Network marketing has given many people a life they have dreamt of. On the other hand, there are many more that have failed miserably too.
Why do you think People fail in network marketing?
In this blog, we shall discuss the top reasons why do people fail to be a successful network marketer and discuss how to overcome them.
1. False Expectations
At times, some MLM companies and network marketers give out false claims related to the nature of MLM business and prospective income they can earn. If you are a sponsor and you put forth false claims of income to the new recruits, they will think of themselves as a failure once they don’t achieve those expectations that they have been given.
You can tell them the honest scenario and what they can expect from the network marketing business and prepare them for taking forth their own business.
Beginning the MLM journey with the right goals and expectations is very crucial for success of a new marketer and help them stay motivated during their career.
2. Lack of ambition and dedication
Network marketing is no easy job. One would have to put in a lot of effort , time and energy to build a network that can yield them good and stable income. Beginning of the business is quite a test for the marketer since that is when he should put in the maximum effort and allocate most of his time. Only then can he reap great rewards from the business. Many a times, we notice that new prospects lose out on dedication and ambition some time after they begin the business.
You must be willing to put in consistent efforts to build the business throughout your network marketing career, only then can you earn a comfortable income.
3. Lack of support from friends and family.
To succeed in network marketing, you must believe in the business and in yourself. If you don't place your trust on the network marketing business and don’t believe in the products you sell, there are very little chances that you will be able to build a team and succeed in your career.
Another important aspect is the support of your friends and family. If people around you support what you are doing and motivates you, well and good! You are one of those lucky ones out there. If you are not one of the lucky ones, it is very important that you start raising your level of belief.
You should be confident of your business and assure yourself constantly that you will make it big one day.
4. Inadequate training
There are a lot of MLM companies today and each has its own functioning procedures. Most of the companies give their representatives a good training and prepare them to build and manage their network marketing business. Having said so, there are quite a few companies that do not provide a well designed training programme.
Even if your company does not provide adequate training, you need to find out some network marketing veterans who can provide you with proper training and good insights on network marketing business.
Even if you are an experienced network marketeer, you need to constantly update your knowledge to learn about the new marketing practices that have entered the market. There are a number of channels on Youtube and many blogs online that you can take lessons from.
5. Wrong Choice of products
All the successful network marketing professionals that you meet wold have one thing in common. They are extremely proud of their work and love the products that they sell. They are the regular users of the products and they would probably buy them if they are not paid to sell them!
Your success in network marketing would be heavily dependent on the ability to share your passion and knowledge of your products to your customers. Some people join the business for money and later on discover that they cannot sell the products.
Hence, it is always better to use the products and know more about it before taking the plunge and start selling them.
6. Targeting the wrong market
This is one of the factors that the reps get wrong most of the time : finding the right target market.
Most of the companies ask the new reps to make a list of all 100 people they know and ask them to pitch the products to them. Another advice given to the reps is to pitch the products to anyone standing within 3 feet of them. This strategy will earn very little sales, as far as experience speaks.
You would be wasting time by selling your products to people who have no interest in them. Not everyone is a prospect. It is nice to tell your friends and family about what you are doing, but pestering them to buy from you will lead to you being avoided by them.
Smart businessmen will find the right market and pitch the products to them. This would lead to almost 100% conversion of prospects to customers. And the network marketer would not have to deal with the disappointment of rejection. Friends and family will join later on, once they see how successful the network marketer has become.
7. Not following up after recruiting people
This is probably the most important aspect of being a successful network marketer. You need to follow up with people who have expressed their interest in the business and is likely to join it. Now, having said that, you should not keep on calling friends and family who have denied to join the business. They will start avoiding the calls and you will feel alienated.
Many network marketers have missed on many great business opportunities because they did not follow up on legitimate prospects. Many miss opportunities to grow their business by not following up on legitimate prospects.
Choose a right time and call the prospect. Chances are that they will not sign up on the first place. You have to continuously follow up and bag the business. If they are least interested, let it go they will come around once they see how successful you have become. people who aren’t interested.
8. Money is the only focus
Well, money is definitely the driving force of network marketing business, or for that matter, any business. After all, why do you think people go to work?
Keeping that on the side, one must put their efforts into showing potential customers and new reps on the golden opportunities in MLM business and how they can build a business from the scratch.
Many people fail in the business by focussing on just money and failing in building relationships to build the business.
9. Wrong Choice of MLM Software
The right Network Marketing Software is integral to MLM business and you should be very careful on choosing the perfect software for your MLM business. It should be fairly priced, have all the essential features and must be easy to use.
Click here to know more about Tips to Buy an MLM Software
We can definitely vouch for network marketing as a great career option. Be Careful not to make the mistakes mentioned here and you are good to go!
Read on How to succeed in Network Marketing Business?