#THE FIVE PILLARS OF NETWORK MARKETING
Network Marketing stands on five pillars. They are: Prospecting, Recruiting, Retailing, Reordering and Retraining. I call these operations the five pillars of the business because of their importance in this remarkable career. Let us discuss them one after the other.
1. #Prospecting: This is the art of looking for business-minded people to know about your proposal. You may not disclose the reason why you are inviting them to your company’s seminar at this stage. But you could tell them there is a business opportunity that requires those who want to change from the status of employee to the status of self-employed. Tell your prospects that the business is a life-changing opportunity. At this stage, if they show interest, then you could invite them to the seminar where they would be told the benefits derivable from Network Marketing business in detail. During prospecting, do not give too many details about your company or your business: otherwise, the people may be confused. It should be realized that prospecting is a continuous aspect of Network Marketing - the more you prospect, the more you attract new people to your Network.
2. #Recruiting: Recruiting new members into you network is the second step in network marketing business. After you have done your prospecting, you sort out the prospects that may be ideal for your business and recruit them into your network. Once they register in your sales organisation, they become your Downlines or business partners. This aspect of your job is also done regularly because not all the people that join your network stay to do the work. Statistics show that out of every 10 people that are recruited only one usually stays to do the work. The entry and exit that goes on in this business is one of the challenges of network marketing business. It is technically known as ‘attrition rate’. This is the rate at which new recruits leave the business after initial training.
Some of the reasons for attrition are as follows: some people come into Network Marketing with the aim of earning huge income at the beginning of the business but network marketing does not bring quick results like that. You need to build a solid network organisation before your income continues to grow gradually. Lack of this understanding makes newcomers leave the business before it has started to yield the expected results. For example, when a farmer goes to the farm to plant seeds he needs to plant and nurture the plants before the period of harvest comes. Every business in life follows this natural sequence.
Another reason for attrition is impatience: most people that come into the business are too much in a hurry. They may attend seminars few times and refuse to go for further training. They become half-baked in the business and later fall by the wayside.
Network marketing is a self-motivational business because you signed in as an entrepreneur. Therefore, if you cannot work without supervision, i