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One of, if not the, greatest benefit offered by network marketing is the potential to earn an unlimited income. So it’s hardly surprising that one of the most common questions network marketers have is:
“Dude, Where’s My Money?”
All too often the articles and advice on this subject are too vague for my liking. Sure, things like planning your work the day before, getting in touch with your goals and being persistent are all valuable tips, but they’re not as useful as a step by step guide.
So here’s the step by step guide you’ve been looking for.
There are only three ways of increasing your network marketing income. If you do any one of them, you will increase your income, but by doing two or all three of them, you’ll literally be multiplying your income.
The three ways are:
- Increase the number of people buying your product
- Increase the amount of product they buy
- Increase how often they buy product
You might want to re-read those three again, because that short list is your blueprint to earning the income you want from your network marketing business.
Now, let’s look at each one in a little more detail.
Increase The Number Of People Buying Your Product
It’s simple – would you prefer to have one person buying $100 worth of your product each month, or ten people each buying $100 worth of product each month?
So how do you find these new people?
Some of them will be 100% loyal product users with no interest in network marketing (and some of these, if you treat them the right way, will become the most successful business builders in your downline), and some will be business builders.
When your high-flying business builder sells product to a new person, he has increased the number of people in your team buying products, thereby increasing your income as well as his own. Maybe you should call him and remind him that you appreciate him, hey?
But your business builders aren’t the only ones who can help you in this area. Remember that loyal product user who orders each month without fail? She might just be the biggest resource you are wasting. Why? Because most network marketers have never asked her for referrals, and referrals are the single most successful way of finding new customers.
Do you have a system in place to ask all of your loyal product users for referrals? If not, you are ignoring a hugely profitable area.
Increase The Amount of Product They Buy
There’s one important thing to remember about taking orders from people – you must always have their best interests in mind. That means that you don’t sell them as much as you possibly can just to increase your earnings, but it also means that you don’t let them buy less than they need.
Let me use nutritional supplements as an example. Imagine you are meeting with a gentleman who wants to use your multivitamin product but decides that he will buy enough to take one capsule a day instead of the recommended two a day. By explaining to him that he needs to take the recommended dosage, you are ensuring that he receives the maximum benefit from your product.
Never let someone buy less than they need. It will only lead to them being unsatisfied and not placing future orders.
The other way of increasing the amount of product a person buys is by keeping them updated about new products. Do you have a standard procedure in place that you use to inform all of your customers about new product launches? If not, you need to get one in place urgently.
Increase How Often They Buy Products
You’ve probably heard that it is easier to sell to an existing customer than attract a new customer. That’s true of network marketing too.
The two best ways of increasing how often customers buy products are:
- Education – using the nutritional supplement example again, your customer may not know that using a multivitamin product for a couple of weeks and then skipping a few weeks will not offer them much benefit. It’s your job to educate them about this and help ensure they make the best buying choices.
- Communication – your customers are much more likely to re-order if they hear from you, as that reminds them about your product. Whether you want to give them a courtesy call each month to see how they’re doing (this will be hard to maintain as your downline grows), send out a card or letter, or have an email newsletter, you need your customers to remember who you are and why your product is important to them
The best network marketing companies will make it easy for you to encourage customers to buy products regularly, by allowing them to place a regular order and even offering a discount for doing so. You can use this to your advantage because your customer will avoid running out of products and will receive your products at a lower price – great benefits for him or her.
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To make sure you are earning as much as you can in your network marketing business, you should be focused on these three areas each working day. You might even like to print them out and place them above your workspace.
When you’re planning your working day, ask what actions you can take to:
- Increase the number of people buying your product
- Increase the amount of product they buy
- Increase how often they buy product
I guarantee that by focusing on these areas consistently (as well as developing the business builders in your downline) your network marketing income will increase.
Go do it!
Katie Williams
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