How to Succeed in Network Marketing
Contrary to what all the gurus are saying on social media, network marketing is NOT just posting a couple of links online and getting rich from all the passive sales. It’s NOT about phony comments to strangers on social media to “build a relationship.”
It’s a business that you build yourself–one that can be very profitable if done right. One that requires consistently showing up and running it like a real business, either part-time or full-time.
As with running a business, you must find customers, nurture your leads, handle inventory, and track your finances with accounting software for network marketing. In addition to this, to really maximize the potential, you’ll want to build a team (more on that below).
Getting started can be intimidating, but there are several things that you can do to set yourself up for success. To succeed in network marketing, you have to start with a game plan, use available tools and resources to your advantage, and leverage your skills, while constantly learning and training to keep improving your operation.
How Does Network Marketing Work?
Here’s how network marketing usually works: a company that makes products allows you to buy its offerings at a discounted price (e.g. wholesale rates), or, in many cases, you may place your customer’s orders directly with your company and have them directly shipped to them. If you buy the products at wholesale rates, you then resell these products at the suggested retail price or a more expensive rate, with all the profit going to you.
In the context of multi-level marketing (MLM), which is the most common type of network marketing, you can also recruit others to sell the products as part of your downline.
When sellers in your downline generate sales, you earn a commission on their sales as well!
Tips For Succeeding in Network Marketing
Succeeding in network marketing isn’t a one-and-done task; it’s a process that requires proper planning, maximized resources, and constant learning. Here are some tips to follow to help you find success in your network marketing journey:
Choose the Right Company
It’s easier to convince someone to buy into a brand when you’re passionate about what it stands for and can vouch for the value of its products yourself. Make sure that you’re backing the right horse–choose a company that you believe in and whose products you’re passionate about.
Do your research, looking into the company’s history, advocacy, vision, etc. This helps you align better with it, allowing you to be a more effective representative.
Start with a Plan
Being in network marketing is about more than just being a sales rep. Because you’re handling everything from sourcing to inventory to accounting, it’s actually an entire business in itself. This is why it’s important to have a solid game plan when you start.
First, understand the network marketing program you’re getting into, from the commissions to the payment plan. Then, think about how you’re going to sell your products, coming up with sales strategies that could involve direct sales, online selling, or selling at vendor events, etc.
Be Consistent; Schedule Your Time
If you want to succeed in your network marketing business, you need to work on it consistently. The best way to do this is to schedule the time that you’ll work ahead of time. Pull out your weekly or monthly planner and block off the days and times when you will work your business.
It can be an hour a day or a certain block of time once or twice a week that fits into your schedule. You need to plan ahead and show up consistently.
Consistency leads to good things happening. It leads to getting things done.
It leads to success!
Create SMART Goals
Create goals that will measure the effectiveness of your plans. Make them SMART: specific, measurable, achievable, relevant, and time bound. This will help you track your performance, see what’s working, make improvements, learn from your mistakes, and aim higher in the future.
Find a Mentor
If it’s your first foray into sales, everything can feel overwhelming. A mentor can help you learn the ropes and give you advice on what strategies could work for you. In network marketing, your upline will most likely be your mentor. But don’t shy away from learning from other successful marketers at your company. Find sellers that are seeing success in the areas you want to improve.
Use Digital Marketing
Social media drives a lot of sales nowadays as people spend a large amount of their time online. Research your target audience and learn about what platforms they’re using, what types of content they consume, and the best way to engage with them. Then, use those insights to create a social media marketing plan that can help you grow your network, distinguish your business as a trusted authority, and drive sales.
Create value, but don’t forget to ask for the sale either. The key is to strike a good balance between value given and suggesting products that you love.
Another effective digital marketing method is email marketing. Create fun and informative newsletters that you can send to potential and existing clients. For the former, share information about the products and provide them with convenient ways to make a purchase. For the latter, discuss incoming sales, networking events, or product demos to encourage them to keep coming back.
Be Organized
A successful network marketing business runs a smooth operation, which means ensuring that all elements are working efficiently and seamlessly. Be organized with your inventory and finances by using tools like Direct Sidekick’s accounting software for Avon representatives.
Keep Learning
Network marketing is a dynamic industry. People change their minds quickly, and you must always stay in tune with what works with your market. Strive to keep learning by researching about your audiences, keeping up-to-date with new sales trends, and honing your sales and networking knowledge and skills through education or training.
In Summary
Succeeding in network marketing entails finding the right mix of strategies to achieve your specific goals. Don’t be afraid to do a bit of trial and error to find what works for you, and remember to use tools like Direct Sidekick to make the process easier
About the Author: Steve Nauta
