In 2018, network marketing generated more than $35 billion in the US alone—and that was a 1.3 percent increase over the year before.
Network marketing is very common. The Direct Selling Association (DSA) estimates that one in seven households in the United States are involved in it, and 78 percent who are involved would recommend it to their friends and family.
The cost to get started with network marketing is low as well—barely above $100 on average, according to a DSA survey. That’s exponentially lower than chain restaurant franchising, for which $100,000 is a modest estimate.
But it’s also difficult to earn a steady living wage with network marketing, and not everyone makes it. A 2018 survey from the AARP foundation revealed that the multi-level marketing success rate (defined as making a profit) is just 25 percent. More than half of those make less than $5,000. That’s fine if you’re just looking to make some pocket change, as many direct marketers are. But if you want to make a career of it, you’re going to need some network marketing tips for guaranteed success.
How to Get Success in Network Marketing
It’s a real business, and you need to treat it like one.
That’s the real key to success in network marketing. Take it seriously and be professional about it.
Here’s what that looks like.
1. Set specific goals and write them down.
The first thing you need to know is what your end goal is. That might be a specific income level, a certain number of distributors … whatever success looks like to you.
Once you have that long-term goal, you can develop short-term objectives and strategies to help you get there. All of these should be SMART goals, which means they should be:
Let’s say you want to make a decent living as a network marketer. To make that goal SMART, you need to focus it—for instance, by declaring that your SMART goal is to make $50,000 a year within three years.
Your next step is to develop a strategy for reaching that goal. It should involve weekly, monthly, and yearly objectives, each of which has an action plan for achieving it. Your burgeoning customer base and your recruits or distributors should feature prominently in all of these.
2. Create a strategic marketing plan.
Before you start marketing to anyone, determine who needs or wants what you have to offer. You might be marketing to two different groups of people: potential recruits and prospective buyers for your product or service.
Be specific about who your prospects are. Get an idea of their average age, family status, professional position, and so on.
Then make a list of potential marketing techniques, such as:
- A website, either your own or one the company provides
- Social media accounts
- An opt-in email list
- Referral programs
Once you have your list of ideas, make a specific plan to put them into action.
3. Make a schedule.
In network marketing, the only real limit to your success is how much time you’re willing to devote to it. But how you divide and use that time is up to you.
Use your sponsor or mentor as a resource. Find out how often you should be presenting, and when you need to set time aside for company events. You’ll have more learning and study time scheduled early on, but you can work your way up to more active selling and marketing.
4. Learn by doing.
Your success as a network marketer depends on your ability to make strong presentations. Watch your sponsor make a few presentations and learn how it’s done in your company. Then get out there on
your own and practice the techniques.
5. “Go core.”
Multi-level marketing expert Randy Gage has developed nine MLM success tips that he calls “going core.”
- Use the company’s products.
- Nurture relationships with loyal customers.
- Make presentations regularly. Try to make three to five per week, working up to five as a minimum.
- Attend all company functions, including annual conventions.
- Develop your professional skills every day.
- Learn the methods and techniques specific to your company.
- Be accountable to your company and your sponsorship line.
- Build up your organization. Encourage and validate others, including those above you.
- Follow the system and keep it going.
Most of these network marketing success tips focus on you as a representative of a larger company. That’s a key element of network marketing. This isn’t a career for a “lone wolf.”
A Final Word
These are just some of the network marketing success secrets that you’ll find along the way. Keep learning from your mentors as well as your colleagues, and never stop actively promoting your business. Remember, you get out of it what you put in!