One Network Marketing Success Formula
Posted by Heidi Herne | Filed under General, Network Marketing
For most people, to receive residual income, or a royalty payment, you have to have created and licensed something that generates the royalty. For most of us, the J.O.B. doesn’t produce a royalty payment, or residual income unless you are a patent holder. If there are any profits, the only way you get to share in them is to put up your own money to become an investor. And in the current market, you would be fortunate indeed if there were any profits to be shared.
I consider myself a Network Marketing Professional and I am very proud of my profession. I am self employed and not a slave to a J.O.B. My income is derived from my own efforts, as well as residual income (from the efforts of others). As J. Paul Getty said, “I’d rather have one percent of the efforts of 100 people than 100 percent of my own efforts.”
The Success Formula
So what does it takes to be successful at Network Marketing? In this writer’s opinion, it requires just a few things:
- Know your WHY
- Be good at inviting others to look at your opportunity
- Duplication
Let’s look at these in reverse order.
Duplication For Success
What is duplication? Each One – Reach One – Teach One. This means teaching each person you introduce to your business to do what you do.
To illustrate what duplication is, would you rather have: $200,000 per day for thirty days or a penny doubled every day for thirty days.
The first is an example of arithmetic growth: $200,000 times 30 equals $6,000,000. That is easy math and may seem like the obvious answer.
But let’s see what would happen if you opted for geometric growth with ONE penny doubled every day for thirty days: At the end of
Day 1 – $0.01
Day 2 – $0.02
Day 3 – $0.04
Day 7 – $0.64 (hmmm)
Day 14 – $81.92 (wow!)
Day 21 – $10,485.76 (and suddenly it is A LOT more interesting!)
Day 30 – $5,368,709.12 (now I’m definitely interested!)
So for one penny, doubled every day for 30 days, you would have accumulated $5,368,709.12 by the end of 30 days.
Network Marketing is based on this pattern of geometric growth. And you started with how big of an investment? In this case, ONE RED CENT.
Of course that is the perfect world, and we don’t live in a perfect world. This example just shows the power of duplication, and how a company is able to support a network marketing business model while still generating profit for the company.
Inviting Others To Share Your Success
We said duplication was teaching others to do what you do. What you are doing should be so easy, anyone can do it, and that is to be good at inviting others to look at your opportunity. So how do you invite? Eric Worre, of NetworkMarketingPro.com suggests this approach:
- “Do you have 15 minutes ?”
(I know your time is valuable and I’m not going to waste it.) - “There’s something I want to show you.”
(not tell you or sell you) - “You may or may not be interested.”
(no pressure)
To Have Success – Know Your Why
Knowing your why is going to be different for everyone. For some it is the time freedom they are able to achieve by earning significant money in less time. For some it is financial freedom, perhaps enabling one spouse to leave their nine-to-five J.O.B. permanently in favor of Plan B. Improve relationships. Dreams for travel and lifestyle options. For some it might just be to struggle a little less and have just a little more cash each month to go towards the light bill or the groceries.
Once you have your why firmly in mind, you will have no problem sharing it with everyone you meet and creating opportunities for yourself and others. As a Network Marketing Professional, I know we have a better way. I invite you to give it a try and see the truth of this for yourself. I invite you to click here for more on My Personal Bailout.
Disclaimer and Credits: The ideas I am sharing here are not new, nor are they unique. I am simply sharing from my own viewpoint. I thank all the people, especially my mentors, who have contributed to my education as a Network Marketing Professional, and to my personal growth and development which I hope continues for many years to come.
Tags: duplication, income potential, MLM compensation, network marketing, residual income
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