MLM Definition - Best MLM Business Training
Definition of MLM and where YOU fit in?
Network Marketing and MLM mean the same thing. MLM stands for Multi-Level Marketing and isn't used as much now, as the more politically correct term "Network Marketing" is used by most consultants today. Not me, I'm the MLM Gorilla!
This movie provides the best Overview of MLM and Network Marketing.
Network Marketing / MLM is the sale of a consumer product or service, person-to-person, away from a fixed retail location, basically a home based business. These products and services are marketed to customers by independent sales consultants. Depending on the company, the salespeople may be called distributors, consultants or various other titles. Products are sold primarily through personal relationships and one-on-one retailing.
Commissions are paid not only to the MLM Consultant that made the sale, but they are also paid to the person who referred that consultant to the Network Marketing company in the first place.
MLM or Network Marketing is different from Direct Sales. In a Direct Sales company distributors make most of their money from simply reselling the company products. These companies usually market through home party plans etc. Unlike your typical MLM business, there are large commissions paid to the person doing the "selling" and a much smaller percentage paid "upline".
Network Marketing is also different than Affiliate Marketing. Affiliate Marketers are more concerned with getting a one time transaction. The more they sell the more they make. Unlike products offered in a MLM business their products are often ones that a customer would only need to purchase one time.
Network Marketing consultants are more interested in the long term residual income offered by the MLM business model. Some consultants will tell you that you don't have to "sell" "their" products. They claim you only need to "share" them. Don't believe it. The fact is, I've never seen any product that could jump out of the box, grab someone's wallet, take $20 bucks and pay for itself!
If you find a product that can do that, call me!
Network Marketing is a sales business. I agree that- when done properly- it's fun and doesn't feel like selling, but we can't say it's not selling. I will say that if your MLM business isn't fun you're doing something wrong.
The best MLM Consultants teach you how to do the business in a way that you like. They'll show you how to integrate what you love to do in life with your MLM business. Network Marketing really is as simple as finding something you love to do and then doing a lot of it!
There are people making great money in MLM using a variety of methods. Some work exclusively online. Others work exclusively offline. Some lead with the products. Others lead with the business.
What they all have in common is they found something they love to do and they started doing a lot of it! We'll be discussing the best of those business building strategies later in the Best MLM Business Training!
In Network Marketing when you refer people to your business they go on and refer others. You get paid commissions on the sales of everyone you ever refer to your MLM company. When the people you refer go on and refer other people you get paid commissions on those orders too!
Finding people that want your product or are interested in your opportunity is critical. Don't worry though. It doesn't take many. Don't just think of who YOU KNOW, think of all the people everyone you know, knows! Starting to get the picture?
When you join any company your sponsor (the person that recruited you) will most likely put you on a mission to get 3 people. They'll tell you that if you get 3 people and show them how to get their 3 you'll soon have a structure like the one below.
In the picture below you're the number 1 on the first level. The number 3 represents the 3 people you recruit into your MLM business. The number 9 represents the 3 people each of those 3 bring into your MLM business and so on. If everyone recruited exactly 3 people it would look like this:
1 You
3 Your 3
27 They get 3
243
729
2,182
Total: 3,266
That simple little business right there would be a six figure income in just about any MLM or Network Marketing company. The fact is that once you become a member of a Network Marketing Company you'll need to find others that want to join you. This is one of the reasons why you need to make sure you find a company you really believe in. One with products you truly believe everyone needs to have.
Unless you plan on being a Rock Star, Network Marketing offer you the best chance of creating a large residual income without too much investment when compared to most other choices.
There's a million ways to build your MLM business. We'll teach you many of then here in The Best MLM Business Training, but nothing will change the fact that the foundation of it all must be your unwavering belief in your MLM company's products and your company's opportunity.
MLM Magic - Residual Income
Ongoing customer use is what creates the real residual income in Network Marketing. Residual income is the money you earn each month from all the sales taking place in your MLM business. Every month you'll get paid on all the sales that take place in your "network" even if you're off playing at the beach! This can become quite substantial as more and more people join your MLM business there will be more and more sales that you earn commissions on.
Your MLM business can generate earnings for you long after you involvement in the business or your involvement in the initial sale. Once you have a solid MLM business you'll get "royalties" or "commissions" every month on all the sales in your network. If your company has a product that people reorder every month it can just keep coming in like clock work.
Think of what a singer or song writer earns on their work. They record a song once and record it. Then they get paid over and over again as people purchase their song in the stores. That's an example of residual income! Income that comes in long after you've stopped putting in an effort.
