network marketing
When NOT to Buy Another Business
Sunday, January 4th, 2009 | Reinvesting | 2 Comments
January 4, 2009 by Brett Nordin
I have a friend (you know who you are) who bounces from one Network Marketing company to the next…following “the next big thing”.
It’s a common case of the blind leading the blind.
Blind Followers Waste Time and Money
In the process of setting-up the businesses and learning how to market and sell each one, I’m estimating he spends 40 hours before he makes a single sale.
He’s joined 5 businesses in the past 2 years and may have a few hundred bucks in profit to show for it. I estimate he’s making $5.00 per hour in Network Marketing.
The last time we spoke, he shared ANOTHER business opportunity with me.
[Be aware that I’ve been trying to coach this friend for the past 2 years on how to really get rich in Network Marketing. What I’ve told him has nothing to do with buying more businesses. Buying another business and expecting the same results is, by definition, pure insanity.]
Hey, I get it. It’s easy to get caught in the hype of a new business. I made the same mistakes early in my career. It usually appeals to the ‘something for nothing’ mentality and it’s a deadly lure.
Here’s why.
It’s usually an emotional buying decision and we skip the FIRST RATIONAL STEP:
We need a growing list of prospects and distributors that know, like and trust us.
If we don’t have a big, strong list of prospects, who is going to buy from us?
A list is like money in the bank. No one can take a list away from you. If you develop and nurture a relationship with everyone on your list, even a small list can be worth millions.
Here are some simple equations you can apply to your business model:
1. No List = No Sales
2. Bigger List = More Sales
3. A list of distributors is worth 10X more than a list of prospects
Let’s apply the “Bigger List = More Sales” equation in a simple example.
Assume a pre-launch business opportunity converts 5% of prospects into distributors:
· My friend has a list of 50 people.
· I have a list of 5000 people.
· My friend will sponsor 3 people into the new business (pretty typical for him)
· I sponsor 250 people into the business
MORAL OF THE STORY:
Do not buy another business until you have a system in place for growing a list of prospects.
Spend your time and money building and growing the list before you consider reinvesting in a new business.
For more information on how to build a list of prospects and when to buy a new business, visit: http://www.brettnordin.com
The Big Marketing Cesspool: Social Media
Tuesday, December 23rd, 2008 | Social Media Mastery | No Comments
I feel like a cyber-athlete trying to keep up with all the marketing that’s happening on the internet.
There is so much good stuff available that it makes sorting through all the bad stuff worthwhile.
But the biggest marketing cesspools are the Social Media sites (Twitter, MySpace, Facebook).
Why would I say such a ghastly thing?
Because so many Network Marketers don’t understand marketing, they are using their profile pages to sell something.
Social Media sites are no place for selling.
Social Media sites are purely for marketing.
Marketing is what you do to get a prospect in front of you in order to sell something.
The most effective marketing is done by educating and providing valuable information to Suspects (your target market).
What is the most effective way to use Social Media sites?
My friend Perry Belcher, a Social Media expert, takes a great stab at how to use Social Media in your business…the RIGHT WAY. After this video be sure to click on the link below, it’s a huge FREE bonus.
If you liked Perry’s explanation and want even more good advice, here is a SPECIAL FREE BONUS: http://www.winningatsocialmedia.com/webinar/
To smack inappropriate marketers around even more, my friend Ryan Deiss did a webinar with Perry Belcher, on how to use Social Media in your business. It’s long (2 hours) but packed with great content that any business owner and entrepreneur can learn from.
Here’s that link again: http://www.winningatsocialmedia.com/webinar/
Enjoy!
The 7 Costly Mistakes Network Marketers Make Using Social Media
Tuesday, December 23rd, 2008 | Social Media Mastery | No Comments
As Network Marketers make their way on the internet, we are quickly learning there are two ways to utilize Social Media sites such as Facebook, Twitter and YouTube:
A. The right way – which leads to strong relationships and money
B. The wrong way – which leads to wasted time and energy
Here are The 7 Costly Mistakes Network Marketers Make Using Social Media:
1. Sending new friends directly to your sales page or company landing page.
Social Media sites are not for ‘selling’. Send new friends to your blog site or to an opt-in page where you are offering tremendous value for free. Your social media site is like the outer peel of an onion. Let your friends and visitors peel away layers and discover your business interests on their own.
2. Inviting new friends using ‘canned’ messages.
Customize your invitations and responses whenever possible. Write messages like you were having a conversation in the pub or at a party. Connect with common interests and comment on their profile.
3. Filling the “About Me” section with links to offers or a sales page.
Your “About Me” section should be your story and journey into entrepreneurship. Write with emotion, passion and transparency. Use as many details as possible to draw in the reader and make your story believable. What was your life like before Network Marketing? What is it like now? What steps have you taken? Did you fail along the way? What tools or mentors made you successful?
4. Using a business name or logo for your profile name.
You should always use your real name as your profile name. Using business names or logos will smell like a sales pitch, not a relationship. People are using social media to connect with like-minded people that will help them achieve their dreams. If you are not ‘helping’, then people will assume you are selling.
5. Using business distributor links in your profile.
Invest $10 and buy a personal URL for your blog site or company landing page. You can get a URL from GoDaddy and forward the personal URL to your distributor website or landing page. A distributor link (www.yourcompanyname.com/yourdistributorID) makes you look like an ameteur and smell like a sales pitch.
6. Posting irrelevant content just to look active.
No one cares that you just brushed your teeth, went to the bathroom and shaved. Keep your content relative to the industry and what your followers and friends would expect from your online persona. Sharing ‘what you are doing’ to grow your business or publishing what you learned during a seminar is something that positions you as an expert and trusted advisor.
7. Giving visitors and friends too many links, videos, and messages to click.
According to Dave Lakhani (http://boldapproach.typepad.com), expert in persuasion, “Offering people too many choices actually reduces their likelihood of making a decision. Studies show that when given a single choice about 2/3 of people will make a decision. When faced with two choices to choose from, they like both choices less and start looking for other options or they choose the most different choice. When you are persuading, you must drive people down to making one decision, give them one idea or product or service to choose from and you’ll become much more persuasive instantly.”
I enjoy answering your comments and questions!
Network Marketing Survival Secrets
Friday, December 12th, 2008 | Network Marketing Survival Secrets | 5 Comments
Survival Secrets
This is the official blog site for the book, Network Marketing Survival Secrets.
As a teacher and coach, I’m always striving to share the best possible information with the Network Marketing industry.
If you have a comment, feedback or a question concerning the book, Network Marketing Survival Secrets, please click “Comment” and post it below.
BRETT'S NEWSLETTER
