Strategies for Building an Effective Network Marketing Business

The following are the elements that are essential to building an effective Network Marketing business.

Step 1. Market Yourself

You must be able to effectively market yourself. People will do business with you because they like and trust you and not because of the bells and whistles that you have. Therefore, you need to develop the self-confidence to approach your natural market and other prospects to determine what their needs are and to find out how you may be able to assist them. 

Step 2: Determine the Prospects' Key Concerns

Let the conversation be about the prospect and not yourself. You need to listen to their concerns and determine what their goals are; and then explore how best you can help them to reach their goals. Their goals could include 1) saving for retirement; 2) paying off debt; 3) funding their children's education; 4) buying a new or second  home; 5) going on a dream vacation; 6) saving for a rainy day; or 7) buying a new car.

Step 3: Offer the Right Product

Offering your prospects products that they want and need. Although your prospects may want to generate residual income, offering them a product that direly benefits them is also a good incentive for them to do business with you. In our case, we are offering two products that pertain to leisure and wellness.

Step: Provide an Easy to Use Lead Generation System

Your natural market comprising your family, friends, associates, church members, professional and social club members are typically the first people that you would approach when you start a Network Marketing business. 

Once you have exhausted your natural market, the next logical step is to reach out to people outside your natural market. It is possible to do this through networking and referrals. However, it would take to long to build your business. 

Lead acquisition is another way to build up a list of qualified prospects. However, you still need to connect with and build rapport with the prospects.

There are so many ways to acquire leads to increase the number of prospects for your business. This includes internet ads like Google Ads, purchasing leads from various online sources, or using a system that allows you to extract leads from relevant internet sites.

Our recommended solution(s): NetExtractor

Step 4: Provide a Simple, Easy to Use Email Marketing and Business Management System

Most network marketing companies have an integrated internet-based system that enables you to manage your business online. This includes a lead capture page; marketing presentations; follow-up on leads and prospects;  and managing your business after you close the sale. If your company does not provide a comprehensive system for marketing and managing your business then you need to identify an appropriate system that can help you to manage your business.

Our recommended solution(s): Prosperity Central

Step 5: Work with a Coach

We all need a little hand holding, especially when we first start out. Having a good coach that has industry experience and knowledge is important. Your coach can help you to overcome the learning curve quickly so that you can concentrate on client acquisition -- talking to people, building relationships and building your business.

Step 6: Consistently follow-up on Prospects and Close the Sale!

Follow up with prospects via email and phone and eventually close the sale. You also need to follow up with your clients following the sale to ensure that you address any concerns that they have.