I don’t attempt to hide the fact that I have several different branches of my online business including Niche Marketing, Affiliate Marketing, Blogging, and Network Marketing. Although I spend the majority of my time on niche and affiliate marketing, my network marketing branch is my most robust and consistent stream of online income.
I learned many years ago that running a business online requires diversity and you’re heading down the express lane to failure if you don’t create multiple streams of income, which is where my other efforts reside.
Today’s article covers ten of my top identified pitfalls of network marketing so you can avoid these like the plague in your own business.
Top Ten Reasons Why You Will Fail at Network Marketing
Quitting Too Soon
Why do so many people that have good intentions in building their network marketing business, or sharing their products with others end up quitting so soon? Generally speaking, it’s because we fall into the trap of listening to other people and let their opinions cloud our judgment.
When you first start out, you’re excited about the product or service that you now have to offer along with your business opportunity and you’re are ready to tell the world about what you have to offer.You approach your warm market (or cold market) and what’s the first thing you hear? “No!” Or worse, “those things never work…” or, “I’ve tried that before and it’s junk!”, and of course my favorite, “That’s a pyramid scheme!!!”
The fact is, many people simply don’t take the time to understand network marketing, and even though the comments they fling at you are misguided, they can still be detrimental and demoralizing. Don’t let these types of negative comments get to you. Rather, know that millions of people just like you have already used this industry to turn real effort into financial and time freedom. Enough people will “get it” and before you know it, you’ll have a successful story yourself that nobody can argue with.
Another huge reason that people quit too soon, is that they come into the industry with inappropriate expectations. People become so existed when they see the potential that they have in network marketing, that they get overly ambitious and set unrealistic or unachievable goals, like earning thousands of dollars in their very first month. Then, if they don’t reach their goals almost immediately, they are ready to throw in the towel, give up, and join the masses that tr to destroy your dreams by giving negative opinions and feedback.
Solution: Stay focused on your “why” – Why you decided to get started in this industry in the first place. Be committed for the long term and don’t listen to the hate fueled garbage that others will throw at you. Know that you’re building something that you and countless others believe in and truly remain focused. You’ll be amazed at how the small successes can start to snowball into the massive ones.
Don’t get me wrong…we want to think big and go for the big dreams. However, you want to make sure that you are setting realistic and achievable goals for yourself. Make them measurable and time-bound so that you can monitor your progress. The only way to fail, is to quit.
Not Focusing on Personal Development
Personal development is HUGE in our industry. I’m not talking about going full on “New Agey” insight crystals and repeating the latest Yanni DVD in the background. We attract who we are and what we project to others. Success is an inside job and it starts within you. Leaders challenge and inspire others to achieve their goals and dreams by creating a compelling vision of the future and unlocking their potential.
Solution: Commit a certain amount of time an energy every day, every week, to your personal growth and development. Be someone that others can’t help but listen to. By simply going through your daily activities of running your business (i.e.: prospecting, three way calls, coaching sessions, etc…) you are developing and growing.
However, you also need to devote time specifically toward personal growth. Some examples include, attending company training calls, reading powerful literature, listening to CDs from top industry leaders, and reading my blog here. 🙂 (Shameless plug, I know…)
If you truly want life to get better, YOU have to get better. If you want things to change, YOU have to change. If you want more out of like, YOU have to become more. The bottom line is, you have to help yourself before you can help other people.
Not Spending Enough Time with the Right People
Whether we’re talking about a prospect, or a person you have enrolled into the business, if they are the right person, you need to make time for them. This business is about people! They say, the more you give, the more you will receive. This is especially true in this industry.
Solution: If it’s the right person, take them through the entire “process”; don’t just send them to the website. Follow up with them, people like to feel wanted and needed!If we’re talking about someone you enrolled in the business, you have an obligation to train that person, teach them, and help them get up to speed and their business off the ground. By helping them, you are benefiting yourself. Sometimes, that may mean introducing them to an upline leader who’s a bit more established and able to provide guidance. That’s perfectly fine…as your confidence grows, you’ll be able to do more for your team.
However, even though we are talking about a new business partner, they still have to want your help, before you can give it to them. You don’t want to chase them. Help them to get started and make yourself available to them when they need you, but set the appropriate expectation that they need to come to you when they need help or assistance.
Spending too Much Time with the Wrong People
You are not necessarily expected to be a “sales” person. You don’t want to convince anyone into our business. If you have to convince them, then you’ll have to continue convincing them to put forth the effort to attend training calls, stay involved, and so on. That’s a waste of your valuable time.
