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Top 5 Questions You Need To Ask Yourself About Network Marketing

Aug 18, 2007
In order to find out if you are running your business as efficiently and successfully as possible I came up with five questions for you. I ask you these five questions so you can asses whether or not you own a professional or amateur network marketing business.

1. How would you describe your lead generation and your conversion process for your network marketing or on-line business? If you, alone, by word of mouth are the only thing in your business generating leads, than I have old news for you, you aren't making much money.

One step up from that might be a business with a couple different lead sources, but the leads are still all generated with people. This business is on the right path, but they are still losing a lot of money, by professional standards. Automated will always be easier and faster than manual.

How does a professional do it? Well you should always have over five consistent, predictable, and profitable lead sources, most of which are automated.

Your conversion rate should be 80%, and most of those sales are automated, requiring little of your actual time. I want you to take a calculator out and figure out how much monthly income you could make if you were converting 80% of your leads into sales because you should be!

2. Once you have acquired a customer, how many different products and services do you have to offer them? If you only have one product or service to offer somebody, how are you going to create a repeat customer?

If you have between 2 and 10 products to offer them you are doing a little better, but that still will not create a long-term customer. That should be your goal with each client, how can I continuously provide this person with something so great they will remain a customer of mine as long as they live.

Professional marketers have at least 10 products or services to offer their clients. The relationship they establish with their customer (the relationship is everything) usually lasts at least one year, but satisfied customers stay with them much longer.

3. Speaking of the relationship, how often do you communicate with your prospects and customers? Please don't say less than once a month. If you are doing that there is not a relationship. If you are contacting them more than once a month you are doing a little better, and this is a good number for people on your list, but that haven't bought yet.

Well if they are a customer, you can bet any professional marketer will contact them more often than once a week. You don't need to question it, it works.

4. How fast has your business been growing this year? Your business should be growing at a rate of about 35%-100% per year.

If you are starting out in your fist year in network marketing most of your time should be spent learning, so your numbers might be a little lower, but if you have been at this over a year your business should be thriving and growing. The best of the best often can double their numbers year after year.

5. What is the end goal of your network marketing or on-line business? This is one most people have never though about. Well they should because why did you start something you had no idea how you wanted to finish? Well you only have a couple of options.

The first, sadly, is that your business ends up making little to no money becuase you did not follow any of the previous advice in this article and you close up shop and tell everyone you meet that network marketing is a pyramid scheme.

The second is that you plan to continuously grow your network marketing business and keep running it as long as it is profitable. Not a bad idea as long as you absolutely love your business, have tons of ideas for it, and you want to limit your income to only your business.

The third option is that you would, at some point, like to sell the business, sell part of it, or take it public. Each these options is great for you to make a lot of money, just depends on how big you want to go and how professional your network marketing business is.

Most people's businesses are the size of their thoughts and goals. Don't belittle yourself by your goals, set goals that would blow your mind if you achieved them. What is the difference between Microsoft and your local mom and pop store? Thoughts and goals.
About the Author
From waiting tables to millionaire at 29, Mike Dillard, is a professional marketer who has taught over 100,000 entrepreneurs from around the world how to tap into the power of his attraction marketing techniques. Sign up for his free on-line boot camp at: BuildYourOwnMLM.com
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