I’ve found that a lot of people come into the Internet network marketing industry with completely wrong expectations. They get a trickle of leads and can’t understand why those leads don’t convert immedeately to sales.
In today’s post I want to see if I can help you out a bit by going over some of the things you can expect as you start out in your Internet network marketing business. This, so that you can stay motivated even if the results aren’t instant.
The Bigger Picture Of Internet Network Marketing.
First of all, understand that not all leads are created equal. You’re going to find that some leads sources will yield a better lead quality than others. (By “lead quality” we mean that they convert more easily to sales; the prospects are more “purchase ready”.)
Also, realize that only about 20% of what you do is going to give you the desired outcome. It’s essential you understand this as you start out building your Internet network marketing business so that you don’t get frustrated when things don’t pan out exactly as you had hoped.
They key is to – as quickly as possible – determine which strategies are producing for you, and then continue to do more of these, ditching everything that isn’t working.
Also, don’t expect to see significant results until you are generating 30+ quality leads a day, consistently.
There’s going to be a “pipeline effect” as well, meaning you’ve got to give your leads some time to mature in your sales funnel. This could take days, weeks, or even months. (I talk more about the pipeline effect in my video above…be sure to watch it if you haven’t already.)
Expect to have to call your leads in the beginning. Calling your leads will help with conversions, but it’s also very time consuming. As soon as possible you’ll want to get to a point where you’re generating so many leads that you couldn’t call them if you wanted to. And —
At this point your sales funnel should be building enough trust and credibility for the right leads (“quality” leads) to convert on their own.
In Internet network marketing paid strategies will 99.99% of the time produce more immideate results than free ones. Free strategies, like blogging, article and video marketing will give you high quality leads, but they will take longer to produce a steady lead flow.
If you have little to no marketing budget, you will have to make up for what you lack in funds with your time. Stay consistent and be patient.
Even if you take massive action, if you have a very small budget (say less than $500 a month), expect it to take you at least 90 days to get those first trickles of leads.
Understand that only about 5% of your leads will convert to sales for your primary. It may be somewhat more, or less, depending on the quality of your lead source.
What’s more, you need to produce a certain number of leads (about 300) before you can draw any conclusions about how well a particular marketing strategy is working for you.
Want to know how to speed up your results? Here’s how:
Plan your marketing budget for at least the next six months. However big or small, your marketing budget is what you have committed to set aside for your business each and every month. It is funded by sources other than your Internet network marketing business (such as a day job, a loan, or savings).
You don’t want to suddenly have to stop marketing because you ran out of advertising funds! The key to avoid this is to plan properly.
Then, for the next 6-12 months (depending on how quickly you get results), put 75-100% of the profits you generate from your Internet network marketing business back into your advertising, on top of your set monthly budget. This way you’ll build momentum.
Before you dive into any paid strategies, it’s essential that you go through some solid training so you can do it right and not just end up squandering your money. I know of no better training in Internet network marketing than that of MLSP.
Remember to track your results from day one. It’s as simple as tacking a small string of code onto your website link. This is something you MUST do or you’ll have no idea where your leads are coming from. And consider this:
If you don’t know what lead source is producing for you, how will you know what to do more of and what to ditch?
If you’re using paid strategies, you really shouldn’t be paying more than $5 per lead on average starting out. Then, as soon as possible, you need to work out your “profit formula” to determine your ideal lead cost with greater precision:
As an example, say your product is an eBook that you earn $30 on per sale. If you have determined that it takes you on average ten leads to get a sale, well, then you’ll know that your leads shouldn’t be costing you more than three bucks apiece if you are to break even.
If you’re going to actually make a profit on the product, you’ll need to work on increasing your conversion rate, or perhaps, raise the price of the product…or both.
In Internet network marketing it’s key not to focus on too many strategies at once.
I generally recommend 1-3 methods for starters, depending on your skill level, how time consuming the strategies are, and whether you are working your business full-time or part-time.
And keep in mind that in Internet network marketing, as in “traditional” network marketing, consistency is everything. So pursue your craft diligently and with passion.
Be committed to excellence, to get better every single day. The more of an “expert” you become, the more people will want to work with you.
Think of building your Internet network marketing business like this: You learn something, then pass it on… You’re always seeking to give, share, inspire, educate and lead others.
And over time, as you build more and more momentum, generating increasingly more leads and converting those leads to profits, the more your business will also grow as a result.
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