Multi Level Marketing is undergoing a huge boom and many people want to jump aboard the bandwagon.
However, not many of them succeed because they have a wrong understanding of MLM.
They believe that selling products to their near-and-dear ones can make them successful.
It does provide a profit, but not on a long-term basis.
They eventually throw in the towel because of huge losses incurred in the following years.
Here are a few steps that ought to help you avoid these mistakes: Segregate your market Split them up into people who would definitely buy your products, like well-wishers, called the micro market and people who can spread your business for you, like distributors called the macro-market as they have immense potential.
Use both markets wisely Don't over-use one market while neglecting the other.
Use people from the micro market for profit motive and people from the macro market for expansion.
Don't get these two motives mixed up or you might find yourself in hot water.
Recruit old customers Build ties with old customers and try and sell your products to them so that they can distribute it.
If you're witnessing an increase in the number of new customers, you can make them join as members of your macro market and sell your products Give chances to deserving people Don't waste your time pursuing people who are not interested in marketing.
Instead, take the help of companies who can expand your business and increase your chain of distributors.
Make use of latest technology Update your knowledge regularly on technology that could help your business.
This could help you multi-task better.
Use websites, conference calls, videos, etc.
to make a good impression on people and save time and effort.
This will help you become a very efficient businessman.
Patience is a necessary virtue Being patient is of enormous importance as switching products in a very short time will do more harm than good.
It is better to stick to a small number of products, make them successful and then switch to other products.
Care should be taken not to stick to one product for too long as well.
Think before you act In business, impulsive decisions are the cause of many failures.
So, always think about what the consequences of your move will be and plan carefully.
Where not to post ads As MLM is an online business, don't promote it through newspapers or magazines.
It is also futile to post ads in places which have millions of ads.
So, post ads in places that have lesser quantity and considerable reach to make an impact.
Make sure your ads aren't posted in places where it could reach your competitors as that could prove detrimental to your business.
Make yourself easily available Don't keep long and complicated URLs.
It might affect your business adversely.
Keep it simple and easy to remember so that you can achieve maximum benefits while making yourself easy to reach to your clientele.
Finally, it's important not to have a lethargic attitude.
You should always be on your toes.
Keep yourself updated with information.
Try and avoid deals with shady people.
Make sure you don't send information to people who aren't interested in it.
However, not many of them succeed because they have a wrong understanding of MLM.
They believe that selling products to their near-and-dear ones can make them successful.
It does provide a profit, but not on a long-term basis.
They eventually throw in the towel because of huge losses incurred in the following years.
Here are a few steps that ought to help you avoid these mistakes: Segregate your market Split them up into people who would definitely buy your products, like well-wishers, called the micro market and people who can spread your business for you, like distributors called the macro-market as they have immense potential.
Use both markets wisely Don't over-use one market while neglecting the other.
Use people from the micro market for profit motive and people from the macro market for expansion.
Don't get these two motives mixed up or you might find yourself in hot water.
Recruit old customers Build ties with old customers and try and sell your products to them so that they can distribute it.
If you're witnessing an increase in the number of new customers, you can make them join as members of your macro market and sell your products Give chances to deserving people Don't waste your time pursuing people who are not interested in marketing.
Instead, take the help of companies who can expand your business and increase your chain of distributors.
Make use of latest technology Update your knowledge regularly on technology that could help your business.
This could help you multi-task better.
Use websites, conference calls, videos, etc.
to make a good impression on people and save time and effort.
This will help you become a very efficient businessman.
Patience is a necessary virtue Being patient is of enormous importance as switching products in a very short time will do more harm than good.
It is better to stick to a small number of products, make them successful and then switch to other products.
Care should be taken not to stick to one product for too long as well.
Think before you act In business, impulsive decisions are the cause of many failures.
So, always think about what the consequences of your move will be and plan carefully.
Where not to post ads As MLM is an online business, don't promote it through newspapers or magazines.
It is also futile to post ads in places which have millions of ads.
So, post ads in places that have lesser quantity and considerable reach to make an impact.
Make sure your ads aren't posted in places where it could reach your competitors as that could prove detrimental to your business.
Make yourself easily available Don't keep long and complicated URLs.
It might affect your business adversely.
Keep it simple and easy to remember so that you can achieve maximum benefits while making yourself easy to reach to your clientele.
Finally, it's important not to have a lethargic attitude.
You should always be on your toes.
Keep yourself updated with information.
Try and avoid deals with shady people.
Make sure you don't send information to people who aren't interested in it.
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