Also, keep in mind that if you chase prospects with lots of follow-up calls, you will appear desperate and that you NEED them. You’re in the opposite situation…you have that they need. If they won’t see it, then it’s perfectly fine to straight up tell them, “I don’t think this is right for you.”
There’s also something to be said about setting inappropriate expectations. By spending too much time trying to convince someone to join our business, you teach them to expect that type of hand-holding once they get started. We don’t want everyone in our business, we just want the right ones.
Solution: Sort–don’t sell. Yes, you’ll need to have lots of prospects and among them, you’ll start to identify the winners, the ones that you don’t have to chase.
You’re looking for a specific type of person, with specific characteristics. If they aren’t the right person, show them the door or just let them go and move on to the next name on your list.
In regards to your current team, make sure you are spending time with those that deserve your time, and not with those that need your time. Time is your most valuable asset and you neet to utilize it wisely. If someone is negative and always complaining, move on and sponsor someone new with a fresh attitude and positive orientation.
Wanting Success More for Someone Else, Rather than for Themselves
Although commendable, many people put themselves into a situation where we want success more for one of our team members, than they want it for themselves.
Solution: You can’t change people. Only they can change themselves. All you can do is offer coaching, mentoring, training, and support. You can show them the path, but they have to be willing to take action and step up.
Holding on for Too Long
When you bring a new member on board, it is clearly your responsibility to coach, mentor, and train them. Show them the systems, tools, and resources that you are using to be successful. Bot from there, they have to take initiate on their own. If you hold their hand for too long, it will stunt their growth, and take away from others that are more deserving of your time.
Solution: People can only produce on “borrowed” strength for so long. Like learning to ride a bike, eventually the training wheels have to come off.Tell them how to do the business, show them how to build the business, let them try to build the business they they do build the business. Do this, and they’ll become self-sufficient, coming to you for guidance rather than action.
Being Too Pushy or Aggressive
Pressing forward makes the prospect uncomfortable and places their mindset into a state of defense and doubt. We are already “sales resistant” by nature. For example, when you walk into a retail store, in most cases you have been immediately approached by a sales clerk asking if they can help you. Instinctively, we know they are trying to sell is something so you usually respond with, “no thanks”, “I’m just looking….” or, you make a beeline out the door. Right?
The same happens when we call a prospect out of the blue. They are already thinking that you are a telemarketer or sales person just calling to try and sell them something.
Solution: Relax…back off a bit. Ask your prospect some questions to engage and involve the prospect and respond in a way that serves them, rather than you. You need to create curiosity and desire within your prospect. Build the relationship first! Trust your tools to do the talking.
When people see something that THEY are interested in, something that THEY see opportunity in, the conversation changes. It becomes THEIR idea and that makes them so much more willing to listen. Then, your not pushing anybody, you’re just responding to them and supporting what they want.
Prejudging the Prospect
Never judge a book by its cover! Sometimes an unlikely prospect turns into a superstar. If we prejudge the prospect by their surroundings, the car they drive, the job they have, their character, or how you “think” they are, you’re making a grave mistake. Desire, determination, commitment, belief, and coachability…are things that cannot be judged by the way someone looks or what car they drive.
Solution: The worst judgement you can make is a pre-judgement. Open the book and spend a few minutes finding out what’s inside and start asking questions.
Chasing, begging, or pleading someone in the business is bad news. However, for the right prospect, follow-up is critical. Remember, people sometimes need multiple exposures and multiple contacts before they are ready to make a commitment.
Solution: When you find a good prospect, you need to be there presenting the right information and keeping them engaged as they move forward to making a decision. It help to clearly establish your next step with the prospect during the first contact. If you’re there, ready to help…you’ll find that you’re building a relationship that breeds success.
Our industry is all about people and relationships. The fortune is in the decision but is takes some follow-up to get to it!
Using Your Time Poorly
This may sound like common sense, but we’re all guilty of this pitfall. We spend time organizing our desks, our lead list, cleaning up our office and so on. We spend time getting ready to get ready. Remember, in this industry, you don’t get paid for your time, you get paid for your results.
Solution: List the five activities that make you money. Spend 80% of your time on those activities, such as prospecting (representatives and customers), follow-up calls, three-way calls, and so on.) At the end of the day or week, look back and do some self-evaluation. Did you spend 80% of your time on those activities? In not…WHY not?