9 Secrets to Grow a Highly Profitable Network Marketing Business
Have you ever wondered what the ways to grow your business online are? How about ways to grow your business quickly and grow it to be highly profitable?
Success is achieved by accepting sole responsibility for your entire business – including the company and team with which you align yourself. It also requires that you mentor yourself, adopt the right attitude and perspectives. It also requires that you develop professional habits. Upon that foundation master the 9 secrets to grow a highly profitable network marketing business and you’ve got it made in terms of developing a very successful business.
Of course, there are many ways to grow your business. I’m going to give you the 9 best secrets to growing your business fruitfully.
How to Improve your Business
Secret 1: Start with Your Top 25 List
First, make a “warm market list”. A good place to start is to read my post Aggressively Attacking Your Warm Market List. Brainstorm names without making judgments, and record those that come to mind in a notebook or on your contact management system. If it makes it easier on you, think of this as your “wedding” or “birthday” list.
Second, make a note beside the names of potential business partners or customers. This is called the art of differentiation. Differentiation is where you divide your list into 2 groups – those that look upon you as a “typical” with no real leadership qualities and those who look at you as “atypical” with leadership skills and who see you as outgoing.
To those who see you as “typical”, you do not present the business opportunity but instead present your product. You can say something like this: “Hey (Name), I found this opportunity and I don’t think it is a good fit for you, but will you try out my products?”
To the ones who see you as “atypical” and a leader, you say to them, “Would you be open to a side project that doesn’t currently interfere with what you’re currently doing?” And then send them your material to look at.
Now when your warm market knows you have failed time and time again in one MLM company after another, take the advice of Mark Yarnell’s Book. This is verbatim from his book:
“You and your wife know that I’ve been researching the field of MLM quite carefully. In fact, in an effort to become extremely knowledgeable, over the last few years I have enrolled in several different companies in order to learn from the different experts. Well, I’m happy to tell you that all the analysis has paid off. I’ve been able to master enough about the industry to pick the best organization that allows people to earn $30,000 to $50,000 a month in the shortest amount of time. I’ve spent a lot of time, money, and energy doing my homework and now I’m so excited I seem to be losing sleep every night. I need to see you as soon as possible to find out if you would be interested in earning this kind of money”
That approach is awesome and so different than what they expect. And it will get results.
Secret 2: The Luke Warm List
A very effective way to grow your business is to ask for referrals from every person who listens to your presentation and declines to join you. This is a good approach when you need to know what to do when business is slow. You can expand it substantially by tapping into these “lukewarm” leads.
Let’s say you have a person who says “No” to your business. What do you do?
Before you part ways, you ask, “(Name), will you do me a big favor and help me develop more connections? I want to expand my network. Whom would you contact if you were in my shoes? Who do you know that is into health, and is also somewhat entrepreneurial? Who is your favorite chiropractor? How about your favorite fitness instructor or coach?
Also ask how he or she knows these individuals and request permission to use his or her name when you contact them. Doing so will allow you to turn a cold lead into a lukewarm one – as long as the person is credible. Remember the power of these so-called weak links; they can actually turn out to be fairly strong leads.
Secret 3: The Use of Social Networking
Social networking avenues are great ways to grow your business online. It blends technology and social interaction and plays a significant role in communication today. Some networkers use this platform to reinforce their teams and keep them informed; they share photos, publically edify team members, recognize achievements, and share inspirational quotes and video clips.
Regardless of how talented and adept you may be at connecting via social media and gaining free publicity through free e-zines, blogs, Facebook, Twitter, YouTube, Instagram or LinkedIn, you will ultimately want to take your efforts offline and interact with people in real life
Secret 4: Build through Local Events
Duplication is the key to building a network, and one of the best ways to do that is through a small, duplicable local meetings. You always want to take baby steps. Start with a small meeting of four to six people, in your home, then when your team grows, your leaders duplicate and hold meetings in their homes. Once you have a sufficient number of in-home meetings with your entire organization taking place in your city, you can sponsor a larger meeting with your entire organization every few months while continuing to hold the smaller meetings.
Secret 5: Use a Triggering Device
It’s amazing how an effective triggering device can remind us of individuals in our distant networks. Such devices can jump start your memory and help you recall names you otherwise wouldn’t be able to pull out of the black hole of your subconscious. Good memory joggers will help you remember at least 200 more people beyond those on your Top 25 Lists.
Secret 6: Include Potential Retail Customers on Your List
Get in the habit each day of adding potential retail customer names to your network. Use a trigger list to help you come up with associations and individuals in various industries that would be a natural fit for your products.
One of the best ways to earn a check quickly is to retail your products. Let’s remember that we all want customers. Some independent business owners utilize the internet to do their retailing. This can be a very effective means for those who have that skill set, or are willing to invest in developing it.
Secret 7: Understand the “Needs and Wants” of People
Although certain individuals may look like they need your products they won’t necessarily want them. We can all relate to this; for example, although we need to get in shape, we may not want to get up at six in the morning to jog or lift weights. So, even though it’s clear that Aunt Judy needs to lose 30 pounds, it doesn’t automatically follow that she’ll want to buy your weight-loss product, no matter how great it is.
Secret 8: Develop a Global List
Many networkers are going global these days. If that describes your company, you’ll want to add international connections to your contact list. One way to expand globally without leaving home is to network with local people who have connections in another country. Another way is to use services like Udimi to build list from other countries.
Secret 9: Maintain a Full Network to Improve Your Professional Posture
When you keep growing your list, you are less apt to pressure people into doing things they don’t want to do – whether it’s to join your company or to buy your products. As Mark says, “A person agreeing against his or her will is of the same opinion still.” Having other people in the pipeline at all times will help you get past rejection quickly. It’ll also prevent you from fixating on a single candidate. It’ll help you develop a confident posture, which will communicate to others that you are moving forward with or without them.
90 Days to Firmly Establish Habits
It takes 90 days to firmly establish the habits that are critical for building upon the 9 secrets to grow a highly profitable network marketing business. Once you have successfully done so, you will have the skills, perspectives and attitudes necessary to fully realize financial independence and the rich life you dreamed of.