Sudden Impact – Beyond Hot Referrals

by Lee Abraham

Everyone loves a hot referral. On the receiving end it’s called money in the bank… Ca-CHING! For the giver, it’s more of a feeling. A warm and fuzzy tingle you get every time your networking efforts help build the business of someone you like and trust. Not to mention, a networking partner who is helping build your business in return.  

Two words: “Givers Gain®!”

Coined by Dr. Ivan Misner, founder of BNI (Business Network Int’l), the world’s largest business network, Givers Gain® is BNI’s philosophy of helping others first and then benefiting in return.

That said, hot referrals are great for both the giver and receiver. And yeah, as a result, everybody around the networking table walks away viewing you with a little more Credibility. But if you really want to rock the house and lift the energy of every single person in the room, bring a Visitor to the meeting!

Inviting Visitors 101 – Invite Visitors to VISIT, not join your group

Obviously, the primary reason you invite visitors to your networking meeting is to grow the group. Even a group that is productive at its current size needs to have a steady flow of Visitors simply to cover the natural attrition of losing people due to relocation, downsizing, changing careers or not renewing membership for some other reason.

Plus, even Visitors who do not submit an application to join your network are likely to do business with someone in the group. Studies show each Visitor does an average of $2,500 with one or more people in the group whether they join or not. 

Most important: A Visitor brings fresh energy and even if the other members aren’t consciously aware of it, everyone becomes a bit more animated. During Open Networking at the start of the meeting, every Visitor is a potential customer for each member of the group. The sense of new opportunity impacts everyone in attendance. And as the person who invited the Visitor, your VCP skyrockets! 

In short, Visitors are the lifeblood of a weekly networking meeting. Your ability to attract Visitors to the meeting plays a major role in your VCP with the other members, and in turn, the benefit you get out of the group. 

What to Say

Good news! Everyone can be successful at bringing Visitors to the meeting. Keep it simple and you’ll do fine. Here are a few basic tips to increase your results: 

1) Avoid creating obstacles that get in the way of someone who might otherwise visit your meeting. Top of the list: suggesting they consider joining. It’s counterproductive.  All the suggestion does is trigger questions of “How much does it cost to join” and “What’s the commitment?” Not good for your Visitor to Invitation ratio!

Let me repeat: Invite Visitors to Visit, not Join your group.

Why? Less pressure and greater probability of success. Trust me, run a good meeting and it will sell itself. Your job is to get the Visitor to the meeting. If joining is a good idea, Visitors will see it on their own. 

2) When Inviting, sing the group’s praises, tell the potential Visitor about how great the networking group is for your business and that you would love for them to see how it works. 

3) Tell the prospect about other business categories and people in the group who would likely be a good connection based on Contact Spheres and Power Teams.

For example, if the prospect is a Home Inspector, they would be interested to meet the Realtor, Mortgage and Insurance person in the group. A Photographer would love to be introduced to your Florist, Caterer and Event Planner. Capiche? Click here for a post on Contact Spheres and Power Teams.

4) Ask the Visitor to bring a stack of business cards and be ready to connect with a room full of your networking partners, people who might become a source of referrals for them. 

5) When inviting let the prospect know that there is no cost or obligation to visit, other than maybe a room or meal charge if you have one. Most structured networking groups allow Visitors to sit in on two meetings and then ask the newbie to either submit an application for membership or quit freeloading. 

More Than What You Say, It’s How You Say It

Best practice: be excited, show enthusiasm and speak from first hand experience. What do you enjoy most about the meeting? Talk about how your networking group has benefited you and your business. What business categories might be natural networking partners for the Visitor?

If you genuinely feel great about your group, the person you are talking with will feel it too. And like it or not, we make decisions based on emotion. Be smart. Tap into your positive feelings. Use your emotional energy to direct that quirky thing called “human nature” to your advantage.

I see the look of determination on your face. You are ready to take the bull by the horns and start inviting like never before. The problem? You aren’t sure who to talk to. Got it! Join us next time when we look into who you should invite to your networking meeting and why, when our adventure in networking continues… Follow me on Twitter!

Everything Counts – Personal Branding and Networking

 

By Lee Abraham

 

Personal Branding is a big deal. Particularly in networking. Last couple of times out we got into the VCP Process® and building business relationships. In short, regardless of who we are or what we do, we go from Visibility to Credibility and finally Profitability as we strengthen relationships with our networking partners. Click here for more.

