MLM prospecting, network marketing prospecting, recruiting, however, you want to call it, but I’m going to tell you my personal testimony from the last 30 days of my new network marketing company.
A large part of my audience is in network marketing, and I just had a team of 28 starts with me in the last 30 days. This helps them, helps you, and all the things.
Let’s dive into the deadly multi-level marketing prospecting mistakes. These are the mistakes that cause 90% of distributors to fail in network marketing, and it does not matter what product niche you’re in. Beauty, health and wellness, life insurance, it does not matter.
Teamwork makes the dream work
Network marketing companies or the MLM structure is going to be based on building a team. As affiliate marketing and ambassador-style marketing are becoming more popular. A lot of companies these days have a large percentage of compensation that comes from customers. However, that residual piece comes from building a team. So if you want to be successful, you want to be sustainable, you got to build the team.
Network marketing has the potential to be a great source of income with its ability to build teams and earn money through referral commissions. This is an innovative way to make money as it allows individuals to generate a second income by investing time and effort. The potential for growth in network marketing is huge, as individuals can develop their own team of people who promote products and services for them. As this type of business grows in popularity, it’s becoming increasingly easier for people to join forces with each other and create successful businesses that pay dividends over time. Furthermore, network marketing also provides an opportunity for entrepreneurs who may not have the resources or technical know-how needed to start a traditional brick-and-mortar business.
Here’s a video of the 5 Deadly Mistakes in MLM Prospecting:
Mistake # 1: You approach your contact list with the goal to sponsor everyone.
We got to enroll as many people as we can and get as much volume as we can and that ends up doing multiple things. You might bring a toxic person into your team.
Before recruiting ask yourself this. Do you want to work with everyone? Do you want to be best friends with everyone? Does this person is going to fit into my business? Is that person going to work? Is that person going to fit into the culture of my team? If not, you might be doing your entire team a disservice by bringing one negative person into the space or one person that might not be a good fit or that isn’t going to put the effort in. YOU DON’T HAVE TO RECRUIT EVERYONE.
You need to find out who you want to work with and if you have to turn someone away, it will save you in the long run. Because you don’t want to waste your energy and expend it on someone who doesn’t want it. How much toxicity are you going to bring into your team for someone that you just had to get butts in seats? You just had to enroll all these people. So, you don’t have to sponsor everyone. Learning to be direct is going to help you become successful. Beating around the bush doesn’t do anything, but drag your business out and make people upset. It’s okay to say, hey, I don’t think this is a good fit for you.
Mistake # 2: You only talk to your close friends and family.
For sure our friends and family are our number 1 supporters when it comes to competitions but financially? There are limitations. If you’ve been in it as long as I have. You will know your friends and family are no longer your customers. After they supported you the first time, maybe the second time, they’re done. They don’t want to buy anything from you anymore. I’m sorry to tell you that, but your mom quits buying after company number three.
It is not always a given that friends and family will be customers. In fact, it is often the case that they will support us the first time we offer something to them, but after that their loyalty may wane. This can be especially true when money is involved. There are only so many times our family and friends can give us financial support without expecting something in return.
The temptation may also exist for us to become too reliant on our network of friends and family for sales. Which could lead to burnout or feelings of being taken advantage of if expectations are not managed properly. It is important to remember that while our closest circles may have been the most likely to buy from us initially, they are not necessarily going to remain customers forever.
Therefore, while it is great if your friends and family support you financially, it should ultimately come secondary to finding more sustainable ways of earning income through other sources such as social media. Potential customers are around in other areas of the world. We have social media. We don’t rely on our close friends and family to purchase from us anymore. If they want to that’s great.
Mistake # 3: You prejudge your prospects and talk to the ones that you think will be interested.
Have you ever thought to yourself, I know this person doesn’t have the money to join, so I’m not going to talk with him/her. You cannot prejudge anyone because you would be surprised how many people come up with the money to start because they want it.
Don’t prejudge people. Get out of their pockets. Don’t try to determine how much money they have. I’m not telling you to tell someone to put themselves in all this crazy debt. Normally starting with network marketing, it’s a couple of hundred bucks and you can make that ROI back your first month. If you get to work, if you hustle, it’s a possibility. That’s for sure. Get out of people’s pockets and quit prejudging them.
Mistake # 4: You sell the business and not the meeting during your invite.
When you’re inviting people to take a chance at your opportunity. You’re not just selling the business but you have to get to know them. You have to listen to what they need from you whereas if you’re just selling the business.
It should be a way to build relationships and create value for the prospect. By helping them understand how your business can help improve their life or solve a problem. When you make the invite, you should focus on introducing the concept of your business without going into too much detail or trying to sell them anything. Instead, offer an invitation for them to learn more about what you have to offer and discuss it with someone who knows more about it.
By having this discussion with them, prospects can gain valuable insights that will help them decide if they want to pursue working with you further. Ultimately, The Invite is designed to spark interest in learning more about what you have to offer so that prospects can make an informed decision on whether or not it’s right for them.
Mistake # 5: You approach every prospect the same way.
Not everyone has the same issues. Not everyone has the same challenges. Not everyone wants the same thing out of this business. Let that prospect decide what they want out of the business and you support them through it. Don’t try to treat everyone exactly the same and don’t try to bring everyone in exactly the same.
When engaging with prospects, it’s important to remember not to try and force them into a “cookie cutter” mold. Everyone is unique and everybody has different needs. Allow them the freedom to decide what they want out of the business. Establishing trust and a personal connection is key in order for them to open up about their needs. Ask specific questions related to their goals or objectives that will help you understand how best you can be of service.
On top of listening intently, it’s also important to provide support along the way. By offering guidance on areas where the prospect may need assistance with. This could range from providing advice about industry-specific topics, connecting them with resources for funding, or introducing them to other professionals. Who can give insight into whatever area they are looking for help on.
By demonstrating your commitment and understanding through thoughtful conversations and actions. You will be able to build a stronger bond with your prospects resulting in a successful business relationship.
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It’s important to keep in mind the five deadly mistakes of MLM prospecting. So that you can avoid them and fine-tune your strategy. While building a successful business takes diligent effort, if you channel your energy into the right areas, and will see the results.
It takes a lot of trial and error but if you focus on identifying and breaking those pesky habits. You can hone your skills as an MLM-er and have more success moving forward. By developing an effective system for managing leads, handling conversations delicately, demonstrating consistent follow-up, setting clear expectations about the feedback process, and tailoring individual strategies for prospects, we stake our way through this funnel more smoothly. Moreover, getting additional training beyond formal education may be beneficial in leveraging our efforts for greater returns. If you have any others that you want my advice on, you can drop them in the comment section below! Here’s to hoping this guide helped give clarity to the 5 Deadly Mistakes in MLM Prospecting!