By: Dr. Gwen Smith
Though Network marketing has gained a lot of attention and respect, still there are few who consider it to be a pyramid scheme. To make it clear, a pyramid scheme is illegal in the US. A pyramid scheme is designed so that those at the top of the pyramid profit off of those below them. You start at the bottom and as you climb up you collect money from more and more people lower on the pyramid. There are no products sales to benefit from and people get paid just for recruiting others. In true network marketing, however, no one earns money unless a product or service is sold. It operates just like a legitimate business without the hassles of overhead, employees, etc. Having said all that, this article is meant to provide three of the six tips on how you can be more successful in your network marketing business.
We will cover the following topics:
1. Understanding your compensation plan
2. Goal Setting
3. Developing a structure to achieve the goals
For one, doing network marketing requires that you train yourself to be focused and self-directed. No one will look over your shoulder and hold you accountable. Though you have a team to support you, you it is your business and all the success will eventually depend on you and your own efforts. The team can only bring you so far. I’ve purposely addressed understanding the compensation plan first, because as with anything else, setting your goals and plans to achieve those goals will require that you understand what it is that you are creating your goals around.
Not knowing exactly how you are paid is a huge hurdle to achieving your income goals. You will always be shooting with blindfolds on if you do not know what the target is. So the first step is to understand your compensation plan and, most importantly, what you need to do to get to the income goals you desire. It may not be necessary to understand the plan in its entirety, however, getting the basics of how you get paid at your current level is an important first step.
Next you’ll want to lay out a plan on how to get there. How many customers or affiliates will you need to achieve the income goals? So for example, if your goal is to make $1000 this month, you will need to know exactly what is needed to get you there. Let’s say you’ve identified that 8 business partners all purchasing products in the business will get you there. Now you know you will need to present the opportunity to 16-20 people for the month (usually around double what your goal is) to get to that goal of 8. This in in turn means that you will need to make 32 – 40 contacts per month to set up 16-20 meetings or to have 16-20 people at your parties or business meetings. (Test these numbers to see if they work for you and feel free to adjust).
This now requires some additional planned details, which is what I like to call a roadmap. This is one of the crucial aspects of being a professional network marketer. The next step is to break down that amount into weekly goals, and then further into daily goals. This means that you will need to recruit 4-5 people per week, which on average would work out to be one each day of the week Monday to Friday).
The plan does not stop there, however. You now need to figure how many contacts and presentations that will require daily to achieve this goal. If we are using our formula of twice the number of people, this will mean that our opportunity ought to be presented to two to three people everyday to fulfill on our goal of 4-5 business partners each week.
Knowing this information is a quarter the battle won, in my opinion. The other three-quarters is placing this on a daily calendar and actually following the plan as designed. Yes, getting on the court and actually doing the actions is the major part of this business, and this is where most people fail.
Being successful at this requires that you have a structure within which you are able to take action: a reminder system, your planner, or your cell phone calendar. Set up a specific time of the day when you will be able to make the phone calls to your contacts. If your schedule is unpredictable, then my recommendation is to tackle this at the beginning of your day when you have more control, or do it on a lunch break or other break time. Staying in integrity with your plan is critical to building a successful business.
In summary, three key tactics to cause you to win like a pro is: (1) know your compensation plan and how you get paid (2) set goals to achieve the income you want to make and (3) create a roadmap to achieve the goals and stick with it.
In Part two we will cover: Recruiting, Tracking and Follow-up
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