Network Marketing: Understanding the Importance of Networking, Value Adding and Communication

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If you are thinking about going into the network marketing industry, be forewarned that only the strongest, the most dedicated, and most diligent people will achieve star quality greatness in network marketing. The only guarantee a network marketing opportunity can offer is that success is dependent not only on your product or service but also on you and your ability to satisfy your customers’ wants and needs.

What People Want 

Whether you are approaching a person as a business partner or as a customer for your network marketing business, always remember that there are three things that people want.

  • People want to feel that you respect them for the person they are. 
  • People want to feel that you care about them and that you are not just interested in recruiting them or selling them something. 
  • People want to establish a connection with someone whom they feel they can trust, and that can lead them to success in network marketing.

The Importance Of Networking Your First Year In Network Marketing

Networking is critical in any business; however, in the network marketing industry, networking is a long-term investment. While not all of your contacts will be interested in becoming a business partner, many of them are potential customers. To reach them, you must be willing to establish contact and illustrate why your product(s) meets their needs. That store clerk you rudely blew off yesterday may become the huge business builder your network marketing competition recruited and the one that you will forever feel “got away.” Treat every person you meet as if your financial future depends on them, because it very well may.

Value Adding

When businesses sell you a product, there are often “value-added” points that they are using to promote – a free product, a free service, and superior quality are all value add points. Discounts, informational newsletters, and coupons are also considered value-added points. Agreeing to place a person in a new distributor’s downline the moment they enroll would be a huge value add when recruiting. In network marketing, build your business the right way by identifying the things that add value to what you are offering. If you do it well and do it often, many of your contacts can develop into new customers or partners for your network marketing business. However, remember that no matter how charming, enthusiastic or persuasive you are, networking relationships have a short life cycle. Therefore, once you have identified and built your network of business colleagues, family, friends, professional acquaintances, etc., immediately begin turning those contacts into business partners or customers. Even after building a strong network, this is something you must continually do, as you will lose a certain number of them through reasons you cannot control; they stop using your product because it no longer fits their needs, they can no longer afford it, they become dissatisfied or even die.

Communication 

Equally important is communication. Keep in mind that “communication is like a contact sport, so do it early and often.” One of the biggest mistakes people make in network marketing is that they fail to realize the importance of prompt follow-up after introducing someone to the product or company at networking events. If you do not follow up, you will likely lose them to someone who is willing to follow through. Send a “thank you” e-mail and see if they have questions that were unanswered at the networking event. Send them the latest copy of your networking newsletter. These steps will ensure that you have reinforced your relationship and your connection with your contact. This is the perfect time to send them information about the network marketing industry that reinforces the business opportunity that you have presented to them.

Even in network marketing, it is rare to meet people at the exact moment in time when they are seeking a business opportunity in the direct sales industry or when they are disillusioned with a product your competitor offers. So when they are ready to pursue a network marketing opportunity or replace a current product they are dissatisfied with, can you be certain that they will remember the opportunity, product, or service that you offered? They will not if you do not make an indelible impression that is long-lasting. It is far easier to nurture an existing contact than it is to revive it once it falls by the wayside. It takes time to develop relationships, and in network marketing, you must educate the consumer about the industry as well as the product. During the process, you will find you develop many strong, new relationships. Since the average repeat customer spends 67% more than new customers, it makes good sense to foster relationships that are providing the most profit for your network marketing business. Stay in touch with customers and potential business partners. Offer them something of value that keeps them connected to you beyond that initial encounter. Identify your “value add” points and then use them effectively.

Teach others to be successful 

Once your network marketing business is off and running, you may be tempted to sit back, relax, and let someone else do the work for a change. We can promise you that if you do that, you will find your business collapsing before your very eyes. You must continually help and promote your downline of distributors to grow and be successful. You know that teaching and leading by example were key elements that helped you to quickly recruit your first distributor, earn bonuses and residuals, and build a large network marketing organization. Just like you found out from your enroller/sponsor what it took to be successful and then emulated it, as an enroller/sponsor, you too must teach and support those you bring into the business. Sharing your network marketing success story, helping those in your downline to learn the basics, and helping them to develop, execute and follow through on their business plan will foster a relationship that will move each of you closer to your milestones.

If you truly have the desire to be successful in the network marketing industry, jump in with both feet and do not look back. If you stay connected, stay focused, and help your distributors grow their business, they will be forever thankful, and you will soon begin to reap the benefits from their commitment to you. Remember, network marketing is not just about the money but also about the relationships and personal growth that you and your team of distributors will experience by coming together and working together.

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