We all know that the economy has slowed to the pace of a slug lately. Retail sales are down in most every sector and many stores are either scaling back or closing down altogether. So, does this mean that Network Marketing is slowing down too? The answer may surprise you.
Most will tell you that no, Network Marketing always does very good in economic down times and thrives in recessions. That is true. We are, however, seeing a slightly different picture right now than in recent recessions of the past.
Over the past 50 years, if you go back and examine the data, you will find that Network Marketing companies have indeed grown very strongly in recessions over this timeframe. In fact, they the worse the recession, the better their growth. All current data supports that this trend will continue.
Right now, however, one trend that we are observing is that sales of traditional high ticket Network Marketing companies (those with products at or above the $2,000 price point) have slowed down more than normal for this time of year. I chalk this up to the triple effect of (1) a slow economy, (2) a new president and the uncertainty that will bring and (3) the normal Holiday slow down.
So, what is the best strategy to combat this and continue to be successful in Network Marketing if you are a traditional “high ticket" marketer? Wisdom would suggest you “diversify" and join up with a small ticket company as well. Many experts will advise you against marketing more than one product at a time. But, if you study highly successful Network Marketers, they all know that the key to success in this industry is creating multiple income streams. That being said, there is a good way and a bad way to do it.
I don't suggest marketing more than two products - it becomes too confusing, you get too distracted and can create a lot of busy work which pulls you away from sales. What I suggest is that you find a complementary second product - one that is not in the same niche as your primary product and has a very different compensation plan. For example, most high ticket comp plans reward you more for your personal sales than your downline sales. You would be wise to find a physical product that has a good residual binary comp plan as a secondary product. I would suggest a low startup cost of under $200 and something that has very moderate autoship requirements. Remember, you want to have an affordable and easy “down sell" for those who cannot join your high ticket product.
Now, the cost of acquiring leads can be high. So be prudent with how you market to them. If after a certain number of messages from your autoresponder they have not been enticed by your high ticket product, make a casual mention of your strategy of multiple streams of income (educate them on this concept) and then reference your down sell product. You will be surprised how this can grow your income. Now you are converting what used to be no's into yes's - just at a lower price point.
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