 

So far so good. Most people got that memo. But like anything else, there’s usually a gap between knowing and doing. Sometimes it’s a rebellion thing. We’ll talk about that later.

 

Good news. More often than not, people participating in a structured networking group are motivated to make money and are open to new ideas. The problem: people don’t know what they don’t know! So what do you say we get past theory and into the details of Personal Branding and Networking.

 

Everything Counts

 

Bottom line: How you are seen by others has everything to do with how many referrals you receive. Like it or not, everything you do and everything you say, either helps or hurts your Personal Brand. Including little things you rationalize in your mind as unimportant or unnecessary. 

 

So here we go. Over the next several blog posts we take the mystery out of mastering the VCP Process® with a Power Team “Best Practices” on the following topics:

 

Basic Meeting Etiquette: What to do, not do, and why

Contact Spheres: Creating Golden Goose sources for ongoing referrals

One to One Meetings: Face to face networking and training to build VCP

Referrals: Recognizing and converting opportunity into money making referrals 

Sales Force Updates: Training the Power Team

Testimonials: Bragging Buddy Tricks and Tips

Training: Investing in your own personal development

Visitors: Inviting and networking with new people

 

Basic Meeting Etiquette (part 1)

 

Basic Etiquette 101: Wear your name badge.

 

We start here for a reason. Name badges are a litmus test. Research shows there are four types of people as it relates to wearing a name badge. Please be honest with yourself on which category best describes you.

 

Let’s start on a positive note: people who wear their name badge.

 

While it seems trivial to many, the name badge from your networking group is important and has an impact on your networking efforts. For starters, the badge has a dual purpose. An easy ice breaker with your name and business for open networking and Visitors at your networking meeting, the badge also confirms an impression to Visitors that your group is organized and focused.

 

Subtle but true, seeing people wearing the same badge helps a visitor see your networking group’s structure, system, and more easily identify energized members participating enthusiastically, the three most important variables Visitors are looking for in a networking group.

 

Personal Development

 

OK, let’s take off the warm and fuzzy kid gloves and go bare knuckle: some folks simply don’t want to wear a name badge. Why? You heard me: they just don’t want to! Hey, whatever. While it was funny and cool to watch John Belushi’s “Badges?!? We don’t need no stinking badges!” in the all time classic comedy Blazing Saddles, the same is not true in a structured networking environment. Fact: Wearing your name badge makes a positive difference.

 

In many ways, success in a group setting is a function of Personal Development. We all lead by example whether we realize it or not. If you fall into this category of rebellion, I strongly suggest you pass a referral for yourself to the Business or Life Coach in your networking group, to work on it. That way, everyone wins.

 

Alright, now for a group hug. I know, sometimes you just forget the badge and that’s why you don’t have it on at your networking meeting. Fine. We still love ya. But c’mon now, let’s get it in gear and simply make the name badge a priority going forward. Believe it or not, wearing the badge will build your VCP with the other members of your networking group, and in turn, you will receive more referrals.

 

Plus, the more people wearing badges increases the percentages of the group making a favorable impression with Visitors, resulting in more applications for membership in your network.

 

The Extra Mile

 

And now we come to the fourth group. These people are the Power Team Networkers you want on your team. That’s right, I’m talking about the folks who go the extra mile and wear their name at other business functions, in addition to their weekly networking meeting.

 

Whether it be Chamber of Commerce Mixers, or Industry Conferences and Trade Shows, wearing a name badge identifying you and your networking group is a powerful projection of your Personal Brand. Properly identified, you are now positioned to take a real interest in an other person’s product or service from the perspective of structured networking expert, talking with them of ways to add value to their business. And in the process, opening doors that might have otherwise remained closed.

 

Identity Crisis

 

OK, I lied. There is actually a fifth group. People who wear their own badge from their company or office. Yes, this is better than wearing no badge at all. But the group itself loses your contribution to the perception of structure and system in the Visitor’s mind. Further, you also weaken your message at an outside event when talking to another business person about the great networking group you belong to.

 

We agree, company pride is good. And important. But Power Team bling gets more done. Got flair? Wear both badges! Take a risk: be excited! Or take a bigger risk and keep yourself and your networking group a secret. The choice is yours.

 

Next time out, we put more ideas under the Power Team microscope, focusing on the little things you can do each week at your networking meeting to strengthen your Personal Brand, when our adventure in networking continues… Follow me on Twitter!

