Most business owners have a misconception why most QUIT Network Marketing. Most believe people Quit because of the product or the compensation plan. The reality Network Marketing is a BIG Revolving door with people joining and people Quitting. In this Blog post I'm going to cover why most people Quit Network Marketing and how you can prevent it from happening in your team.
Before I get into why most Quit network marketing I'm going to go over why most Join this industry. There are two major reasons why most Join a home based, network marketing and/or direct sales business:
1. They want to make MONEY
2. They want to start a BUSINESS
So many people have the misconception that people join these companies because of the product. It seems that prospects are looking for products that they can definitely use or are currently using and want make money at the same time. That statement is FALSE! Unless you want to bring in customers ONLY do you want people like this, not to say you can't build a business with customers. We are talking about bringing in partners.
Understand number 1, that is a prospect looking to make more money to fill a need. Why do they need more money? Is it to pay off their credit cards?, Is it to pay off their car loans?, Is it to put their kids through college? Is it to Fire their Boss and be fully independent?
What about number 2, that is a prospect looking to own their own business. Why are they looking to own their own business? Is it because their family have owned a business and they want to be an entrepreneur themselves? Is it because they can't afford a traditional business so they are looking at network marketing?
The reality is that we need to find out WHY, WHY, WHY, WHY, WHY, and WHY? But most business owners don't ask these questions and wonder why these same people QUIT! So many people that start out or even veterans in the industry that didn't have or little success miss this and want to sponsor EVERYONE! Which leads me into Why people QUIT network marketing.
People Quit network marketing for two reasons:
1. They are NOT making the income that they desire
2. They feel that the product was sold to them through hopes that they would MAKE MONEY from it.
Lets's look at number 1, as I said before people want to come into the business to make MONEY and because network marketing offers a LOW RISK, Very Low Monthly Cost, and have the ability to work from where ever you are, people Join. But what usually happens is the presentation shows how EASY it is to introduce it to others, they think it's EASY to get the first 10 people in that they speak to. Huge reality check, it takes 100's of contacts to find people that think like you.
Now for my favorite part, number 2, network marketing offers the best products in the industry due to the savings in advertising costs to market their products. Think about what the major brands out there have to spend in advertising to get you to buy their products. They have to spend MILLIONS of dollars to get people to buy, but NOT in network marketing. The major brands out there have to either make the product more expensive to cover the cost or make a less inferior product to cover their advertising cost. End result is the customer gets a Not so good product, but in network marketing you get the BEST products that you can't find anywhere because YOU are the one advertising. The big issue here is that business owners need to stay on auto-ship in order to Qualify commissions in mostly all network marketing companies.
If there is NO MONEY generated from the business most then look at the product and say this, "Do I Really Need The Product Every Month?". At this point most try to justify staying with the company because the product is GOOD but eventually that would fade away and they will cancel. I love this quote, " People Base Decisions On Emotion and Justify With Logic"
The WHY, WHY, WHY, WHY, WHY, WHY is very important when looking for prospects to build your business with. Asking your prospect WHY they are looking for a home based business will tell you their PAIN. Asking your prospects what they have set aside to pay for the initial start up and maintaining the business after all their bills are paid will tell you if they have the MONEY! Asking the WHY, WHY, WHY will let you know if this person is qualified to be on your team.
Understanding that if your prospect doesn't have anything set aside or CAN'T set anything aside for a business, should you still try to get them in your business? The number 1 reason why people want to get into a home based business is to make money but if they are NOT ready WHY do some try to put them in? It's a LOSE LOSE situation! If you know the main reason why people Quit is because of LACK of funding why do most want to sign up EVERYBODY?
You must stick to the WHY, WHY, WHY and you will know before hand if they are right for you and they are a right fit for your business. Once they are qualified you won't get many people that QUIT, you won't get many people that justify the business by the product, ( as a matter of fact the product is irrelevant ), Why? Your prospect want's to make money NOT buy another product or service.
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Btw, if your prospect is qualified you won't get I ran out of my warm market of contacts to talk to, they will look for more people to talk that are COLD leads. If you are a new to network marketing or are looking to talk to more people, I use a Lead System that brings me Targeted leads for my business using Attraction Marketing. To take a look at what I'm using Click Here
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Internet & Attraction Marketing Coach
P.S. Work With Me - XPlocial
P.S.S. If you have run out of people to talk to and are looking to talk to more leads check this lead system I'm using. Generate Leads in your Target market Click Here