There is a way to increase your long term profitability of your network marketing business.
Sometimes learning what NOT to do is just as important and valid a lesson as learning exactly what TO do.
In your network marketing business you have a few tasks at hand . . .
– Generating leads
– Turning a profit on your leads
– Recruiting new people into your business
– Having them duplicate your actions
Having as many of your recruits stick around for as long as possible so that you continue to generate an income from them being a part of your organization
In any business, the place where you make your largest amount of profit is backend sales.
What makes network marketing so great is once someone joins your team they pay monthly on a recurring basis and you draw an income from this and those that your downline members recruit month after month.
It creates amazing stability and real financial freedom when done correctly and a lot of wasted time when not.
Being a kick butt recruiter is great and may make you look like a superstar, but unless those people you bring in are sticking around, well you’re losing out big time.
Here’s a story that speaks to this . . .
A friend of mine, let’s call him “Patrick,” purchased a $2K + marketing course on an area of marketing that I had very little experience in. The course looked great from a sales perspective and from the result of the creators. In the business model, he saw a huge opportunity if adapted to the network marketing arena, so he went ahead and bought it.
The course was sold as a physical course delivered on CDs and DVDs.
More than 30 days after purchase, Patrick still had not received the course.
The creators of the course did create an online membership site version so purchasers could have immediate access to some of the material, which he did go through. But there was a problem . .
The online course was not as advertised. The information imparted was much more basic than the price level denoted and the cost to actually use this method of advertising was actually far more than advertised.
Instead of a few hundred dollars to get started the real asking price was on the level of $5K or more, and this is after the cost of the course itself.
Have you ever found yourself in this scenario?
So what was being taught was not as scalable as advertised.
Which made Patrick a little upset, as he saw the deception in the marketing process only after purchase.
Next, the online version of this course had a forum of which you’d expect 100s of people raving about how great the course was and how much success people were having with the application of the information imparted.
Instead, after looking through 100s of posts, Patrick saw only huge problems for those that attempted to even get started and not one success story.
At that point, Patrick decided to draw the line. He was going to wait until the actual physical course arrived to judge it fully. However, he had seen enough! There is no reason for a product to take more than 30 days to be delivered unless it wasn’t actually created before the sales were generated (which is illegal – it’s called “dry testing” for those interested).
Last night, Patrick submitted a support ticket for a refund in full which I can count on 1 finger the times I’ve done this. I hate refunds, personally, and typically will bite the bullet if I can draw something of immediate value out of the information.
Patrick just couldn’t justify this in this situation.
He received a response from the admin of the course saying that he would not be granted a refund because the 30 day refund period had elapsed and that they had removed him from the membership site.
Now, Patrick knew he was dealing with crooks.
The actual course didn’t arrive within the allotted refund time period. So basically he’d been cut off from the course after paying full price without actually receiving the information and all they had to say was the “refund period had elapsed.”
I’m certain that I will never do business with these people, and I feel terrible that Patrick got stuck in this scenario.
The lesson here is when you’re doing your marketing, be honest. Sell on the merits of what you actually provide and then deliver that value.
If you’re recruiting people into your business don’t feed them hype. Give them all you’ve got but make sure it’s the truth.
And then afterwards treat your people with respect and do all you can to help them.
Don’t oversell or set criteria for your product that you can’t live up to.
Deliver what’s promised with exceptional service and what you’ll find is your recruits will want to continue to do business with you because it’s actually a pleasure for them to do so.
Get this right and you’ll find your customer retention rate increase over the long haul, which of course, leads to bigger checks in the long term.
Have an amazing evening!
P.S. I would love to connect with you on Facebook! Check out my page right here, and leave a comment telling me your name and where you’re from!