Direct Selling, also referred to as Network Marketing or Referral Marketing or Multilevel Marketing (MLM), is not a part-time job or a hobby! Direct Selling is just like any other business that lets you set your own working hours and work from the comforts of your home.
Your earnings as a Direct Seller depends on the type of product or service you sell and the number of dedicated hours you put in. Further, you are incentivized for the salespeople you recruit under you – popularly known as the downline in the MLM world. Your earning does not stop at that. You also earn a percentage of the commission on the sales executed by your downline and downline’s downline!
The growth and success of your Direct Selling depend on how effectively and efficiently you use your resources to execute your business strategies. This article gives you some of the most effective tips on how to grow your Network Marketing business.
Common Building Blocks of Successful Businesses
As per an independent business membership & research association – The Conference Board, high-performing businesses have three commonalities irrespective of their geography or industry. These businesses are known to use their available resources wisely and effectively. The basic and the most common building blocks of successful businesses are shown below.
- Successful businesses are customer-focused. They know how to optimize their resources.
- Successful businesses have the organizational capability to support their business objectives.
- Successful businesses are flexible. They know how to set realistic goals.
The success of your Network Marketing businesses is based on how you use the available resources and create a culture for financial stability and accountability. You need to have a strong focus on your target audience and deliver and deliver high-quality products or services to them.
You need to develop a positive mindset once you decide and step into your Network Marketing business. In the section below, we will discuss five effective lessons to grow your Network Marketing business.
Defining Your Network Marketing Business Success
The parameters that define the success of a business is different for everyone. You can always measure your success by creating a strategy and outlining your goals and targets.
However, to succeed in any business, you need to work hard work and persistently. Many Network marketers begin with a goal of being successful without knowing what being successful really mean! Success is different for each business owner; it is entirely up to you to define it.
The journey to success can be a great feeling and a different experience altogether. You can measure the success of your business in terms of the profits you generate by delivering high-quality products or services.
No Business Can Thrive Without a Strategy!
Your business journey is not the same as others; it varies. And your definition of success too cannot be the same as others. But there is no business wanting to achieve success without a strategy!
It would help if you created your business success strategy by studying the industry you are about to step in before collaborating with a Network Marketing company.
You should know your short-term and long-term goals. And it is important to set realistic goals. Using the SMART method can help. SMART means Specific, Measurable, Attainable, Relevant and Time-oriented.
Multilevel Marketing Company and How it Operates
A Multilevel Marketing business involves selling a product or service directly to prospects or customers without any retail store or intermediaries in between. When you join a Multilevel Marketing company, you are referred to as a Network Marketer or Direct Seller or simply a Sales Representative.
Multilevel Marketing companies operate by hiring salespeople who are not directly on their payroll. These salespeople are paid lucrative commissions and other incentives for selling the company’s products or services. They are also incentivized to recruit salespeople, enabling the company to grow its salesforce and increase its reach and visibility.
As a Direct Seller, you earn commissions on the sales executed by you and you are also incentivized for the salespeople you recruit under you – commonly known as your downline.
Your earning does not stop there. You also earn a percentage of the commission on the sales made by your downline and downline’s downline. This earning is without any effort from your side and is known as the residual income.
5 Effective Ways to Drive the Success of your Network Marketing Business
Multilevel Marketing companies are popular with people worldwide. They enable you to own your own Direct Sales business cost-effectively and run it comfortably from your home during convenient hours.
Unlike franchise opportunities where startup costs are high, Direct Selling companies allow you to earn some extra cash or even make a livelihood affordably. And unlike part-time jobs, in Network Marketing, you can work during convenient hours and even from the comforts of your home.
However, Network Marketing is not a get-rich-quick scheme. You need to put in the effort and work smartly. Selling the same product or service to the same customers can limit your business growth. And building your Direct Sales business can get challenging.
Listed below are five ways to better market your products and services that will lead to the success of your Network Marketing business.
01. Choose Your MLM Company Wisely
Many companies start under the guise of an MLM company but implement the illegal pyramid business model that the Indian Government bars. You should ensure yourself from joining such companies. Make sure that the MLM company complies with all the Government regulations and guidelines.
The reputation and reliability of the company matter when approaching your prospects and customers for sales. If the company’s products are shoddy or the services inefficient, you will have a tough time selling them. You should ensure to choose a company whose products are high-quality and ones you are comfortable selling.
It would help if you made an informed decision when finalizing your Multilevel Marketing company. You should ensure that the company has been in existence for at least five years. It would help if you verified the credibility of the company’s management team.
You should ensure that the company offers sufficient training and strong support when you are on the field. It can be in the form of printed material and catalogues, price lists, online training, etc. You should ensure that the compensation plan of the company satisfies you.
02. Implement an Effective Content Marketing Strategy
Social media and email marketing are highly effective digital marketing strategies. With the intense competition, you should incorporate an effective content marketing strategy that showcases your business and talk about your products.
Using the content marketing strategy via emails, blogs, e-books, or social media, you can spread your word. Using content, you can entertain, inform and update your prospects to convert them into customers.
Smart marketing is about knowing your audience well – about knowing their likes and dislikes after analyzing their buying history and preferences. Knowing your customers’ contact details, preferences, purchasing patterns, and other personal facts can help you personalise your content marketing efforts.
03. Attend Events and Host Parties
Network Marketing is all about increasing your network of contacts. Attending trade fairs and social events can enable you to meet new people. It is a great way of generating leads. You can exchange your visiting cards and other details with them and later add them to your database. It will help you in your email marketing strategy.
Another great way is to host parties – either at your place or in a restaurant. It is no secret, Network Marketers who host parties are more successful when compared to those who don’t. Just like at events or trade shows, you get a good chance to meet potential customers. You may even give a demo of your products or a presentation about your business. It can help to sell either your products or recruit new salespeople.
We are living in a digital world, and sales parties have gone online. You can host a live event or a sales party on Facebook or other social platforms and invite your network and friends to join.
04. Keep Updating and Learning
Being confident about the product you sell is half the battle won. When you develop the skill and expertise about your product, it will make selling easy.
Reputed Network Marketing companies offer training sessions or online tutorials when you join them. Senior consultants in the company give you all the support and encouragement needed.
However, it is up to you to keep updating yourself with your company’s latest launches and developments and keep learning about new marketing techniques. You can do so by surrounding yourself with experienced sales representatives and mentors.
05. Motivate Your Team and Interact with Other Sales Representatives
The growth and success of your Network Marketing business depend on how dedicated and motivated your downline is. Therefore, it is in your interest to keep them activated and motivated.
Also, it will be a folly to look at other sales representatives as your enemy or your competitors. Working and interacting with other direct sales representatives can help you in several ways. You can learn and compare your sales strategies. You can discuss different ways to market your products.
Conclusion: Connect to sell. An effective marketing strategy will ensure your success.
Direct selling that earlier had a reputation as a pyramid scheme has reigned over the past few years. Today, the Direct Selling industry that stood out during the pandemic increasingly focuses on providing valuable content, products, and services to consumers.
Taking proper steps can help you to build a trustworthy and successful business. The direct selling business model is popular as a work-from-home business opportunity.
Customers are known to identify with a story. So, you need to create one. You can create a successful Network Marketing business story for yourself by generating a great user experience, providing exceptional customer service, and having an effective online presence. Incorporating the effective ways discussed above and making every customer feel being valued will help to foster brand loyalty, build connection, and create trust.
The Direct Selling Academy 