Direct Selling, also known as Multilevel Marketing (MLM) or Network Marketing, was surrounded by different myths and misunderstandings earlier. It discouraged many from joining the business then. It is no more the case now. Government boost to the sector and regulations to safeguard investor interests have changed all that. Here are some things to keep in mind if you want to succeed in direct selling.
However, the Direct Selling business is just like any other business and destined to succeed just like others. The success of Network Marketing comes from your efforts to build it. Today more and more people are getting attracted to Direct Selling in their quest to attain financial freedom and become entrepreneurs.
The Direct Selling business is akin to opening a franchise or starting a small business from scratch. Viewing and considering it just like any other business is important. It holds the key to your success. This article will further give you tips and ideas that will help you to grow your MLM business.
Defining Success in a Business
There are several reasons why someone may start a business. Though many start it for monetary gains, their primary goal remains to succeed. So, how does one define success? As per Google, it is the accomplishment of a specific purpose or target. For you, success can be in different forms. It all depends on your goals!
Each business owner is unique. They come from unique backgrounds. Acquiring wealth may not always be the goal for all. Many strive to look out for a stable work-life balance. In short, several factors determine someone’s success.
It is interesting to note, one’s expectations can mean a lot when analyzing their achievements. There will be occasions when a task that others view as impressive may not yet be to your expectations! Setting higher expectations can do the trick – it can indeed help you achieve greater things. But ensuring to set realistic goals is always advisable.
A Word About Direct Selling
Direct Selling is a business model where companies sell their products directly to consumers. These Direct Selling companies employ salespeople not directly on their payrolls to sell their products or services. The employed salespeople are commonly known as Direct Sellers or Network Marketers.
Network Marketers earn via commissions for selling company products or services. Further, they receive attractive incentives for recruiting more salespeople under them – known as downline in MLM terms. The earnings do not stop there. They also receive a percentage of the commissions on the sales done by their downline and downline’s downline. This income earned without any effort is known as the residual income.
Direct Selling involves person-to-person sales. The nature of a Direct Selling business is collaborative. Unlike in large companies, there are no hierarchies or politics involved in Direct Selling. Further, Direct Selling companies sell everything – from health & wellness products to skincare and from jewellery to cosmetics and more. We will discuss effective ways to grow and succeed in your Network Marketing business in the section ahead.
Five Effective Ways to Succeed in Your Direct Selling Business
You must have famously heard someone say how success is in the eyes of the beholder! Success cannot be limited to a single factor. Most relate their success in Direct Selling to being financially comfortable and the flexibility of working hours that enable you to spend time with your loved ones.
01. Make an Informed Decision
You need to stay safe from companies that operate as MLM companies but incorporate the illegal pyramid scheme. You need to verify the credentials of the company you wish to join.
Arm yourself with knowledge by knowing more about the Direct Sales industry. You need to research the MLM company thoroughly and know about its management before joining.
The Indian government has recently drafted regulations to safeguard the interest of investors. The government has made it mandatory for Direct Selling companies to register with a governing body and labelled companies that incorporate the MLM business model as illegal. Therefore, you need to ensure that the company you wish to join complies with the government regulations and guidelines.
02. Collaborate with a Company Whose Product You Love
Do not get carried away by any hype of big income by ignoring the product you will be asked to sell. It is possible to sell something confidently and with pride if you genuinely like it. Therefore, it is necessary for you to research and partner with a company whose product or service excites you.
This aspect of choosing a company whose products or services you are comfortable with and passionate about selling is even more important than the company’s compensation plan!
03. Avoid Pestering Friends and Relatives About Your Business
Constantly nagging your family members, friends, or colleagues about your business is likely to annoy and irritate them.
Your near and dear ones that include your friends, family members, relatives, and colleagues, form the contacts in your warm list. You can always let them know about your business. But, after learning about their interest, and if it’s not favourable, you shouldn’t force them, just let it go.
Always bear in mind, your MLM success comes from treating it like any other business. Focus on people who are interested in what you have to offer. Therefore, you need to identify your products or services’ target market and your Network Marketing business opportunity.
04. Identify Your Target Market. Sponsor and Recruit Members Wisely.
It is often seen, once the warm list of Direct Sellers is exhausted, they start losing interest in their business. And that’s their biggest mistake. It would help if you didn’t look at everyone, even your friends and family, as potential customers or recruits. You will have greater success and efficiency if you can identify your target market. You need to focus on you selling and marketing your business to them.
An advantage for Direct Sellers in joining a Network Marketing company is that they get incentivized for recruiting new salespeople who become future business builders for the company. Further, Direct Sellers also earn a percentage of the commission on the sales done by their downlines and their downlines. Therefore, you need to choose and recruit your downline member sensibly. Ensure that they are dedicated and passionate in carrying the business forward. As their leader, you need to lead, train and mentor them carefully. It would help if you celebrated their success and supported them whenever possible. Their success will ultimately help in your growth and success. It will enable you to earn a residual income.
05. Surround Yourself with Successful People and Business Leaders
It will always help when you are around coaches and mentors. It will always help if successful salespeople surround you.
You may be surrounding yourself with mentors and leaders by offering them your services at local meetings or business presentations. You may lend a helping hand in arranging chairs and tables or serving snacks to the present audience.
Surrounding yourself with successful people and mentors can help you learn by watching them, taking notes, and asking them questions.
Effective Marketing and Follow-ups will Help You Stand Out from Other Distributors.
We have so far delved into the top five ways that can help you succeed in your Network Marketing business. Implementing traditional offline marketing methods combined with online ways will enable you to stand out from other Direct Sellers.
Direct Sales involve person-to-person selling. It would help if you treated the Network Marketing business like any other business. But unlike before when Direct Sellers had to visit their prospects in person, today the same can be arranged using technology.
Using various marketing methods – offline and online, including email marketing, social media marketing, organizing events, print and online ads, referral schemes, and so on- can help you grow. It can help you to increase the reach and visibility of your Network Marketing business.
Once you initiate your marketing, you cannot rest assured. You must follow up with your prospects. Though you do not want to annoy them, a good follow up can make the sale or recruit later. And as you invite and follow up with many people, you need to keep track of them all. Using a spreadsheet or an app on your smartphone can help you to keep track of your actions.
Conclusion:
Network Marketing is not a get-rich-quick scheme. It is just like any other business; treat it like one. Network marketing is not a game nor a hobby. You have joined a Network Marketing company to make money.
The impression that the Network Marketing business is one where part-time efforts assure full-time earnings may hold in the long run. But when you start your business, you need to put in sincere efforts.
Nothing in this world comes free to you! To be successful in your Network Marketing business requires strict professionalism and a strong work ethic. It would help if you worked hard and smart. Being disciplined will always ensure your consistency. Implementing the above-described ways can enable you to succeed in your Direct Selling entrepreneurial journey.
1 Response
[…] livelihoods to millions who lost their source of income. Direct Selling companies showed them how to attain financial independence and become […]