There is No “I” in “VCP” – Networking Relationships and the VCP Process®

by Dr. Ivan Misner & Lee Abraham

 

Walk up to a stranger, introduce yourself and dive right into your best sales pitch for the product or service your business provides. Now try to close the deal. That’s right. No time for research or due diligence, just ask for a leap of faith to do business right then and there.

 

I see you shaking your head and frowning. Hey, we both know it’s not going to happen. OK, let me rephrase that. Yes, one in 500 might do business with you, but unless you are selling food to the hungry or trinkets to a tourist, it’s going to take a little time to seal the deal.

 

Generally speaking, people don’t take kindly to a sales pitch from a stranger. Call it “Invisibility.” There are way too many choices for consumers in our wired up world of information to do business with someone we know nothing about.

 

Bottom line: business is all about relationships. The deeper the better. And it doesn’t matter what type of business you are in. Your networks for information, support, and referrals will drive your success, and those networks are based on your relationships with other individuals and businesses. 

 

Money Making Relationships

 

Power Team networking develops deeper and stronger relationships by focusing on a mutual benefit for both parties: making money!

 

And there are many different types of relationships involved. Among the most important are those with your Power Team partners or “Bragging Buddies,” as well as with prospects these referral sources bring you, and with customers you recruit from the prospects. 

 

VCP Process®

 

Obviously, relationships don’t just appear from invisibility, they must be nurtured. As they grow, fed by mutual trust and shared benefits, relationships evolve through three phases: visibility, credibility, and profitability.  We call this evolution the VCP Process^®.

 

Any successful relationship, whether a personal or a business relationship, is unique to every pair of individuals, and it evolves over time. It starts out tentative, fragile, full of unfulfilled possibilities and expectations. It grows stronger with experience and familiarity.  It matures into trust and commitment. 

 

The VCP Process® describes the process of creation, growth, and strengthening of business, professional, and personal relationships; it is useful for assessing the status of a relationship and where it fits in the process of getting referrals. It can be used to nurture the growth of an effective and rewarding relationship with a prospective friend, client, co-worker, vendor, colleague, or family member. When fully realized, such a relationship is mutually rewarding and thus self-perpetuating.

 

Visibility

 

The first phase of growing a relationship is visibility: you and another individual become aware of each other. In business terms, a potential source of referrals or a potential customer becomes aware of the nature of your business – perhaps because of your public relations and advertising efforts, or perhaps through someone you both know.

This person may observe you in the act of conducting business or relating with the people around you. The two of you begin to communicate and establish links – perhaps a question or two over the phone about product availability. You may become personally acquainted and work on a first-name basis, but you know little about each other.

A combination of many such relationships forms a casual-contact network, a sort of de facto association based on one or more shared interests.The visibility phase is important because it creates recognition and awareness. The greater your visibility, the more widely known you will be, the more information you will obtain about others, the more opportunities you will be exposed to, and the greater your chances of being accepted by other individuals or groups as someone to whom they can or should refer business. Visibility must be actively maintained and developed; without it, you cannot move on to the next level, credibility.

Credibility

Credibility is the quality of being reliable, worthy of confidence. Once you and your new acquaintance begin to form expectations of each other – and the expectations are fulfilled – your relationship can enter the credibility stage.  If each person is confident of gaining satisfaction from the relationship, then it will continue to strengthen. 

Credibility grows when appointments are kept, promises are acted upon, facts are verified, services are rendered. The old saying that results speak louder than words is true. This is very important.  Failure to live up to expectations – to keep both explicit and implicit promises – can kill a budding relationship before it breaks through the ground and can create visibility of a kind you don’t want.

To determine how credible you are, people often turn to third parties. They ask someone they know who has known you longer, perhaps done business with you.  Will she vouch for you?  Are you honest?  Are your products and services effective?  Are you someone who can be counted on in a crunch?

Profitability and Time

Mature relationships, whether business or personal, can be defined in terms of “profitability.” Is it mutually rewarding? Do both partners gain satisfaction from it? Does it maintain itself by providing benefits to both? If it doesn’t profit both partners to keep it going, it probably will not endure.

The time it takes to pass through the phases of a developing relationship is highly variable. In a time of urgent need, you and a client may proceed from visibility to credibility overnight. It’s not always easy to determine when profitability has been achieved – a week? a month? one year?  

Profitability may happen quickly, or it may take years – most likely, somewhere in between. It depends on the frequency and quality of the contacts, and especially on the desire of both parties to move the relationship forward.

