsource any and everything you can.
The things that you outsource:
- Must be difficult for you to do in some way, like if you do not have the skill or the time to do it.
- Must be for an economical reason, probably you are getting a better deal by outsourcing.
- Must be to build a team of professionals to handle tasks that you don't mind giving out.
I share in detail in my book The Royale Voyage on Outsourcing for network marketers.
I will also be discussing this in detail in the RankTribe Bootcamp group.
#8 Do Social Media Promotion
Social Media is the fastest growing marketing sector getting people’s attention.
Social Media revolutionized the way we do everything that we do. The question of the day is this:
Your goal is to drive the power of Social Media to attract up to 20 recruits every month?
Here are some quick tips.
1. Do NOT post the name of your Network Marketing Company on your Social Media Profiles.
2. Personal Messages equal Big Recruits. Don't spam your audience with your opportunity.
3. Get on the phone with people. You can get all the likes, shares and comments you want on Facebook. However, if you’re not getting on the phone with people and having real conversations you’re missing the point of creating engagement.
4. Provide value. What is valuable content? Anything that inspires, educates or even entertains.
5. Update your profile picture.
6. Use a scheduling calendar for your MLM recruiting using social media.
Just take these tips, implement them into your business, and hope you enjoyed the tips on MLM recruiting using social media.
I extensively cover social recruiting using the Lead Magnet Conversion Funnel in the RankTribe Bootcamp.
Don't miss it!
#9 Use Paid Advertising For MLM Promotion
I know there are MILLIONS of network marketers out there wondering where they can get leads for their business.
I used to be one of those people.
After all, EVERYONE wants and needs more leads, but most people don’t know how to generate their own leads.
Without a steady flow of new qualified leads, your business is doomed.
In my opinion, the # 1 reason people quit our industry is because they don’t know how to get leads.
Most people who are desperate to get more leads eventually decide to ADVERTISE their business.
Because they don’t have experience in sales, marketing or lead generation, they get horrible results and lose money, and end up quitting the business.
First and foremost, you should NEVER advertise your business opportunity: EVER.
It’s the fastest way to waste your advertising budget and go broke.
The first thing you MUST know is that EVERY business has a target market.
A target market is a group of people MOST LIKELY to be interested in what you are selling.
The more specific you can make your target market the better.
I use the two step selling process because it works.
Generate a lead first. Provide value with your free offer.
And then follow up with that person until they are ready to buy or join.
Sometimes it takes MONTHS, even YEARS to convert a person into a team member or customer. I don’t care how long it takes because I am in this business for the long haul.
I always take the long-term view.
Rather than advertising your business opportunity, you could give away a free report title “Top 20 Mistakes Network Marketers Make”, an eBook you wrote titled “10 Ways to Make Money from Home”, or anything else that people in your target market would want to know more about.
Once people receive and read the information, interested people would get in contact with you.
You would also have a good email follow-up sequence in your auto-responder.
When it comes to finding customers (customer and wholesale buying distributors), you could do the same thing.
Remember these four steps.
- Give away free information that also introduces people to either your products or business opportunity.
- Promote your capture page with paid advertising so you can generate leads.
- Have a good follow-up email campaign that does the selling, sifting and sorting for you.
- Only talk with people who reach out to you first!
This is the most effective strategy I know of to advertise your MLM business.
The 7-Step Process
Your steps to get started are:
- Clearly Identify Your Target Market
- Create or Find Something to Give Away
- Advertise Your Free Information
- Generate Leads
- Send the Free Information
- Follow Up Until They Buy, Die or Unsubscribe
- Wait for Interested Prospects to Reach out to You First
Once again, your follow-up should be automated, preferably using an auto-responder.
I discuss in details how to use the Lead Magnet Conversion Funnel to generate lead in the RankTribe Bootcamp.
#10 Sponsor and Recruit Prospects In New Territory
In the digital age, one thing is for sure, your network of friends, relatives and online acquaintances will reach far beyond your own city limits – even beyond your country!
