Network marketing and affiliate marketing are among the ways of earning income online. Internet marketers earn money online using one way or the other and sometimes both. This article is about ideas on network marketing. Some tips will be given for you to follow in order to get success in your network marketing campaigns. But let us see first what exactly is network marketing.
What Is Network Marketing
Network marketing is a business model in which the individual representative is compensated not only for the sales he personally generates, but also for sales of representatives he recruits.
Network marketing offers the opportunity to earn residual income which is passive income earned by doing work once and get paid again and again for the work long after. If for example, you recruit a person who buys product X and places a monthly order for the product, you earn a commission for the product the first month of purchase and every month after that as long as the person maintains his monthly order. You earn income every month long after for work you did once.
Network marketing also allows you to earn income through multiple levels of commissions. Different sponsoring companies have different compensation plans, some companies pay marketers up to several levels while others have unlimited levels of payment. You build your downline by referring people to the sponsoring company who then build their downlines by referring their friends and other people to the company. You earn commissions from purchases made by people you referred and from purchases made by people referred by your downline and so on through some levels deep down. This is leveraged income.
How To Get Success In Network Marketing
You can see from the above that network marketing is about working with people and coaching them to reach larger levels of success. The best part of it is that you don’t need to have a list to get started, you only need to concentrate on learning and applying effective traffic generation techniques to build your downline. By getting a downline, your efforts will be duplicated increasing your income every month. Some network marketing companies provide their representatives with the training and tools required to build
To get the most out of your network marketing efforts, here are a few tips.
Good Choice Of Sponsoring Company
To me this is the most important factor in determining your success in network marketing because if you fall into the hands of a bad company, all your efforts will be fruitless. You should look for the following in the company to work with:
1. The company reputation and records: Check out the experience of the CEO and the background of the company. The longer the company has been in business, the more stable it will be. Check out how the company fared during the period. One place to check your company record is BBB (Better Business Bureau). Check how many disputes it has had and how they were resolved. It’s also important to know where the company is, is it growing or it reached stagnation?
2. Excellence of products or services provided by the company: Consumers buy products or go for services they know will help solve their problems. A company with good products wil put you in good position to make sales and earn commissions.
3. Good compensation plan: The compensation plan is what determines what fraction of the sale you make and what fraction of the sales made by your downline will be paid to you as commission. This is in actual fact what you are working for, what you will earn out of your efforts.
4. Support and training: A company with a training system, good support and adequate tools to help you in your marketing will accelerate your way towards success. Some good companies provide many ways of getting support, internet income courses, banners, flyers and gateways for your marketing.
Learn The System And Practice
Spend some time to learn the system of your company. Some companies have a lot that a marketer can do, go through the details and decide on your course of action. Be willing to listen and learn from you uplines (people above you in the company). Ask for their advice and duplicate what they did to get success in the company.
Lead Your Downline
New people you recruit in the company need support as much as you needed when you joined. Make sure you spend some time to teach and coach them. Hold them by the hand until they are confident to go off on their own. Remember, you succeed only when they succeed. Network marketing is about building long-term relationships and not recruiting and leaving them orphaned.
Use The Internet Properly
Use the internet properly, it’s a good (and maybe your only) marketing tool. You may set up a website with email marketing autoresponders so that you can follow up with your downline. Click on this link to get training on how to build your own wordPress website. This will also help you build a list since not all people who visit your website will be interested in the company you promote. Having their contact addresses allows you to sell them other affiliate products.
Do you have more tips on network marketing? Feel free to contribute.