What is MLM / Network Marketing?
Multi-level marketing (MLM) is a marketing strategy in which the sales force is compensated not only for sales they personally generate, but also for the sales of others they recruit, creating a downline of distributors and a hierarchy of multiple levels of compensation.Other terms for MLM include pyramid selling,network marketing,and referral marketing.
Most commonly, the salespeople are expected to sell products directly to consumers by means of relationship referrals and word of mouth marketing.Some people use "direct selling" as a name for MLM, although MLM is only one type of direct selling, which started centuries ago with peddling.
MLM compensation plan
Some advertisers offer multi-tier programs that distribute commission into a hierarchical referral network of sign-ups and sub-partners. In practical terms, publisher "A" signs up to the program with an advertiser and gets rewarded for the agreed activity conducted by a referred visitor. If publisher "A" attracts publishers "B" and "C" to sign up for the same program using his sign-up code, all future activities performed by publishers "B" and "C" will result in additional commission (at a lower rate) for publisher "A".
Two-tier programs exist in the minority of affiliate programs; most are simply one-tier. Referral programs beyond two-tier resemble multi-level marketing (MLM) or network marketing but are different: Multi-level marketing (MLM) or network marketing associations tend to have more complex commission requirements/qualifications than standard affiliate programs.
The benefits of an MLM home business
An MLM home based business offers many benefits. Various types of income are certainly at the top of the list. Here are three income benefits you can receive when you run an MLM business from your home.
1. Retail income. Thanks to the Internet you can sell products online and not leave your home to do it.
Many network marketing companies now pay their retail checks directly to you on a weekly basis. This means you can earn excellent cash flow without waiting a long time to get the money on sales you make.
2. Passive income. When you build a downline of distributors you can earn money on their purchases and sales.
As your group grows you continue to passively receive this income without doing any work for it. This truly is one way to get rich as you can be earning income on literally hundreds or thousands of people underneath you.
3. Residual income. This has long been one of the primary benefits of an MLM business. Getting paid over and over in the future for work you are doing now is a very powerful concept.
It is possible to develop a walkaway income from your network marketing business. This only happens after you build a large group of distributors who are purchasing and selling products.
Of course they also have the opportunity for residual income which helps encourage them to keep their business going.
Prospecting & recruiting tips
To succeed in MLM recruiting, you must be able to find and create interest in an adequate number of qualified prospects. This is why most "cold calling" fails. The appointments made with cold calling are usually low probability leads that will just waste time. As well, it's next to impossible to develop a favorable relationship this way. Here we will take a look at the best tips for prospecting.
1. Use an offer of around 45 words that clearly says who you are, what you are marketing, and the 2 best characteristics of your product or service when you contact prospects.
2. Make sure your list is highly targeted and made up of individuals that are already interested in your type of business.
3. Have regular contact either via email or by phone with every person on your list. However, realize that only a small percentage of your prospects will be ready to do anything on the initial contact. More people will be ready to partake of your opportunity with more contact. Most prospects won't be serious until the 3rd contact or after.
4. Try taping yourself when you contact your prospects by phone for your end of the conversation. Listen to the tape when the call is complete to see how you sound. Study the conversational tones. See if you sound like a salesperson, overly enthusiastic, unusually friendly or enticing. Try to present your opportunity without sounding like you are trying to convince your prospect.
5. If you get a "No" or "I'm not interested," just end the conversation. Don't keep chasing down a dead end. This way will not leave a sour taste in their mouth.
6. Make your prospecting sessions no more than 3 hours with a 15 minute break each hour. You will be more productive on this type of schedule.
7. Get into the mindset that finding prospects is really a "numbers game." Try to stay positive and not get discouraged.
8. Always be ready to let go of dead end leads and not waste your time on them. Don't get desperate and badger people who really aren't interested.
9. Keep good records. This will help you to constantly improve your results and keep you organized when speaking to people.
Here's something that you need to remember about MLM prospects. They really don't want you to sell them on a business opportunity. Your main goal should not be to convince. Good prospects are those who are already looking for an opportunity, so forget about the prospects who are not interested. If you understand this you'll really reduce the frustrations that come along with prospecting. It's important to attract individuals who are actively looking for an opportunity.
Global domains international Review
GDI has an amazing uni-level compensation plan that pays affiliates five levels deep with the ability to build an unlimited team on your first level and 100% commissions on all levels underneath your first. Affiliates also get rewarded with a generous bonus for referring five or more active members in one week with $100 deposited directly into your bank account or Paypal account instantly. You also get an additional $100 for every five affiliates you bring in to the program.
