Network Marketing Opportunities Require Due Diligence
First fatal mistake some entrepreneurs new to the network marketing arena make is a failure to perform due diligence on an opportunity before joining. Entering an email to opt in for more information in the form of a free eBook or video presentation is not what a prudent person would consider due diligence. If this is all you intend to do before joining an opportunity for any network marketing business then you are doing yourself no favors. The most likely outcome in this case is a short term engagement with the opportunity before concluding it is a scam or it simply doesn’t work and you end up quitting. The problem with this approach is you continue with the belief that there is an opportunity out there that will live up to the hype and if you try enough of them odds are you will soon find success. Again this will be unlikely in the majority of cases and you will learn a hard lesson and pardon the cliché but all that glitters is not gold.
Due diligence consist of doing some actual research on your own, a kind of behind the scenes analysis of the actual network marketing business before you jump in with both feet. Wouldn’t you find it beneficial if you could learn how long this organization had been in business and better yet is it even an organization. For example, do they have a Chief Executive Officer (CEO), perhaps a director of operations, and especially a support staff. A reputable organization would publish these things on their website so it is not that difficult to find out quite a bit about an organization maybe even their track record. Have they experienced any type of success and have their members experienced any type of success. You may want to learn about their compensation plan, what type training is included with the offer, what marketing resources will they provide for you, and maybe even what type of mentoring, coaching, or live help will be available. Failure on your part to conduct an exhaustive analysis of the opportunity may put you on a course to failure from the start.
Network Marketing Requires Intimate Knowledge of The Opportunity
The second fatal mistake most new network marketing entrepreneurs make is not understanding the opportunity they are attempting to promote. This is in most cases because they are eager to make their first sales and fail to recognize the consequences of marketing anything you know little to nothing about. This is especially true if you are trying to promote to a warm market such as family/friends or perhaps your list. Two things could happen one is that they will be turned off the minute they feel you do not know what you are talking about in your pitch. The other is that someone may actually buy from you only to be disappointed with the opportunity and now they want a refund. In either of these cases odds are these prospects will not entertain any other offers from you. This can be a business killer if you rely on your list for promoting products virtual or real online.
Learning about the network marketing opportunity you are promoting is paramount to your success in this business. You should be extremely well versed in whatever it is that you are promoting and even better should actually own and use the product for personal development if it is a training product or as a resource in your business if it is some form of tool. In either case your knowledge of the product should be based partially on your experience with the product. I would not try to push any products I do not own, products that have not produced any significant results for me, or products that I would be embarrassed to sell to my friends/family or my personal list. This is especially true if you are serious about success in network marketing.
Network Marketing Success Does Not Occur Overnight
The third fatal mistake of new entrepreneurs in network marketing businesses is believing success will happen overnight and perhaps even on autopilot. This in most cases happens because they fall for the hype hook, line, and sinker and give up just as fast when they do not see immediate results. While it may be true that in network marketing results can happen quickly and may even sometime grow exponentially it is not the norm by any means. Actually quite the contrary, if you expect any consistent long term results you will need to engage in consistent long term activities that are conducive to success.
There are several factors that play a role in your success or failure but the main ones involve your commitment to success followed closely by the amount you are willing to invest in your business. It is a myth that you will not have to invest any money in your business to be successful. I am not just talking about the initial investment to buy into the business opportunity. The real investment begins after you become a “business owner” and it is not always a monetary investment though it is difficult to differentiate between a time investment and a monetary investment. It all depends on what value you place on your time. What I mean by this is there are many promotion activities you may prefer to do yourself which are time consuming and may take some time before they produce any results. You may on the other hand choose to pay for promotion in the form of advertising which may lead to faster results. The down side being that you may run the risk of spending a ton of money before you find a reliable source with a good return on investment. In either of these two scenarios it is blatantly obvious that you will not be successful overnight in network marketing especially if you are new in the online marketing arena.