Have you ever felt so strongly about a product that you wanted to market it yourself? Have you ever referred a product to a friend or even a total stranger if you felt it would benefit them greatly? Does this product offer incentives to earn a higher commission if you create your own sales team? We have all either done this already or have thought about doing these things at one time or another. This is how network marketing was born.
Here are some brief explanations to help you better understand network marketing:
Time Leverage – The parent company, or McDonald's, has incredible time leverage. The more McDonald's stores they have around the world, the more money they make. But, the parent company certainly doesn't do all of the work. If they have 5,000 stores, each open 18 hours a day, 90,000 hours are worked daily on their behalf. The concept works in much the same way with our business system, except you don't have to pay a royalty fee each month! For instance, let's say you start your own Network Marketing business and begin by investing five hours per week into your business. You introduce your business system to Mike and begin working with him. He also puts five hours a week into his business. You now have 10 hours per week working on your behalf, although you are only putting in five hours yourself.
Residual Income – Residual income in Network Marketing is income you continue to earn based on efforts you put forth initially. This income is based on the sale of products and services. And, these products must continue to generate repeat sales. This is one reason why “consumable” products are the most effective in Network Marketing. Consumable products are those items that are bought, used up and then replaced, over and over again. If you are marketing a product that is a one time purchase product, you will have a harder time generating residual income.
Duplication and Geometric Growth – Duplicating yourself means teaching someone else to do what you do. When the two of you each teach another person, you duplicate it again, only twice. And so on, and so on, and so on! Network Marketing success (I mean six figure incomes) typically take two to five years to grow. Plan on that!
Word of mouth really is the best form of sales. We trust most of the people we know and usually take their opinions into mind when shopping or searching for new products or services.
Can you share a few tips on how you pitch your products and services?
Article Source: Street Smart Wealth
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