When Network Marketers join my mailing lists I always ask them what their number 1 question or concern is about MLM (A.K.A Network Marketing). The likelihood is that their questions are the same as your MLM questions if you are not already seeing the results that you have been striving for in your business. So, I have decided to share some of the most common MLM questions with you, along with my responses and recommendations. The first common question is ‘how will I avoid running out of money?’
I am sure you will agree that if money was no object then you could eventually succeed in your business. You could generate leads by running banner ads, Google and Yahoo pay per click ads, solo ads, etc. However, I am assuming that you are reading this article because funding your prospecting is an issue and you do have a limited budget.
Trust me when I say that you are not on your own! I also had concerns about how much I was spending on leads when I first started marketing on the Internet and so I asked myself this very same question on more than one occasion! That was until I was introduced to the concepts of funded proposals and self-liquidating leads. I learned about funded proposals through Mike Dillard’s e-course ‘Magnetic Sponsoring’ a number of years ago and since then I have seen the process of prospecting very differently!
A funded proposal is where you do not directly promote your Network Marketing business opportunity. If you have ever tried pitching your business to anyone and everyone who will listen you will know how rarely you actually reap rewards by doing this! Instead, you promote and sell information products that educate your prospects about the industry, or that will help them to ultimately succeed in the industry. The benefits of this are threefold: Firstly, you will be able to generate a modest income stream by selling these products to fund your prospecting. Secondly, you will build trust with your prospects and finally, when people choose to partner you they will know exactly what is required of them. This is a win-win situation because you get a well educated business partner and your new business partner is fully prepared for what they will need to do to succeed.
This brings me on to the concept of self-liquidating leads. This is a concept that I learned through Daegan Smith’s MLM Underground training. A self-liquidating lead is a qualified prospect that doesn’t cost you anything. Think about it, if you could generate leads all day long at no cost, would you be able to succeed in your business? Absolutely!
The way to generate self-liquidating leads is by implementing a funded proposal. Let’s say you spend $2 per lead, but 1 in every 10 leads purchases your $20 information product. You then have 10 leads for no cost and you also have 1 red hot prospect who was willing to purchase information from you! This is scalable because you could just as easily generate 100 leads and sell 10 e-books, giving you your 100 leads and 10 red hot prospects for $0.
The hidden benefit of this approach to MLM prospecting is that when someone moves from being a ‘seeker’ to a ‘buyer’ you know that they are serious! Those are the people who are most likely to be interested in learning more about your business opportunity, so keep them close to you!
So the answer to the original MLM question ‘how will I avoid running out of money?’ is: by promoting products that educate and inform your prospects about your business, rather than directly promoting your business!
To have your own MLM questions answered, register for the MLM Summit Internet MLM Success Blueprint at http://www.mlmsummittraining.com now. You can learn more about Mike Dillard’s Magnetic Sponsoring at http://mcgregor_24.buildingonabudget.com.
