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Marketing 101: Care For Your Relationships To Improve Your Network Marketing Business Retention

Author : L.R. Hand

Submitted : 2010-02-12 19:13:44    Word Count : 897    Popularity:   167

Tags:   mlm retention rates, downline retention, mlm training, network marketing team building, mlm relationship building, LR Hand, wealth building strategy, marketing strategies and tactics

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A lot of people think that the blueprint for success in home based business is sponsoring tons of people.Nevertheless, I would contend that it is the relationships that you establish. Why do I say that? Well, relationships are fundamental to your group's retention and retention keeps your business steady and ready for further expansion.

Retention is essential to your MLM business. The average retention rate for the home based business industry is 20%*. That is like losing 8 out of every 10 people you sign up. If you do nothing to keep your downline (communicate weekly with whole group, be available for 3 ways, provide encouragement for new ranking folks and working in depth) in the business, it will devastate your profits because more than likely you will be spending more money than you are making just to sponsor new people.

A good mental image for attrition is 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 and never accomplish your goal of putting the fire out.

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 MLM business.

Discover what their "WHY" is. What is it that they really want more than anything else. This will help you be an effective coach when it comes to keeping your downline accountable to themselves and to their businesses. 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 direct them toward those goals.

Step 2: Remember, people deserve personal attention and respect.

Remember, most of the people you will recruit into your business are currently professional employees who are just starting to set out into the world of entrepreneurship. At work, they are probably just a number that has little or no real value to the company and they probably get little to no respect for the work they do.

It is important for the people you sign up to know that you truly appreciate them for who they are and not just the paycheck that they provide you.

Let your organization know how much you respect their decision to make a better life for them and their families. Show them basic courtesies, thank you's and congratulations. Do the extra little things like remembering their Birthdays and Anniversaries, thank them for their military service, etc. It's these 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 you DON'T want to come across as is a Marketing Guru who is unapproachable and who won't have the time for them. People will listen to what you have to say as long as they don't feel like you are talking down to them or at them. Always talk with them.

When the people you recruit into your home based business picture you as not only a leader but as a friend and confidante, you will be 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. That meant you had to coordinate three schedules for a 3-way call and training questions were delayed. Simply put, he did not have enough time to effectively work with his downline.

Remember that as you are building relationships, people don't care how much you know until they know how much you care.

There has never been a truer statement that applies 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 tactics, 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.

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L.R. Hand has utilized his MLM success formula to not only build a large organization, but to help others gain the knowledge they need to succeed in their own MLM and increase the retention in their own downline. To learn more about L.R. Hand and his home business, you may visit his blog: http://www.TheZurvitaBailout.com

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