You know, when someone starts to write about success in the MLM industry, people seem to flock to read whatever is said. Seems that most people in the industry love their product/service but don’t really understand what it takes to build a long-term sustainable business. So, whenever the see an article titled, “Three Key Ingredients to MLM Success” it gets lots of readers.
That said, the industry failure rate is still really high (over 80% with some estimates as high as 90%). Why do you think that is so? Is it all your fault, the fault of your sponsor/upline, or is it that most people in MLM just don’t know how to build a successful business?
I lean to the last thought. I know when I got in MLM more than 20 years ago, the business training was mostly about sponsoring people and nearly none (and I’m being generous here) was about what it takes to build/sustain a business. In my ensuing efforts in the industry, little training about “real business” was forthcoming.
So, here, today I am going to seek to explain what I feel are the three key ingredients to MLM success. These five keys will not be typical “MLM keys” but will help all MLMers looking for sustained growth and long lasting results.
- Stop reading self-help books and instead read books on entrepreneurship, business development, and marketing. If you do not understand the way business works and how to make money and use what you make to make more, you are not going to last long in this business model (0r any other for that matter).
- Become a marketing expert. Learning how to get people to come to you for your skills and expertise is a whole lot simpler (and more rewarding I might say) than harassing your family/friends or chasing down strangers in the mall! The online world is filled with genuine people looking for real businesses that can be successfully built anywhere. You hold the key if you only know how to use it!
- Learn to build a referral based business model. Referral based businesses are built in every industry by people who recognize that making and maintaining a great customer base of raving fans not only makes for consistent orders of products/services but also brings in new business by successful word of mouth.
When you believe that you have a great product/service sharing it with people isn’t hard. What is hard is learning the balance that makes people want to come to you above all others rather than run from you at first sight! Be a real, strong, and solid business person and draw people to what you truly know and they will listen intently buy your product/join your business with confidence that they have made the best possible choice!
Now its your turn. What other ingredients do you think are necessary to build a successful MLM business?