The interest earned on stock investments in another example. I love this one because I used to be a stock broker (many moons ago).
Network Marketing is the last real chance the average person may ever have to change their financial future and live a life with the free time and money they could only dream about before.
Consider this: Lets say you wanted to retire on with a meager income of $35,000 a year. At 7% interest you would need $500,000 in the bank- in cash. That would pay you $35,000 a year or roughly $5,300 a month. I'm using small numbers here because most people can't really deal with the big money that can actually be made.
Let me ask you a couple questions. Are you on track right now to have $500,000 in the bank by the time you want to retire? That's what it will take to have even $35,000 to live on when you retire.
When I first got involved in my MLM business people laughed at me, but I didn't care. It was real simple to me. To retire on even $35,000 a year I'd have to do one of two things. PERIOD!
Which one of these do you think most people have a better chance of achieving in THIS LIFETIME!
1) Earning Enough Money that you can set aside $500,000, put it in the bank, and draw $35,000 a year in interest.
or
2) Starting your own business that generates $2,600 a month in residual income?
I decided I could create a MLM business a lot faster that generated $2,600 a month than I could save $500,000 to generate the same kind of income in a bank account.
Actually, I far exceeded that with my MLM business, but I'm using small numbers because the real numbers would blow your mind.
Do You have to Beat Up Your Uncle Fred & Aunt Frieda to Join You in Your MLM Business?
No. Most Companies teach you to find people one of two ways:
1) Make a list of your "warm" market (Uncle Fred & Aunt Frieda).
2) Purchase/Generate leads of people already interested in your product or MLM.
I've shown people how to do both and seen both work with great success. Don't let number two fool you. It says "Purchase or Generate". There are some great companies that can supply you with people (leads) already interested in your MLM business. Generating leads yourself can be fun too, but you have to be careful. It can also be a huge waste of money if you don't know what to watch out for. We'll talk more about that later on in The Best MLM Business Training.
It's true. You can make a boat load of money in Network Marketing, but it's not gonna happen sitting on the coach eating potato chips! You'll need to sponsor a number of consultants using one of the above two ways- no matter what MLM company you join.
There are a number of ways to do either one of the above methods. Some consultants use online marketing systems, others only recruit in their warm market and wouldn't even know how to turn on a computer. There are people building their MLM business just about every way you could possibly imagine and we'll be showcasing the most successful ones here in The Best MLM Business Training.
The Best MLM Industry
One of the industry's top trade organizations is the Direct Selling Association or DSA. Of interest is their Public Attitude Tracking Survey, conducted by Burke Marketing Research. It periodically assesses public attitudes toward the industry. The latest study clearly shows Network Marketing remains a vibrant marketing method that engenders considerable loyalty among its consultants and customers. Recent marketing innovations like the Internet are expanding their reach and lowering the cost of doing business for millions of MLM Consultants.
The MLM industry Has Touched a Majority of Adult Americans
- The Network Marketing MLM industry has touched a majority of adult Americans: 55 percent of American adults reported having, at some time, purchased goods or services from a Network Marketing or MLM representative. This represents a slight increase over earlier figures.
- One in five American adults (20%) reported they are now (6%) or have been (14%) in a Network Marketing or MLM consultant.
- Among Network Marketing or MLM customers, three out of four (77%) have attended some kind of local meeting.
The market potential for MLM, Network Marketing
and Direct Selling:
- Thirty-eight percent of adult Americans surveyed have some interest in purchasing a product or service in the future via MLM, but only 27 percent had actually made a Network Marketing purchase in the past year.
- With public interest in purchasing through Network Marketing or MLM (38%) exceeding those who have purchased (27%), these figures suggest there is an opportunity for growth!
MLM Businesses Will Benefit from
America's Changing Shopping Patterns
-
The 55 percent of American adults who have purchased from a MLM company is exceeded only by the percentage of those who have ever purchased from a regular retail store (96%) or through catalogs (83%)
-
The percentage of American adults who are somewhat, very or extremely interested in using the Internet as a method of purchasing products and services in the future has increased from the 30 percent of American adults reported in 1997 to the 50 percent reported in 2000 to nearly 70 percent of adults today.
That's the basics of MLM, Network Marketing and what you would be doing. Probably the straightest answer you ever got, huh? The next question is usually, "What MLM industry or products should I represent?
Good Question, before looking for the Best MLM Company, first decide what Industry you would like to be in. You'll want an MLM Company in an industry that offers you the best chance of success in your MLM business. A MLM company that offers products you can believe in!
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