My Internet marketing mentor offered the following five questions to me, in an effort to illustrate to me whether or not I was running an amateur or professional network marketing home based business franchise. At the time, my answers inspired neither him nor me. I suggest taking a hard look at not only how you are operating but how you’ve been taught to operate.
1. Consider your network marketing business or home based business franchise, how would you characterize your lead generation and your conversion process?
Does your entire marketing strategy consist of word of mouth from you alone? Is your one and only source of leads rooted in how many people you can personally speak with? If that’s the case, I’m gonna go way out on a sturdy limb here and guess…your broke. Or at least, your business is not making much money.
Perhaps you have some worker bees also advertising and promoting for you, but even so, just human to human word of mouth advertising is extremely limited, and not automated.
“Automated?”, you say?. That’s right. That’s how the pros do it. A completely automated sales funnel which sells, tells, and sorts your prospects for you 24 hours a day, 7 days a week while you sleep, eat, or are on vacation. Pros have at least 5 predictable streams of traffic.
What are your conversion rates when you speak with your prospects? How often does a lead become a paying customer or distributor? Professional conversion rates may shock you, they convert around 80%, do you think their leads are highly targeted? You bet.
Now I want you to sit back and calculate how much income you would be generating if you were converting 80% of your leads to sales. Yummy? I thought so.
2. How many different products and services do you have to offer your valuable customer? How will you ever create repeat customers if you only offer one product or service?
No matter how spectacular your product or service is, the real wealth comes when you have many follow-up sales to the same customer. I’m not talking a simple ‘autoship’ here either, I’m talking additional complementary products.
95% of your prospects will not be interested in your primary offer, so are you going to give the other 95% of your prospects offers that they want, or just say ‘bye bye’ to them forever?
Offering 2-10 products is middle-of-the-road, but a pro marketer will have at least 10 products to offer. Building a strong relationship with your prospects will allow you the option to continue to make sales to them over and over, because they will know, like, and trust you.
3. How often do you communicate with your prospects and your customers?
If you are going to say ‘once’, it may be time for you to admit defeat and go manage a fast-food restaurant, you know, for ‘security’. How often do the pros communicate with their people? Usually more than once a week. If you are right now sitting their doubting or judging that fact, then again I offer this: ‘you’re broke’.
4. Is your business growing at a rate of at least 35% and as much as 100% per year?
If this is your first year then please do yourself a favor and consistently learn the trade, and learn the industry. After that you are out of excuses and should be experiencing tremendous growth or else there is still something you don’t know. Leaders are learners.
5. Here’s a biggy: What is your end goal for your network marketing business or home based business franchise?
No idea whatsoever? Hmm, not a good answer, but take comfort in the fact that 95% of networkers will have the same answer. Here sadly, is one of the most common results for people who start a business with no idea how they are going to finish: They make no money, create more debt than they started with, and then they give up and label network marketing and home based business franchises as ‘pyramid schemes’. Obviously, because they are geniuses.
You could also be planning on operating the biz so long as it makes you money and then quit. Okay, I hope you’re completely in love with your business and products they offer. You may get ultra-bored and you’ll also be limiting your income and wealth potential.
Highly successful people start businesses with the end goal in mind. Many start and grow a business with the intention of selling it so they make the biz as valuable as possible to its customers and future buyers.
Have you heard the term “shoot for the stars, and you’ll at least hit the moon”? If you only set easy to achieve, reasonable goals, then you will have consistently mediocre results. Set mind-boggling goals that would make your eyes spin around in your head if you reach them. Then if you fall short, you’re still looking at admirable and fulfilling success.