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For the love of everything that is good and holy, could we please stop using “getting in on the ground floor” as a selling point to recruits! It is beyond unprofessional and stinks to high heaven of pyramid schemes.
Any prospect worth his or her salt will turn right back around and ask, “what about the people I’ll be recruiting? Won’t they get the short end of the stick if they aren’t getting in on the ground floor?” Good question. And the answer is no. That is if the MLM company in question is at all reputable.
People use this tactic to create a sense of urgency with their prospects, but think about what we are communicating with it: the MLM industry is extremely vulnerable to market saturation, people who join a particular company after its initial start-up period are doomed to failure, and, the most illogical of all, MLM companies that have been around for more than five years are less lucrative than the start-ups.
Let’s unpack these one by one:
Market saturation: The popularity of your product is never anything but a good thing. Think of televisions. Doesn’t nearly everyone you know own one? Does that mean Samsung, Sony, and Phillips will be going out of business anytime soon?
Getting in early: Yes, there is something to be said for joining early and building big. And the people at the top of your MLM food chain probably got in early. But what about those late comers who work their butts off and make more than their sponsors? The beauty of this industry is that if you work harder than your boss (your sponsor) you earn more. How many other industries is that true for? Tenure is not a factor in MLM.
It’s better to join a start-up than an older, more established company: Start-ups are always risky. We all know that 80% of all businesses fail in the first two years. If your prospective MLM has been around for more than five, how could that be anything but good? They’re doing something right.
So what should you look for in an MLM opportunity?
Low Start-Up Costs: If it’s over $500 to join, I would think twice. Chances are there’s a serious flaw in their business model that they are compensating for by front-loading their initial sign up fees. The ideal company should have a consumable, low-cost product with a decent profit margin.
Established Company That’s Been Around at Least Five Years: Put it this way, MLMs go out of business at an alarming rate. If yours goes down, your income stream goes with it.
Products You Are Passionate About: This is the most important quality of all. If your heart is not in it, if you wouldn’t recommend the products to your friends and family regardless of your ability to profit from it, then find something else. The beauty of the MLM business model is that all the money they save in advertising and marketing can be channeled into producing higher quality products. Shop around and find something you can really believe in.
To find out more about what to look for in an MLM and to see the best overview of the industry as a whole, watch Tim Sales' online film Brilliant Compensation. It's an educational overview of the industry and is not affiliated with any particular MLMs. It can be accessed here:
http://explorefreedom.com/cashmoneyflow
The opportunity for passive residual income afforded the MLM business model is enough to get people on board. Do your best to convey that and leave the "ground floor" hype alone.
Ali Lyons was a disgruntled, frustrated, and generally pitiful network marketer until she discovered the power of online marketing. To learn more visit:
MLMOnlineMarketing.blogspot.com |
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