7 most common mistakes in network marketing that Home Business Owners make
Have you ever planned a topic and something happens that makes you stop and think? We had planned on sharing the 7 most common mistakes in internet marketing and Business in general then…..
All over the internet some bad news spreading….this dawned with a mix of emotions going on in our industry, quite sad and upsetting for many! It is never a happy occasion when a network marketing company folds or goes down, nor is it cause for celebration in any way shape or form. It was with utter sadness that we heard that Wake Up Now aka WUN has filed for bankruptcy and just might close down. This news brought back a whole host of emotions that we felt when our first NM company stopped paying for various reasons, one of them being low cash flow…! And finally it did close almost a year later! The feeling of helplessness, fear, anger, sadness, even depression for those invested in such a company cannot be underestimated. As fellow network marketers the best we can do is be there for our friends who are Reps in WUN, lend a shoulder to cry on, no judgement, no pitching, no sales just be a friend! We must encourage them to stay positive and Regroup!
After some soul searching we decided to go ahead with this article on the 7 mistakes in network marketing, we just want to clarify that its got nothing to do with current events nor is it a judgement in any way shape or form!
Everyday lots of people fail trying to make real money online and it is because they don’t know what it is they have to do to manifest their desires. It is true that there is a lot of information available out there. As a HBO you have to sieve what you take in because many people have no clue what they are doing and mislead others. As a result of that many end up failing.
So in order to make money in this industry you have to avoid certain mistakes… For this reason today we want to share with you 7 of the most common mistakes Internet marketers & business owners make, this way you can avoid them and start seeing results.
Mistake 1. Blind Following OR Copying Without Knowledge: We’ve seen this lot of times. You see your “bruv” or “mate” do something and think that you can do it too and you end up falling flat on your face. The problem being you don’t see the whole system or network they have in place, you don’t really know what makes it profitable for them, or worst you didn’t ask!
For instance we’ve seen people copy a system that another is making a killing in, but they don’t know what the other person offers in the back-end, no knowledge of what goes on behind the scenes. Please before you go ahead and start copying other people’s systems or following blindly do your research and know exactly the system you need to set up or use to make it profitable.
Mistake 2. Becoming attached To The Product/Company: Some people get so attached to a product/company they close their mind to any other way of doing things or opportunity. They loose perspective and don’t see any warning signs that things may not be right, we were like this in our first program! Others create a product and fall in love with it, they get obsessed with it that they neglect other important things. They work on it to “Perfection” but sadly never launch it…they never heard the saying that “Version 1.0 is way better than Version 0.0” Jay Abraham says, you have to fall in love with your customers not with your products.
Please understand that your product doesn’t have to be perfect. It just has to WORK and solve your clients’ problem. So get it out there and then improve it based on feedback.
Mistake 3. Lack of Or Poor Research: This extremely common mistake in network marketing follows closely to blind following! If you don’t do extensive and in-depth research about what you are going to offer, chances are you could fail. Just because you got an idea and think it is going to work, doesn’t mean that it will actually work. This doesnt mean take weeks or months researching! Because some use this as an excuse to never get started!
All you have to do is purpose and schedule time to do your market research and then get started! At least be 80% sure that what you are going to offer to the marketplace is what they need and thus will sell. Then create a strategy and commit to make it do just that!
Mistake 4. Lack Of Focus: This could also be lack of Commitment! To put it bluntly if you don’t commit & focus you won’t achieve anything. Sadly a huge number of people can’t stay focused on one thing and get it done. They allow “Life” to interrupt, distractions, bad habits and poor organization. They end up jumping from one thing to another accomplishing none.
Lets share a personal story, In the beginning we got so frustrated so we bought a few courses…one such course by on futuristic marketing and we started studying it..! One day we got an email on a new course on blogging for profit, we went ahead and purchased…! At this point we kinda left the J Budd course by the wayside and started the blogging course, so we never got through the entire futuristic marketing course…! Fortunately we realised our mistake Quickly when we got another course on email marketing…What was the Mistake…? That this could become a vicious cycle!
The bad thing about this is that it can be a cycle that never stops and you never learn or apply anything so you never achieve any good results. (thank God we realised it)
Also, think about all the wasted resources, time engaging on social media sites, forums, etc. When what you need to do is… Study, Learn, Apply & Teach others. This is what will lead to your success!
Of course you don’t have to commit the next mistake ……
Mistake 5. Reinventing The Wheel: If you just started, this is one of the biggest mistakes in network marketing you could do. If you are a Newbie don’t try to create something completely new because you will have to spend a lot of money, time, research, energy and testing. There are hundreds of thousands of products/programs you can start with to make money!
You just need to identify what is working and Use or Improve it. Why in the world some people have to complicate their lives creating something from scratch is beyond us! If you know what works simply improve it if you must, this is the way most people make money in the network marketing industry!
Other people want to Create a Product First without knowing if people really want it, and quite simply they fail… If nobody wants your product you get no sales. See the the right way is to figure out who wants what and give it to them for instance we did some market research on what people want & got overwhelming results that people wanted a system that taught them how to market and get results i.e. leads & sales and we delivered!
Mistake 6. Ignorance…Not Knowing Your Numbers: 75% of our students tell us they don’t know their numbers! This is prevalent, it’s a reflection of whats going on in the Home based business industry! Yet, sadly many don’t even seek training & the help they need to succeed, its mind boggling! If you don’t know your numbers, you are not keeping track, you don’t know how many sales you need to break even & make some profits then, how are you going to improve and grow?
You have to know what works and what doesn’t and in order to do it you have to measure everything you do. We all know whats working for us and whats not working. The latter is what we need to work on, seek help and improve the numbers. Business is a game of numbers and if you don’t get yours right, or you don’t get it at all…you have set your self up to fail!
Seventh mistake in network marketing is: Holding on to the past, blocking the present & Stopping Dreaming.
A lot of people hold on to past mistakes and or failures like a garment of pride or protection..! This ensures that they either never try again…sinking into debt or lack in the process. Or worse still some bring those past failures e.g. in other MLM’s to their new business. The pas is the past, it can only affect you if you let it. Shed it like and old skin and grow a new one like lizards do! You mustn’t allow thoughts that your present and tomorrow will be the same as your past network marketing company. Your present is now and here, a new day, a new beginning, a new opportunity; its happening now!
Don’t let those past experiences in other companies kill your dreams. We know people that failed in 10+ companies before, now they are mulch-millionaires because they didn’t stop dreaming! We know people that failed for years and now they are super successful multi 6-figure earners. All because they persevered, kept dreaming and did not allow past mistakes to mar their future…! If this speaks to you, please let it be a source of comfort that tomorrow is a new day that only you can create!
Ben Lun shared 12 mistakes in network marketing more technical & hard hitting Read them Here!
Final words of encouragement: Surrounding your self with the wrong people shows lack of vision & focus. People that bring you down, don’t share your vision, refuse to cheer you on and literally rain on your parade, this is one bazooka of a mistake! Successful people surround themselves with people that share their vision, encourage, support their plans and generally make them feel good….Our family/friends are not trying to harm us. They love us…generally. Their opinion is just based on THEIR experience, but if they have never owned a successful business, then their advice can be toxic to our success. Seek advise from experts or other HBOs…! Find your Lion Pack and Stay Hungry UNTIL….! So now that you are armed…success is round the corner….rise and shine to your awesome destiny!
Now you know the 7 deadly mistakes in network marketing, you could be making which keep you from making money, if you want to progress and have a profitable Internet business STOP or avoid them… Today!
Do You Agree with the above, or have a few more to add? Please leave a comment with your thoughts.