3 Deadliest Sins In Network Marketing
Posted by Reyn | January 8, 2009
As a network marketer yourself, you may have come across many temptations and pitfalls that could hinder you from getting your desired outcome.
In this post, I’m going to talk about some of the mistakes most networkers made. All of them are the result of wrong mindset, misinformation and misjudgment.
Here are 3 deadliest network marketing sins that need to be avoided at all costs and how to avoid them.
- Joining Too Many Programs at the Same Time
This is the most common mistake networkers make. Dreaming of multiple streams of income, they often end up with drained pocket. If you have more than one programs running concurrently, your focus will inevitably be divided.
It will be hard if you’re a beginner. You might not know how to run the system yet. In the beginning, your objective is to understand how network marketing works. Start with one program and stick with it. In reality, a lot of network marketing heavy hitters only have one program until the end.
You don’t have to worry about multiple income streams. The growth of your organization is exponential. It means that after you reach a certain critical level, your team will grow significantly and it’s better to maintain the growth of your current team rather than making a new one.
- Having a Get Rich Quick Mindset
The biggest illusion in network marketing is making a lot of money…tomorrow. 97% of network marketers fail because their objectives are not met, but it’s not because of the system that is not working, it’s the objectives that are unrealistic. I’ve come across many people set a very high income goal, tried a few methods, failed to meet their target on the first round, blaming the industry and their sponsor and then quit. All happened after a few weeks…some even after a few days.
The system of network marketing is effective for making money, but the result won’t come instantly. Network marketing is designed to build residual income slowly but steadily. You won’t be rich by tomorrow. Maybe 6 months, maybe 2 years, maybe 5 years…I can’t guarantee. But it’s definitely faster than waiting for your retirement.
- Having Doubt in the Nature Network Marketing Business
Surprisingly, many distributors have serious doubt about the nature of network marketing or MLM. You will know this when you ask them, “is this a MLM program?” To this many will answer, “Uhmm, it’s not really MLM… you just need to recruit new people under you.” Well, then it’s MLM!
The root cause of this doubt is in the misconception people had about network marketing. In the past, there were many irresponsible people making money fraudulently through pyramid scheme, disguised as network marketing. Pyramid scheme is a non-sustainable business model that involves the exchange of money primarily for enrolling other people into the scheme, usually without any product or service being delivered.
Pyramid scheme is illegal but I assure you that network marketing is 100% legitimate. Be proud being in one of the most beautiful business models and don’t be afraid to tell your prospects that you ARE a network marketer.
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Posted in Network Marketing Mistakes |
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6 Responses to “3 Deadliest Sins In Network Marketing”
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Good morning, Reyn.
You make some good points.
There is a very big difference between the lottery (also known as get rich quick), employee, and business owner mindsets.
In the first case, the gambler wants something for basically nothing.
In the second, the employee trades time and freedom for income.
In the third, the entrepreneur looks for a way to connect willing customers with willing sellers and earns income from making the connection (only one of many ways to run a business). The choices can be overwhelming and it requires a plan and focus to rule out everything else and concentrate on achieving what we want.
Success takes time, effort, and focusing on achieving specific goals we choose for ourselves.
Act on your dream!
JD
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@John Dilbeck - That’s a very good point, John. Understanding the mindset of a true entrepreneur can make a whole lot difference whether you end up rich or broke. Thanks for adding.
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I agree with you 100%. Make sure you stick with one program for at least 3 months to see if you make a profit, if not…then move on. Thanks for the post!
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@Krystine - I would say it’s relative… It is not just the matter of making profits or losses. The problem may be not in the program you offer, but more in the system you’re using.
You need to carefully review your system first. If you’re still using a broken or unsuitable system, no matter what company you join, you’ll just see similar results.
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Just like any business model, a successful program will take some work and dedication. If you find one that works well for you, stick with it!
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I heard a story one time from a business associate and it has always stuck with me. She talked about how she had a traditional brick and mortar business that she put thousands upon thousands of dollars into and worked 15 hours a day at and everyone kept encouraging her to keep at it and try harder and that it just took time.
After years of this she joined a network marketing company for a few thousand dollars and after a few weeks those same people were wondering why she wasn’t raking in the dough.
People have a mindset as to what network marketing is- and most of the time it is wrong. As it becomes more prevalent in our society hopefully that mindset will change.
A business is a business traditional or not. It takes more than just a “I’ll try for a while” attitude.
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