Are you doing any of these things in your network marketing business?
The following is a comment I left in response to a question that I saw on a blog today. The person asked for the 2 reasons why people fail at MLM.
Trying to limit this to just 2 reasons is about as hard as making it to the top level of your network marketing company. I think that the typical new distributor being told to start in their “warm market” is the first reason. You couldn’t pick a better place for rejection and humiliation. I think this is why 37% of people quit MLM in their first 30 days.
Most people join MLM because they “need” money, now! They are under capitalized. They have little to no money to invest in advertising their businesses. Then toss in that they have to buy the products on auto-ship. Then they do what they are told and go to the company’s events. What do they find there? A lot of “gurus” selling the books and tapes that they have to have to be a success in the business. Of course they buy them all. That’s the secret to success, right? How much money do they have left to advertise?
People are sponsored when they are told that “it is so easy, anyone could do this.” If that were true, there wouldn’t be 99.2% of people never making it to the top of their company’s comp plan.
The new network marketing distributor
New distributors rub the side of their distributor kits and wait for the MLM genie to pop out and grant their wishes!
If you are an employee and you join an MLM, you come to the table with the skills of an employee. There are a handful of skills that you need to master in order to be a success in network marketing. Trust me, you are taught those at your job. That’s the last thing that they want you to know. If you learn the skills, then you might quit! The skills you need to master are: How to generate new, qualified leads every month. You need to know what to say to them. Once you have qualified them you need to learn how to invite them to a business presentation. How to get them to attend, even though they promised that they’d be there. How to follow up with those who attended said business presentation. How to handle objections. How to sign them up. Finally got to the part that pays! Lastly, you need to be able to teach them to master all of these kills. Easy peazy … right?
If it was easy, everyone would be doing it!
Just because someone told you that it was easy, doesn’t mean that there isn’t any work involved.
That’s where it ended. (Author’s note: I added in 14 words to make it clearer and easier to read)
The rest of the network marketing story
I see that I left out the other half of that statistic. It’s true that 37% of MLMers quit in their first 30 days but, another 38% quit in the next 60 days. That’s right, a cool 75% of people will quit their company in the first 90 days.
Then you can add in that maybe 1-2% will make any money, ever, in network marketing. It’s no wonder most people run when they are approached to join a business. Those are really bad stats to overcome. But it can be done.
I see an opportunity there? Do you?
I, actually, have written an ebook about the 25 reasons that people fail at MLM. I never published it or distributed it. If you want to read it, just send an email and request it. Oh brother, that’s work too. I’m sure you can find my email address somewhere on the blog!
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