Saturday
21Nov2009
Prospecting In Network Marketing: The Secrets To Attracting Prospects To Your MLM Network Marketing Business Online - Part 1
Saturday, November 21, 2009 at 02:19PM
Prospecting is one of the top network marketing strategies that decides the success or failure of your mlm network marketing business. Anyone who has been in the network marketing industry at any point knows that the foundation of real network marketing success lies in successful prospecting & recruiting.
And hence network marketing prospecting is one of the key marketing strategies that you need to master to build your network marketing business. Thus knowing how to prospect the right way can make a significant difference to your multi-level marketing business.
Defining the Network Marketing Business Model:
For those who are new to mlm or the network marketing business model, it is the distribution of products through a network of distributors. The mlm company markets its product directly to its customers,providing them a business opportunity of creating multiple revenue streams, should they become independent distributors of the products.
The customers who join this multi-tiered business opportunity further distribute it to their individual network of warm prospects - developing a new set of new customers & distributors. This goes on and on, developing a massive distribution network for the mlm company products.
Compensation Structure In An Multi-Level Network Marketing Company
The compensation structure in this multi-level business model, is also a tiered compensation structure —Independent distributors get commissions for their own direct sales of mlm products and overrides or bonuses on the sales revenue generation of their downlines, recruited by them. These overrides are earned at multiple levels of their downlines, thus promoting & enhancing the distributor's position in the organisation structure - raising him to a Director, VP or President's level.
Each level in this multi level business organisation has its own privileges & additional income streams. And that's what is the underlying reason, that motivates the independent distributor of network marketing companies to take pains and invest his time in training the recruits in his downline team.
It is in his best interest to ensure that his recruits duplicate his own success. He understands the concept of leveraging his time to the optimum and increasing his own earning potential, by enabling the recruits below him to achieve more, both in sales & recruiting downline teams below them.
Targeted Lead Generation In Network Marketing And Its Significance:
And that once again emphasizes the need to be able to draw a consistent flow of interested prospects to your channel marketing business. And since the mlm business model is a people oriented business, cultivating a relationship with prospects, prior to any business transaction is of vital significance. But before we delve deeper in to the pre-requisites of building this relationship, it is highly important to know who your prospect is.
Defining The Ideal Prospect For An MLM Business Model
Unlike what is taught in the traditional school of network marketing thru the independent distributor trainings held every week by top network marketing companies,not everybody is your prospect.
In the network marketing industry, this is popularly known as the "Three-Foot Rule", i.e., anyone within three feet of you is a prospect. This is not true and it is following this rule that leads to the high failure statistics of distributors in the network marketing business.
In fact prospecting in network marketing is all about generating a consistent flow of targeted leads, attracting the right prospects, prequalifying them, building a relationship of trust with them, identifying their hot buttons & finally presenting a solution to a handful of those who are responsive & motivated.
Having said that, it is also important to know that you may build relationships with several prospects at a given time and yet it may be just a few that finally become the customers of your mlm products or distributors that join you in your mlm downline organisation. And this was & is a painstaking task in the traditional model of network marketing business
The next post delves in detail on how to prospect & build your network marketing business using internet and attraction marketing to its optimum potential without the usual cold calling & embarrasing prospecting methods.
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