Network marketing is also known as multi-level marketing is one of the biggest risks in business. It is commission-based work and is controversial. It is a person-to-person business model in which business is done with sales and lead generations and is mostly done at home. The network marketing pyramid scheme has been dominating the lower tier salesmen by taking money from them to pay other higher tier people. It is said that about 90 percent of the people who get into network marketing fail in their journey, let’s look into why these people fail.
- BUDGET AND INVESTMENT
As every business requires a good healthy budget, network marketing also lives on good investments. Most people don’t invest in this business as history hasn’t been pleasant. One of the biggest reasons they fail is because they don’t have a proper budget, they don’t focus on numbers and facts. Knowing your numbers is important when it comes to any kind of business. Significant figures play an important role when it comes to rounding off the digits.
People can use various significant figures calculator or a significant figure counter online such as SigFig calculator and counter, it is user-friendly and very simple to use, you just add the digits and it is going to accurately provide you with your desired numbers. To know your budget, you need to understand your numbers.
- LACK OF DETERMINATION
This is another common reason why people fail in network marketing, people just don’t have what it takes to stand in this business. You need to have a very strong determination to stand in this business as it does not grow in a day. It takes its time to grow bigger and better.
- PROSPECTS
Another reason why people fail in this is that they do not have a proper list of prospects. Building a good relationship with your prospects is a vital organ of this business. Prospects are the people who are potential buyers and you need to maintain a good relationship with them.
- TRYING TOO HARD
Overdoing anything ruins it, network marketers are always trying too hard at their jobs and they always come as fishy or desperate. You need to maintain a good calm personality and you need to take it easy but not too easy.
- PITCH
When it comes to network marketing, the pitch is the heart of it. You need to have a good pitch to make the other person feel safe and secure. Most people don’t improvise with the pitch and keep on reading which is a fatal thing to do. You need to adapt your pitch according to the situation.
CONCLUSION
Succeeding in this line of work requires a good knowledge of the current market and a very strong determination. You need to be optimistic and motivated, knowing your numbers is important as a business is nothing without its digits. Staying focused and patient does the job, “slowly but surely”.