Some Interesting Facts about Network Marketing
- 97 percent of Network Marketers fail unless you want to be one of the three percent.
- 90% of Network marketers are paid less than $10 per week.
- 90 – 97 percent of the individuals you share the business with will reject you, and some may even mock you.
- The average Network Marketer will sponsor 2.2 representatives throughout their 93-day career.
What is Network Marketing or MLM?
Network marketing uses controversial marketing techniques to promote the sale of products and services, it is commonly referred to as pyramid marketing and referral marketing. In this business model, participants’ earnings are obtained from a binary or pyramidal compensation commission system. Network marketing was first viewed with doubt since it upsets the established order of business. They even managed to have it banned in several nations.
On the other hand, some people say that the new preferred method of conducting business and a component of it has been established through network marketing. It is built on giving people the genuine, authentic goods they want and desires at a reasonable cost. Even if some people do succeed financially through network marketing, this is always the product of their efforts.
It’s not the point of network marketing to take advantage of your friends and family. Network marketing used to entail selling to and sponsoring people from your “warm list” of prospects. Although word-of-mouth advertising and word-of-mouth referrals remain the cornerstones of the company, more individuals are also utilizing advanced marketing strategies including the Internet, conference calling, and other messaging platforms.
Are The Products In Network Marketing Genuine?
The majority of the products in the network marketing industry are costly, yet even after a significant reduction, they still turn a profit. Persona soap from Amway costs Rs 150/3, but Lux soap, a well-known brand, costs only Rs. 75/3 for the same box of 3. Similarly, there are makeup products of some literally unknown companies, for example, Forever 21, and others that are not only expensive but are not good quality-wise too.
How Does It Work?
We may confidently infer that Network Marketing offers a solid platform for an internship to sharpen entrepreneurial abilities because the Education Policy 2020 is strongly in favor of teaching students to become entrepreneurs, i.e. job creators instead of job seekers.
There are several companies like 4Life, Herbal Life, Jafra, Vestige, Modi Care, Oriflame, Avon, Amway, Tupperware, Oriens, Aviance, Forever 21, and more. These are just a few instances of the Network Marketing companies that are now on the market; they are not a suggested list. The secret is perseverance and hard effort, and as with any other business, financial freedom and other things like that will come much later.
Learning how to network is essential for everyone who wants to make a difference in the lives of others. Even if you have the best product or concept, it won’t be successful until you have a network to spread the word about it and make sales. The world’s wealthiest individuals search for and create networks. The others all search for jobs.
The Good Side Of Network Marketing!
A solid network marketing organization has the possibility of changing your life by providing you with learning opportunities and experiences. Some of the topics that may be learned are money management, leadership, goal-setting, time management, communication, people skills, and others.
However, network marketing is not for you if all you care about is the money or the goods. Your time and effort are not worth it in any Network Marketing firm. Select a company with a solid track record, a robust distribution system, and long-standing remuneration schemes. Do your research to identify
It’s not A “Get Rich Overnight Scheme”
The field of network marketing is not a quick-money scam. There are some people that do make a lot of money rapidly, but they just get lucky and nothing else. Network marketing success is dependent on adhering to a few fundamental yet flexible rules. No matter what someone has promised you, money will not appear anywhere and fly into your bank account.
You can get over your rejection phobia with the help of network marketing. You can find a mentor who is successful in real life, not merely an advisor. Additionally, effective leaders have the capacity to influence and motivate others.
Money doesn’t always go to the company that offers the finest goods or services. Money goes to the company with the finest management team and executives. Simply take on more leadership responsibilities to earn more money. In the end, what matters is who you have become, not what you earn or acquire.
What is the Take Home Message Then?
Network marketing is not a scam, it’s a legitimate business. It’s not a quick money-making business but requires lots and lots of effort, excellent communication, and strong networking/connection-building skills.
No significant upfront financial investments, geographical restrictions, minimum quota requirements, or specialized training are necessary with network marketing. Many of the tax benefits of running your own business can be obtained through network marketing, a low-overhead home-based enterprise. You may travel and have fun while working in this business and you can also enjoy the lifestyle that extra cash might provide.
But!!!!!!!!
Network marketing is not for everyone. If you do not have enough time to invest in connection building and only looking for a part-time side hustle to support your family or education, then it’s better to stay away from pyramid schemes like network marketing and get a job where you can get paid for your work without investing money in it. You can be a content writer, website developer, virtual assistant, graphic designer, social media manager, or digital marketer, and get plenty of work, money, and peace of mind.
THE CHOICE IS ALL YOURS!
Thanks for reading this article by ExtNext, hope you will learn something about Networking Marketing.
