Knowledge Creation and Management
Introduction The concept of knowledge as the founding block for attaining competitive advantage has become quite prevalent in Management studies. All knowledge should begin form a piece of information. For the conversion of information into knowledge there is a critical aspect to be noted. This is related to the timing of the retrieval of information. […]
Defining Marketing for the 21st Century
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Brand Name – Definition, Features and Considerations behind naming a Brand
Brand name is one of the brand elements which helps the customers to identify and differentiate one product from another. It should be chosen very carefully as it captures the key theme of a product in an efficient and economical manner. It can easily be noticed and its meaning can be stored and triggered in […]
Practicing Socially Responsible Practices Internally
In previous articles, we have seen how companies need to adopt CSR as a business need and imperative. The role of media and advocacy groups was discussed as well. In this article, we turn to a crucial but often neglected aspect of a company’s social responsibility i.e. the need to be socially conscious with its […]
The Role of the Government: Legislation and Regulation
The often discussed and much criticized role of the government in regulating the corporate has gained all the more importance in these changing economic times. It’s time that the governments took more active role in regularizing the corporate through necessary means as we have learnt the painful way that the corporate crimes or the white […]
For those who have been exploring ideas and avenues to build an alternate source of income and are ready to invest their time and energy into building a new business, Multi Level Marketing is the right solution. With consistent focus and efforts, people have become millionaires doing business through MLM networks across the world.
The business of Network marketing essentially involves building network of distributors and selling through the network. Though the business does not call for any investment in terms of capital, you will need to invest your time and effort into the business.
It is but natural that you should be interested in knowing how to get started and what is involved in managing this MLM business.
Your first step in taking up the MLM business would be to become a distributor with the Company that you have considered or decided to join in. As the business involves selling and recruiting distributors, the company that you are joining or your sponsor will provide you with the detailed training on product as well as on the art of selling.
The Company provides you with detailed product literature as well as promotional materials including advertising materials and marcom tools to help you get started with the business. You will get to understand the specifics of your Company’s product line, the quality and safety standards that they meet up with, comparison against competition as well as on what questions are to be expected from the people and answers to frequently asked questions etc.
Not everybody will be a born salesman. Especially in cases of people who are taking up MLM as an additional business venture in addition to their main profession, they are likely to need an orientation as well as detailed training to sell. Therefore most Companies also provide you with sales training apart from product training.
In case you are not being provided with sales training, it is better that you attend a short workshop or a course to equip yourself with the art of selling. As the MLM business revolves around meeting people, selling concept and helping people build the network; you will need a lot of soft selling skills to help you conduct your business professionally.
Once you have been trained by the Company on selling, on product information and have been provided with all the tools and materials along with starter kit, you are ready to start working. Your sponsor will be available and working right through your training as well as helping you get started with the business too.
Your sales process will now involved prospecting or making a list of prospects, qualifying the prospects, making an appointment with the prospects, meeting them and making a presentation of the MLM business proposal, answering queries and helping them make up their mind to join the network and following up with them regularly for a positive decision.
Further on the process involves getting them to sign up as distributor, providing training on product, selling as well as equipping them with the tools, marketing materials and starter kit as well as motivating and working with them to help them develop the network.
It is not expected that you will be perfect and achieve the desired results right away. As you start working you will make mistakes and learn from your mistakes and experience too.
Besides recruiting and building your network of distributors, you will also try to build retail sales too. Trying to build the retail sales involves making a list of prospects including your family, friends, neighbors and the local community as well as your colleagues, your company and other companies where you have known contacts too.
There are many MLM distributors who focus aggressively on retail sales too, especially to the companies. Selling to Companies and other user’s calls for one time effort and you will find that the repeat orders keep coming in periodically without your effort. Then all that is required is to spend time on managing the relationship and providing whatever service support that is required.
End of the day, it pays to remember that MLM can be a huge success for you, provided you invest your time and focus consistently over a long period of time.
For any business venture to be successful you have got to remain invested and focused. So is the case with Network marketing too. As you keep working you will find your rewards coming through in the form of earnings as well as in the form of new relationships that you build and not to forget, you become a better person with new and additional skill sets too.
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Finding and Keeping Customers in Multi Level Marketing (MLM)
February 12, 2025
