How to make money with referral marketing
There are several ways that potential new distributors can be identified by people involved in network marketing. Regardless of the medium used to find new leads, it's always best to provide prospects with simple, clear and relevant information so they can evaluate it. They can then make an informed decision about joining the business or not. Persuasion and 'arm-twisting' result in new distributors becoming less motivated and not staying in business very long. This article includes a review of how a referral marketing contact list can deliver weeks if not months.
Consider some strategies you can use to find new team members. Mail shots can work but their effectiveness is highly variable. Sending bulk mail shots may be necessary because many recipients bin the contents through the letterbox as junk mail without reading the offer. This is an expensive way to find prospects. Postage costs alone can be daunting. There are also costs involved in creating mail shot flyers. Mail comes from pizza companies, local takeaways, and housekeeping services and countless other flashy items that can distract a homeowner from networking flights. The recipient of the flyer should also be prepared to try to respond to the prospector by mail or electronically.
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Placing cards in the windows of shops such as newsagents is an inexpensive way to find prospects. However, response rates are often low. Advertising in magazines and newspapers can work, but it can be expensive and the results are sometimes poor. Leaflet drops need to be produced in large quantities to get a reasonable return in terms of response rate but there is a cost involved in producing and distributing the leaflets. If the network marketer delivers the leaflets themselves, it can be very time consuming.
Other possible methods include emailing and using a website, but spam should be avoided. Social media marketing is now in common use and can be used on networks such as Facebook, Twitter and YouTube.
The most cost effective way to find prospects is to talk to people. Some people may be known to the prospector, such as friends or family, and are called warm leads. Even strangers have to contact other people and this creates the so-called cold market.
The prospector should write a “contact list” in a notebook. Names of known persons should be included in the preliminary list. Persons on this list should not be pre-determined. For example, say there are 100 names in the list. People can be contacted one-on-one to add them to the networking team, either as a customer or as a potential distributor.
When contacting the person on the list, the exhibitor should make brief notes of the date, time, and what was said. If the prospector talks or telephones the lead again in the future, it is helpful to remember what was said earlier. Having some personal details such as jobs, hobbies and family members on hand can be helpful and make for friendly conversation.
A particular person who is at the top of the contact list may not want to register in a networking business. Either way, the prospector should ask for a referral. Say the person on the contact list doesn't want to join the business. (They may change their mind in the future but their decision should be respected). By asking if they know someone who would like to join the business, the prospector is given 3 referrals for example. Details should be written down and noted for future work. Contacting different people in the contact list one by one gets more referrals. The lead can't refer to anyone, someone else can give 10 names, etc. The prospector does not know who the person in the contact list knows, and so it is important not to prejudice anyone. A person who is potentially a "poor" distributor in a business may refer to someone who is a member of a "star" team.
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By getting referrals from people on the original contact list, the number of names of new people to contact increases significantly. Each of these new prospects can be contacted and the practice of asking for referrals can be repeated.
A good tip is to ask each person in the original contact list on the phone or, if possible, talk to someone they refer to. They may explain to the recommender that someone is going to call with an attractive offer. When a prospector calls a referred lead, it is now a warm lead instead of a cold lead. They are "pre-qualified" in the sense that they are willing to receive a prospector's telephone call and therefore may be willing to listen to a business proposal.
Many, if not most, home-based network marketing businesses lend themselves to referrals
The recipient of the flyer should also be prepared to try to respond to the prospector by mail or electronically. Advertising in magazines and newspapers can work, but it can be expensive and the results are sometimes poor. Leaflet drops need to be produced in large quantities to get a reasonable return in terms of response rate but there is a cost involved in producing and distributing the leaflets. Some people may be known to the prospector, such as friends or family, and are called warm leads. People can be contacted one-on-one to add them to the networking team, either as a customer or as a potential distributor. A particular person who is at the top of the contact list may not want to register in a networking business. Say the person on the contact list does not want to join the business.(They may change their mind in the future but their decision should be respected). The prospector does not know who the person in the contact list knows, and so it is important not to prejudice anyone. A good tip is to ask each person in the original contact list on the phone or, if possible, talk to someone they refer to. They are "pre-qualified" in the sense that they are willing to receive a prospector's telephone call and therefore may be willing to listen to a business proposal.
A particular person who is at the top of the contact list may not want to register in a networking business. The prospector does not know who the person in the contact list knows, and so it is important not to prejudice anyone.A good tip is to ask each person in the original contact list on the phone or, if possible, talk to someone they refer to. Say the person on the contact list does not want to join the business.(They may change their mind in the future but their decision should be respected). They are "pre-qualified" in the sense that they are willing to receive a prospector's telephone call and therefore may be willing to listen to a business proposal.
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