Network Marketing Prospecting

Network marketing is a general term for a type of marketing that is usually performed by an individual instead of a company. It refers to the use of interpersonal or social networks to market products and services for business purposes as opposed to the more traditional and common practices of wide-range advertising.

Since it’s more about word of mouth business, building a strong personal network is quite a determining factor in network marketing prospecting.

Network Marketing Prospecting

Many companies which utilize a network marketing strategy facilitate it with a multi-level marketing (MLM) compensation structure. For this reason, the two terms are often confused with one another and used interchangeably.

As the name suggests, network marketing is essentially a sales and marketing business.

However, there is a common problem with this type of business - normally there are very few network marketers who have tertiary qualifications in sales or marketing.

Therefore it is important that people involved in this business to dedicate some training time towards learning some basic sales and social marketing principles such that they can develop their network marketing prospecting technique.

Network Marketing Prospecting

Since the products and company are usually marketed directly to consumers and potential business partners by means of relationship referrals and word of mouth marketing in network marketing, there is a very important key when doing network marketing prospecting.

The purpose of network marketing prospecting is to generate sales leads for your business.

Regardless of whether you are trying to promote your product or your business solution, your goal is to identify your prospects ‘problem’ and then tailor your solution to be specific to their requirements.

For example, when you are doing a roadshow in an expo, and someone (prospect) approaches your product stand, how should you respond?

Instead of blatantly trying to promote the first product you can get your hands on, the best approach would be to politely greet your prospect and then try to identify your prospects need/want/desire (problem), such that you can potentially solve it.

For example, you might consider asking the following question after your greeting: “Are you looking for anything in particular?”

This is a simple leading question that can help to qualify your prospect and or identify their need/want/desire early in the conversation.

“Nobody cares how much you know, until they know how much you care.” ~ Theodore Roosevelt

Note: Network marketing or MLM business is one of the industry you can build passive residual income as part of your multiple streams of passive income, as you can leverage on the people network of every individual in your client group.

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