So you want to accomplish MLM Mastery? Most people think that requires sponsoring lots of people. Yet I feel that it is when you cultivate relationships that success will come. Why would I say that? Because relationships are fundamental to your downline retention. It is retention that keeps your business steady and positioned for future growth.
Retention is important to your mlm success. The average retention rate for the network marketing industry is 20%*. That is like losing 8 out of every 10 people you sign up. This is why it is vital to do things such as working in depth with your group and encouraging those working to move up the ranks, being available for 3-way calls and having weekly communication with the whole group. If you do nothing but sponsor someone, it will destroy your profits. That is because more than likely you will be spending more money than you are making; you’ll be in MLM recruiting mode and trying to replace the ones that are leaving.
Think of attrition as passing a fire bucket full of holes. No matter how much water you put into the bucket, it will always leak out the holes. So you have to continuously stop and add more water.
So how do you develop your relationships to increase your retention? But just how to you cultivate relationships to increase your downline retention? The answer should be really obvious, but I’ve broken it down into three steps.
Step 1: Really get to know the people you sponsor into your business.
If you learn what it is they really want, help them define their “WHY”, then you are able to hold them accountable to themselves and their business. It shows that you care enough to remind them of what is most important to them (bringing their wife home from her job, buying a house, paying for their kids education) and to guide them toward those goals.
Step 2: Keep in mind that people are worthy of personal attention and respect.
Remember, most of the people you will sponsor into your mlm business are currently professional employees who are just starting to set out into the world of entrepreneurship. Often times these people will have little personal consideration by their boss for what the good job that they do and are in all probability just one of the minions at the bottom of the corporate pyramid scheme.
Let your downline know how much you respect their choice to make a better life for them and their families. Exhibit the basic courtesies of saying, please, thank you and congratulations. Do the extra little things like remembering their Birthdays and Anniversaries, thank them for their military service, etc. It is the little things that go a long way.
Step 3: Be of great value to them by sharing your time and knowledge.
You need to be knowledgeable about your company and how to market yourself and your products, but what your DON’T want to come across as is a Marketing Guru who is unapproachable and who won’t have the time for them. Remember, people will listen to what you have to say as long they don’t feel like you are patronizing them. You always want to talk with them, not at them or down to them.
If the people you sponsor into your business see you as a friend, confidante and a leader, then you are well on your way to having a business partner for life.
The most valuable thing you have is your time and people appreciate you sharing your time with them. I was lucky enough to be sponsored by one of the top ten money earners in my last company. He was a great sponsor, but the downside was that he was so busy that there was a 24-48 hour response time to your phone calls and emails. This meant my mlm training questions were held up and scheduling a 3-way call took coordinating three different schedules. Simply put, he did not have enough time to effectively work with his downline.
When it comes to building relationships to increase your downline retention, there is a saying that people don’t care how much you know until they know how much you care.
I have never found a truer statement that can apply to all aspects of life. It really does come down to living the Golden Rule, in that you are always willing to treat people the way you want to be treated. It really is the foundation of great relationship building.
So I challenge you to get to know the people you sponsor into your organization, show them the respect that they deserve and be of great value to them. As you implement these mlm strategies, you will be on your way to beating the industry retention rate and on your way to creating financial freedom for you and your downline.
*Statistic from ServiceQuest website.
To your success!
P.S. If you are having little success generating leads in your current MLM, then its time for you to invest in new Marketing Methods that DO work. Discover my exact MLM Success Formula to generating free leads, Go here NOW!: Give Me The MLM Success Formula!