Abyssal Failure
The failing rate of the average network marketer is a dismal one. Anywhere between 97-99% will fail as they build their downline. They will spend themselves out of their business before they can even make a dime to try to pay for their monthly personal volume.
Wait a second…
If so many people fail in a MLM, how can it be said it is such a great business model? The answer is simple, as is most things in life. An MLM is a business first and foremost. It is not a get-rich-quick scheme (I would argue it is a get-rich-a-lot-faster-than-your-corporate-job though.), and definitely has no relations with illegal pyramid schemes.
So what is the reason why most people fail? Because they decided rather than to develop themselves, to educate themselves so they can add value to their consumers, they decided just to start their business doing what every network marketer is told to do, call their friends and family, and set themselves up for failure.
Most people will be unskilled when it comes to being an entrepreneur. That is fine. People can always learn. Educate themselves. Try, fail, improve and succeed. It is the natural cycle of anything we try for the first, second, or however many times it takes us till we are educated on our own learning curve.
This is no difference from any other business. Most businesses fail in their first year. The small amount of businesses that do succeed will fail in the second or third year. On average a business will make a profit on their fifth year. They will close their doors and file for bankruptcy. With slumped backs, many will never return to the field of owning their own business. Their hearts will be saddened by the trial, by what could had been had they had more resources to be successful.
Network Marketing, a Promoter’s Dream.
MLM is a curious case in the business world. Most MLM companies fail not because they went bankrupt, but because they grew too fast. The simple fact is, most MLMs have not enabled themselves to prepare for that sort of infrastructure. With the viral power of MLM, is it so surprising that many individuals are making hundreds of thousands of dollars instead of in years but in months? Or even a month?
It really is a realistic goal in a MLM. Why? Because a good MLM will provide you with all the tools you need. You never have to sell anyone. Rather you have tools to offer the opportunity to everyone. Your job is to talk as little as possible during the sponsoring and customer gathering phase. Let your prospects sell themselves, let the tools speak for you.
You are at the most basic description a promoter equipped with a suite of marketing tools.
If the tools do all the work, why do I fail still?
It is because you have yet to add value to yourself. Network marketing operates on a system of duplication. Often this duplication is a very basic, basic form that even a 3rd grader could use the system. The system can and does work, for some people they become superstars off of it. What did they do that was different from you?
Well, in terms of operating your company’s system? Absolutely nothing.
Then how did they succeed, got a group of followers, praise, the great residual paychecks while you failed, alienated your friends and families and feel horrible about it? It is based in timing. The superstar that used the same exact system as you, had one thing different from you. He was already conceived as an expert.
This conception of being an expert is what made people interested in what he had to offer. In what it could be and what it could do for them. In the end you’re not marketing your compensation plan, or your company promotions, nor even your company’s lifestyle and experience.
You’re marketing yourself.
Your prospects are going to buy you. No one else. I’ve seen two people in the same company, work the same system on the same prospect. The first one failed. The second one later contacted them and succeeded. Why? It was the same company. Same product, compensation, same marketing system.
It was because the second one was perceived as an expert. A credible source that has built rapport. It is then that we find we must develop ourselves till we are experts, to where we can add value to our prospects and truly make them feel we can aid them in their dreams and goals. Only then will we be able to add the value that will attract people to us rather than having us hunt them down and getting dismal results for the effort.
How do you add value?
Buy courses on marketing, on business, personal development, mindset. Anything that will provide you with knowledge on a subject that is related to network marketing. Know what is out there. Develop the one thing that cannot be duplicated: You.
Once you do this and as you build your downline and host of prospects to call, you will find your journey into MLM a lot less harsh, a lot less bitter, and a whole lot more fun and profitable.
I wsh you good luck my network marketer, I give you cheers to your success and know that with implementation of everything you learn you will do more than succeed.
Indeed.
You shall thrive.
Yours Truly,
Gregory Elfrink
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