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NETWORK MARKETERS: Attrition - Is your worst enemy!
One major thing that network marketers run into is the Attrition factor. This is basically the drop out rate. Attrition is the number of people who eventually quit your downline and the company itself. Attrition can happen for many different reasons. Anything from: the network marketing company not paying enough, to the downline member finding a better opportunity, or they find a day job, or they get bored or tired of it and give up, or maybe they get hit by a bus. The attrition factor could happen for a million different reasons that a downline member who joined, then eventually quits. And it happens a whole lot.
The main reason for this attrition is that the financial outlay to join an MLM is only around 200 dollars. So if someone quits then it's not a massive loss. And it's easier to justify quitting when there's only 200 dollars on the line (as a loss). Where as many other things any person wouldn't walk away from so easy. Such as a house purchase, a franchise purchase, or a university education. All of these ranging into the hundreds of thousands of dollars, keeps people from just giving up on them so easily. But when it comes to network marketing the opposite is true. Attrition is very high and very rampant.
Here's a few different ways to Stop Attrition in Your Network Marketing:
1. How to STOP Attrition in Network Marketing
2. If you are in network marketing or interested in joining a network marketing company you may have heard that the failure rate is high.
3. In fact, the percentage of people who quit network marketing is between 90 to 97% percent. Ouch!
4. Why is this and how do you reduce the number of people who quit?
5. The best thing to do as a network marketing is become a brand yourself, not a person who just slaps your company’s name everywhere.
6. No one wants to join a skin cream. They want to join someone like YOU, who they know, trust and like.
7. You might think: It’s hard to gain trust and rapport on the internet and I say it takes time, but you can become trustworthy by being a constant presence online.
8. Someone who provides valuable content, not just spamming links.
9. Once you become a trustworthy presence online, people will remember you and when the time is right will ask to join you in your business. This is the essence of Attraction Marketing.
10. This is way better than chasing friends and family around and burning bridges.
11. Becoming an online presence takes time, but you can build your business ten times faster than chasing people around once you establish your brand, meaning YOU.
12. As soon as you become an Authority online, and people begin to notice you, this is the time to set realistic expectations about network marketing and direct selling.
13. This is where you can spot the desperation of amateurs all over social media, saying things like “Turn $7 into $10,000 in one week!” or “100% commissions. Make $3000 an hour doing nothing!”
14. These are blatant lies and if anything offers you 100% commissions it’s an illegal Ponzi Scheme. Legit network marketing companies exchange products for money and 100% commissions is impossible with a product.
15. So, instead of spamming blatant lies, talk about how you would like to help others get more time or money in their life, or talk about techniques you used to build your business. Give people your secrets and they will love you.
16. Once you get new distributors on your team you want to give them a simple, duplicatable quick-start or fast-track guide outlining the key steps in building a network marketing biz.
17. You will also interview the prospect before or after they upgrade and find out what their needs are. This is where you truly listen to them, like a consultant.
18. Some people won’t share the same enthusiasm as you, or they just want to try the product.
19. Not everyone is going to make you rich. Some people will quit on you as well, this is normal. Keep recruiting until you find the leaders.
20. Once you find out their needs and they want to build a business like yourself you will want to have a marketing system in place that they can use and share with their future team.
21. A marketing system is where you get your LEADS from and there are paid versions and free versions. This marketing system should be easy to implement and have a good conversion rate.
22. The more you become an authority online, the less you will have to spend on LEADS. Some leads are very expensive and will deplete the resources of your team quickly and they will quit. Find easier and more inexpensive lead sources first.
23. During the first month you want to work closely with your new distributor, but not suffocate them with a hundred ways of prospecting, recruiting and other useless details.
24. Guide them instead of push them and give the new distributor room to grow at their own pace.
25. The most important thing you can do for your new distributor is to get them paid as soon as possible. This means helping them recruit at least their first three reps.
26. The magic number to reach within six months to a year in network marketing is $300 a month, but as long as they are earning enough to pay completely for their product then that’s a great start.
27. $300 a month within 6 months to a year gives the new distributor a realistic goal. This also tells the new distributor that network marketing is not a get-rich-quick scheme.
28. Most new distributors don’t realize the power that network marketing has to leverage your income potential and make enough money to live out their dreams.
29. Ease the new distributor into these concepts by referring them to top rated ebooks on network marketing and other training material.
30. Attrition or quitting is normal in any business. Don’t take this personally. It happens to everyone in network marketing and in business in general.
31. Attrition actually works in your favor. It sifts out the people who don’t want to work for it or succeed. It’s like panning for gold. You discard a lot of mud and sand to find a few nuggets of gold.
32. Get some automated recruiting strategies in place to offset the amount of attrition that might occur.
Anyway, so again if you work smart you'll likely stand a far better chance of success with your mlm business. So why not turn on some various forms of: automation that will begin working for you 24/7/365 even while your sleeping.... such our automated recruiting system here: http://www.mlmrc.com
Good luck!
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