This is the question a lot have been asking and some already had it in mind to ask, truly many are bordered by this, most cases when connectors invite prospects for business briefing, Big announcements, and big events, after so much effort inviting many of the prospects won’t show up and even many of those who show up will not want to sign up simply because they heard and seen a lot of persons had joined one Network Marketing business or the other left the business after a while because they failed in the business. Though network marketing is so fantastic why are people failing?
But you need to know certain things about network marketing
We are a great industry
We have a high failure rate (just like any other industry)
Anyone CAN succeed, but most won’t do what it takes to achieve success
There are the reasons why people fail in the Network Marketing Business
- Wrong Mindset: Without a doubt, the number one reason most network marketers fail is that most people joining our industry are not entrepreneurs. This means they don’t even understand what is meant by entrepreneurship, you can’t compare someone who has been into entrepreneurship before joining network marketing and someone so new to the system. Most new sign-ups think like employees and expect instant gratification in their business.
Wrong Mindset in Networking Marketing
- Most Network Marketers dabble with their business rather than treat it seriously. Most marketers take the short-term view, rather than the long-term view.
- In the real world, entrepreneurs invest millions of naira in a business before they get started. They work night and day to make it successful. They have the “do whatever it takes” mindset. This is not the case with most Network Marketers.
To be successful in Network Marketing, you have to learn how to think and act like an entrepreneur. You must have a vision, be mentally tough, and have self-disciplined.
- No Skills: Network Marketing is just any other profession. It takes a certain skill-set to succeed. Very few people entering our industry have the right sales leadership, management, and communication skills. Before you can succeed in this industry, you must invest in skills, knowledge (books) mentorship, and lots more.
These skills must be learned. Sadly, most people who do join our industry will not invest the time and money to develop these skills. Some of these are invitations and follow-ups on prospects. In the real world, entrepreneurs are extremely committed to developing the right skills. They attend industry events listen to tapes, read books, subscribe to industry publications, belong to mastermind groups, and lots more. Smart entrepreneurs must invest in their business education because they know how vital it is to their success.
To succeed in Network Marketing
You MUST invest in your business education
Find a Mentor, Attend all business events
Read books. Stay plugged in
Be a student of your business.
- No Leads: Network Marketing is a selling business and also a number game. You need an endless flow of leads. You have to go through a TON of prospects to sponsor a lot of distributors to find a few key leaders, probably 10x more people than you think you will need to talk to. One result can help you recover all your losses.
Most Network Marketers in our industry don’t know what to do after they finish contacting their warm market. They have no written marketing plan for their business. In the real business world, all successful entrepreneurs have a written business and marketing plan. They have a marketing budget; they invest money in getting their business name out to people in their target market. Social media helps a lot of people we are now in a digital world. First, start with people you know, then you later move on with people you don’t know by sharing questionnaires, meeting new people, and making friends both online and onsite.
To succeed in Network Marketing
you must take the time and money to learn how to generate leads.
If you want to succeed in the Network Marketing industry, you must transition from employee thinking to entrepreneur thinking.
You must master these three things: Put in the Work, Stay Consistent and Have Patience.