Even if you don’t call yourself a “technology person,” the distributors you recruit locally will likely know of other people outside of your locale.
Because we are globally-connected, you are bound to become involved in long distance sponsoring.
Embrace the opportunity to recruit beyond your city walls.
You never know if – in a city a thousand miles away – long-distance sponsorship will be your most productive downline.
Like everything else in this business (in life); however, there are right and wrong ways to go about long distance sponsoring.
Read the article How To Sponsor Long Distance Recruits Successfully.
Long distance sponsoring opens a world of opportunity.
If you’re willing to do it right, it can be an extremely profitable world.
Remember, it takes time.
#11 Play The Number Game
I know if you have been in network marketing for more than 30 minutes, you have heard ―It's a numbers game.
This is certainly true, but there is a slight twist in it.
What you may not hear often is ―You can learn to increase your numbers and get much higher ratios on this numbers game.
Here is a stat you may want to know about, to let yourself know that you must keep prospecting no matter how long or how many people it may take.
- Around 80% of all sales are made on or around the 12th contact.
- 80% of network marketers, will not speak to more than 3 people.
Do you see the issue why so many fail now?
They don‘t play the numbers game!
They give up before the average numbers can take place. Don‘t let this be you.
Network marketing is a numbers game to some degree.
You can talk to anyone and build a large business, but you will have to talk to a lot of people and waste a lot of time and money.
I think it‘s much wiser to work the numbers by focusing on people in your target market.
This includes people looking for the BENEFITS of what your product line has to offer, or people looking to start their own home-based network marketing business.
If you take each day as an important day, and focus on the goal of reaching 10 to 20 new people on your target list, you will find success.
If you think you can‘t find 10 people a day, then you are wrong.
If you wanted to, you would, right?
To succeed in the number game and enjoy high conversion ratio, you need some of the tools I have design.
When you master these tools, it will make your work easier and allow you to focus on the people that matters to you.
If you a member of RankTribe Bootcamp, you will have access to all the tools to ensure you succeed in the number game.
This will give you access to my inner circle training group on Facebook on how to use the tools.
#12 Host Sizzle Sessions
Sizzle sessions are better than opportunity meetings!
A sizzle session is nothing more than 3-10 (or more) distributors getting together to share ideas.
They meet at someone’s home, a local shop or even a restaurant and they talk about building the business.
They can even meet up on SKYPE or Google Hangouts.
They talk about what’s working and what’s not working in the business.
They ask questions and get answers.
They help each other.
Not only is it informative but it’s fun!
The time is both productive and fun.
Distributors are even encouraged to bring prospects to the meeting.
The prospect can enjoy a nice meal or snack and observe the other people having fun and helping each other.
As a result, the prospect gets excited and wants to be part of the group/business.
I encourage you do to sizzle sessions with your team, instead of opportunity meetings.
Meet once a week or twice a month and share ideas.
Meet at a nice restaurant that’s affordable and reserve one of the rooms.
Encourage your team members to bring a list of questions AND bring a guest with them.
This is the best way to go as I see it.
Even if you are skeptical about sizzle sessions, give it a try and see what type of results you get.
You have nothing to lose by doing that.
Need A Head Up?
Do you need expert advice in choosing the right MLM company or ways to improve your network marketing business? Fill out this simple form below and I will arrange a time-slot chatting with you.
Final Thoughts On Part Three
If you follow the above guidelines when building your network marketing business, it will dramatically increase your chances of short-term and long-term success.
Armed with this valuable information on how to build your network marketing business, you’re now ready to earn 8-figure passive income in network marketing.
Don't forget to claim the Network Marketing Business Launch Toolkit in part 2 and Membership to Network Marketing Entrepreneurs Bootcamp FB Group.
Also, check out the special RankTribe Bootcamp offer I have for you below for completing your education in network marketing.
I wish you success.
SEE YOU AT THE TOP!