If the company folds or terminates its relationship with you, that will destroy the asset you spent years building. MLM participants are reliant on the good standing of the company. One way to hedge against that risk to is to maintain close relationships with those in your downline. They would then be more likely to come with you if you choose to switch businesses.
Competitor marketing is pretty much the obsession of every business owner out there. They want to know what the other guy is saying, doing and what is working. They also want to know what isn’t working, so they can swoop in and poach their customers (admit it, you do this any time you can). But keeping up with the competition’s moves is hard and without the right tools you will never know if you are getting the full picture.
It’s true, there has never been a better time to build a network marketing business. We’re so lucky to live in a time where technology exists that helps us work smarter and not harder. But, we’ve also learned that not all network marketing tools are created equal. We’ve tried many network marketing tools over the years, but the ones on this list are tried and true and provide the most bang for your buck (especially the free ones!).
Your customers, prospects, and partners are the lifeblood of of your business. You need to build your marketing strategy around them. Step 1 of marketing is understanding what your customers want, which can be challenging when you’re dealing with such a diverse audience. This chapter will walk you through (1) the process of building personal connections at scale and (2) crafting customer value propositions that funnel back to ROI for your company.
Historically, it has been difficult to measure the effectiveness of marketing campaigns because target markets cannot be adequately defined. Email marketing carries the benefit of allowing marketers to identify returns on investment and measure and improve efficiency. Email marketing allows marketers to see feedback from users in real time, and to monitor how effective their campaign is in achieving market penetration, revealing a communication channel's scope. At the same time, however, it also means that the more personal nature of certain advertising methods, such as television advertisements, cannot be captured.
Using Dr Dave Chaffey's approach, the digital marketing planning (DMP) has three main stages: Opportunity, Strategy and Action. He suggests that any business looking to implement a successful digital marketing strategy must structure their plan by looking at opportunity, strategy and action. This generic strategic approach often has phases of situation review, goal setting, strategy formulation, resource allocation and monitoring.
Because of the encouraging of recruits to further recruit their competitors, some people have even gone so far as to say at best modern MLMs are nothing more than legalized pyramid schemes with one stating "Multi-level marketing companies have become an accepted and legally sanctioned form of pyramid scheme in the United States" while another states "Multi-Level Marketing, a form of Pyramid Scheme, is not necessarily fraudulent." In October 2010 it was reported that multilevel marketing companies were being investigated by a number of state attorneys general amid allegations that salespeople were primarily paid for recruiting and that more recent recruits cannot earn anything near what early entrants do. Industry critic Robert L. FitzPatrick has called multi-level marketing "the Main Street bubble" that will eventually burst.
Of course, leveraging social media channels is a no-brainer for growing your network marketing business but choosing which ones to start on and focus on is the harder part. First, which channels are YOUR PROSPECTS spending time on? Second, which channels are YOU already most active on and enjoy using? The likelihood of you staying consistent and getting results will depend on these two matching up. If you’re not sure where to begin, we recommend you start with: