What is the most important MLM business building tip?
Some would say that having extensive product knowledge is the most important factor in building a MLM business, while others would say that being able to explain your MLM compensation plan is the key.
There’s another school of network marketers that say the most important factor in building an MLM business is the quality of your marketing and your ability to generate high quality leads.
Some network marketers would say that it’s your sales skills and how well you can overcome objections in the prospecting process that will lead to your success in MLM.
Although all of these aspects are important for building an MLM business, the best tip that I’ve ever heard is;
-People only do business with people they know, like and trust
This is a saying that applies to all businesses but I feel it’s particularly relevant for building an MLM business.
Let’s analyze each of the elements — know, like and trust:
It’s Not What You Know but Who Knows You
People have built their MLM businesses in the past mostly through people that they already know. The most common way is to write up a list of all the people that they know and then approach them about their business. This is typically referred to as the warm market.
Dealing with your warm market or people that already know you has its advantages but the major problem is that the majority of the people that you approach will not be interested in starting a business. This is a very un-targeted way to get prospects.
Thanks to the Internet people are able to get to know about you and who you are very easily. If you do some simple marketing, people will be attracted to you through your articles, blog posts, Facebook posts, videos and other social media outlets.
When you get to the point of speaking with these people on the telephone about your business, there will be a sense that they already know you.
People don’t need to feel like you are their long lost friend to want to do business with you, as long as they have a good sense of who you are and what you represent, it will be enough to start a business relationship.
Over time that relationship may develop into a deep life-long friendship or it may just be a mutually beneficial business relationship.
Do People Like You?
If people don’t like you then there is a very slim chance that they will decide to partner with you in business, no matter how good your opportunity may seem. There have been many surveys done as to why people decided to join a MLM business and the overwhelming majority join because of the person that introduced them rather than the company or product.
Luckily humans aren’t a one size fits all and like attracts like. With good marketing you can be yourself and attract the people that like your particular style of doing business. The old saying that you can’t please everyone is definitely the case here.
Can I trust You?
Perhaps the biggest factor in building a MLM business is the trust factor. If people don’t trust what you say then they will never do business with you…full stop. When you are authentic and truthful in your marketing and prospecting, people will sense that and naturally trust you.
Trust is also gained over time by doing exactly what you say you will do. If you say you will call at a certain time — you absolutely must do that. If you say you will mail something — it has to be in their letterbox in a timely manner.
Not following through on what you promise to do is the quickest way to lose trust with your prospects. Even a simple thing like not sending an email will eat away at your trust rankings. A couple of seemingly minor slips will crush your chances of getting people to join you in your business.
The MLM Prospecting Process
If you are using the Internet and attraction marketing principles to attract prospects into your MLM business opportunity then the chances are that they will already have a sense that they know you. Another excellent way to build up trust is to use testimonials on your website.
Using this kind of approach gives you a huge head start over people that are purchasing MLM leads. When you purchase MLM leads, those people don’t know you from a bar of soap and it takes a lot of skill to break the ice to the point where they feel they know, like and trust you.
When you are working with your warm market to build your MLM business you obviously don’t have to get over these barriers but the people that you know most likely aren’t looking to join a business so that is just as hard as working with prospects that don’t know you.
There is an old saying in the marketing world that holds true:
- A mediocre sales message delivered to the perfect prospect is infinitely more powerful than a perfect message delivered to the wrong prospect
When you attract people that are looking for what you have to offer you don’t need tricks and sharp sales skills to get business.
The first contact…
When someone has come through your marketing process there comes a point where you will need to make personal contact (usually via the telephone). The best possible scenario is when your prospect has contacted you (usually via email) to ask for more information about what you do.
Even though your prospect feels like they know you, it’s still very easy to blow it on the first contact if you are too pushy and try to hard sell them or try to get them to make a decision too quickly.
The secret to building a MLM business is having a large pool of prospects that you are developing a relationship with over time.
Building A MLM Business = Building Relationships
Here are some points to consider when you get to the phase of speaking with your prospects that you have generated through your marketing;
During the first conversation you will want to ask focused questions and then listen very carefully. Be an active listener and ask for clarification on anything that you don’t understand. As a rule you should follow the 80/20 principle – you listen for 80% of the conversation and speak for 20%. Most sales people and MLM distributors get it back the front. Avoid a sales pitch at all costs!
Position yourself as an expert and leader. When people are coming to you looking for a business they will have questions and concerns. If you can help your prospect understand aspects about the MLM industry and what to lookout for — what pitfalls to avoid, they will be more motivated to work with you. People are looking for leaders and people that can help them get what they want, not a company or product!
The quickest way to build a relationship with a prospect is to understand what it is that they want on a deep level. If someone tells you that they want X amount of money, don’t leave it at that. Ask them why they want that money. If they tell you that their child is a talented musician and their deep desire is to send them to a music academy then you have something to work with. Later when you are talking about your business opportunity, you can talk about how there is potential to earn an income that would allow them to achieve their goal of sending their child to the music academy of their dreams. Now your MLM business opportunity actually has a meaning that is relative to them and their dreams and aspirations. If you are too busy talking about how great your company is then you’ll never get to know this sort of information and your prospect will never feel as though you truly know and understand them.
Take detailed notes of every conversation that you have with a prospect. Rarely will a person join your business after one conversation. Sometimes it may take months or even years before a person is ready to do business with you. Keeping good notes will allow you to refer back to previous conversations and this will refresh your memory about things that are important to them. Your prospects will feel valued when you remember details about their dreams, their spouse and their children. This is one way to build trust and have people like you. When you remember details about people they feel important and everyone likes people that make THEM feel important.