The opportunity literally sells itself with the movie presentation people are presented with after they visit the corporate site and request the information. The website is filled with thousands of testimonials from all around the world of people who have found success with the GDI income opportunity.
What makes Global Domains International so lucrative is the fact that they have no competition in the industry. They are the only network marketing company that is in the business of selling domains. Sure you can affiliate with another domain company and make money off reselling, but that don't give you the advantage of residual and leveraged income.
GDI shows no signs of slowing down. Every year millions of people sign on to the Internet for the very first time and will soon need a web hosting solution if they want to have there own website and domain name. Not only do Global Domains provide a cheap, reliable and affordable plan, but they also give all customers the chance to earn a possible living online for selling the plan to others.
From 1997 to GDI achieved a 3479% growth and ranked number 37 on the list of 500 fastest growing companies in the United States with sales increasing from $261,000 to $9,341,000 in 2001
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MLM leadership
1. The first trait is honesty. No one is going to trust a shady or dishonest marketer who gives off the vibe that they are only there to make a quick buck. Not only should a network marketing leader be honest in his or her business dealings, they should also be honest in all areas of life. This new type of leader should love what they are doing, the industry they are involved in, the products they are selling, and believe in the value they are offering. They should also have integrity that shines through everything they're involved in. You will be able to rest a lot easier knowing that you are in business with an honest individual.
2. The second trait is an in depth knowledge of both their product and industry. You absolutely must have an extensive education of the network marketing industry and the specific company you choose in order to be viewed as an expert. A real network marketing leader should be able to answer every single question before it's even asked in a presentation or training. If you don't know a lot about your product or service, take some time to study. Become a "product of the product". Read about it, sample it, use it, and share it with others. If someone asks you a question that you don't know the answer to, go and find their answer. And don't waste time getting back to your prospects either. If you make them wait too long, you'll probably lose their confidence and their business.
3. The third trait of a new online MLM leader is passion. Have you ever met a network marketer who was dull, looked down at his notes the whole time while reading them word for word in a very monotone voice? Would you really want to learn from someone this dull and boring? Being excited about what you are doing is magnetic and passion is one of the greatest assets you can possess. Your enthusiasm will shine through your marketing and prospects will be brawn to you.
If you don't view yourself as naturally outgoing, you can overcome shyness by practicing enthusiasm. This is correct; enthusiasm can be a learned trait! Take some time to think about what you sell; and I mean what you are really selling. Are you selling a beneficial nutritional supplement, or are you selling the joy and excitement that comes from living life to its fullest that comes as a side effect of your nutritional supplement? Consider stuff like this when selling your product and your passion will really show. As previously stated, excitement and passion go hand in hand.
4. An effective online MLM leader is organized. No exceptions here. An extraordinary internet MLM leader has some efficient organizational skills. This trait is highly coveted by the unorganized, but it's also easily learned. Not only will organization help you be more efficient, you will never appear to "not have it all together" in front of your prospects. It may take some time to get your stuff together, but do it. Go buy some folders and organize your stuff. It will actually help save you time and look more professional.
5. The final online MLM leadership success trait is humility. There is nothing that turns prospects off faster than an oversized ego. People are really only interested in themselves. Great leaders in this industry truly want their downline members to do better than they have done. They will not try to sabotage their team members by giving them bad advice, or no leadership at all. This new type of leader supports and encourages team members, and is also humble when making mistakes. Be quick to forgive, learn, and grow.
Downline retention techniques
To improve productivity and retention in your MLM downline, you have to have the desire to educate yourself, you have to give out incredible value to others and you have to be consistent with your activity. So how does this increase your retention rate if there are always going to be 80% of people dropping out.
1) You need to educate yourself on prospecting and recruiting techniques that are going to blow your recruitment statistics out of the water! Practice until it becomes second nature to you.
2) You need to learn how to market yourself online and generate your own leads with a simple online system like MLSP, so that you are not emotionally involved in the outcome of each prospect. The more prospects you speak with, the less hung up you are on whether they say yes or no.
3) "Filter" your prospects to see if they "qualify" for your time - give them assignments to do before they join your opportunity.
4) Allocate your time to people who are active and deserve your time, not those who are needy.
5) Keep your new prospect involved in everything in the team with weekly webinars and trainings and "buddy" them up with someone who is positive and self motivated.
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