However long it takes, when you have established an effective referral-generation system, you will have entered the profitability stage of your relationships with many people – the people who send you referrals and the customers you recruit as a result!

Next time out we explore the VCP Process and networking online with Twitter, Linkedin and other social media, when our adventure in networking continues… Follow me on Twitter!

MLM and Golden Goose Referrals

 

by Lee Abraham

 

Regardless of business category, successful networking is all about training your Power Team to recognize prospects and seize opportunity to create money making referrals for your business. 

 

And that includes MLM. But here’s the catch. Although everyone knows MLM’ers make more money by promoting the business opportunity than the actual products, the MLM’er must first build Credibility with the group based on the products in the Power Team framework

 

Listen, I know MLM’ers want to jump straight into the business opportunity. Trust me, I get it. As the relationship blossoms, training your networking partners to bring prospects for your business opportunity is the logical next step. But it takes time and energy to get there. And we’re not there yet.

 

Like it or not, we’ve got another level of product based networking to discuss before we even think about serving up the business opportunity to our Power Team.

 

Golden Goose Two Step

 

Last time out we looked at Power Team networking from the vantage point of an MLM’er in the Nutritional Products business. Using Key Match Networking© we connected benefits of the nutritional products to the Consumer/End User in each of the Six Key Target Markets the Power Team is already trained to recognize and convert into business.

 

In other words, we’ve already trained the Power Team to be a “Bragging Buddy” for the Nutritional Product business whenever they come in contact with someone who is Getting Married, Having a Baby, Getting Healthy, etc.

 

Now let’s raise the connection to another level, matching a “Golden Goose” Referral Source to each of the Six Key Target Markets. Think about it. If you want the Power Team to bring prospects who are Getting Healthy, you would love your networking partners to create referral relationships for you with other businesses that also thrive on the Get Healthy Target Market. For example, a Personal Trainer working with people who are trying to get in shape.

 

Target Your Target Market

 

Both the Nutritional Products person and the Personal Trainer will benefit from networking strategically together because they are both dealing with people in the Get Healthy Target Market. It’s an obvious connection.

 

Both can work for the same client, and compliment the other’s product or service, without competing against each other. And for those of you taking notes, both are in the Health and Wellness Contact Sphere. Confused? Read this post on Contact Spheres.

 

Face it: businesses from the same Contact Sphere are the low hanging fruit of networking. Not bad, just easy. And easy is good. So good, we always start building our Power Team with other business categories from our own Contact Sphere.

 

But the ultimate goal of Power Team networking is to recognize less obvious, and potentially more powerful relationships between businesses that appear to have nothing on common.

 

Quick examples:

 

Caterers (Events Contact Sphere) and Life Insurance Sales (Finance Contact Sphere) can both provide a valuable product or service to the “Getting Married” Target Market.

 

Printers (Business Services Contact Sphere) and Pet Sitters (Personal Services Contact Sphere) can both provide a valuable product or service to the “Business Builder” Target Market.

 

Your job: Power Team Investigator. Dig beneath the surface and beyond the obvious. Challenge yourself to carefully examine each business in your network to work your way through features and benefits until you form a clear picture of the Target Market the other businesses serve. You will be amazed at the connections you find to your business!

 

Need more information? Click here for a post on Key Match Networking© between Contact Spheres.

 

Target the Golden Goose

 

OK, enough table setting. Let’s get to it, shall we? Take out your notebook and write down these three easy to follow action steps:

 

1) Learn your Key Target Markets

2) Train your Power Team to recognize End Users/Consumers for your Target Markets

3) Go beyond End Users and train the Power Team to recognize Golden Goose Referral sources for your Target Markets

 

I’ll make it easy for you. Here’s an entry level chart showing six of the most common Golden Geese for each of the Six Key Target Markets.

Can You Feel It?

As much sense as this Target Market stuff makes intellectually, the Power Team system only works at this advanced level when networking partners have an emotional investment in each other. Call it “chemistry.” Or the “X Factor.” More than friendship and trust, when two people “click” and really care about each others’ best interests, the opportunities to create money making referrals magically begin to appear everywhere they go, and wherever they look. 

 MLM’ers, hoist your “Biz Op” flag and your buckle up your money belts! Next time, we look back fondly on the smooth sailing of product promotion and fearlessly travel into rough waters, training the Power Team to bring referrals for your business opportunity, when our adventure in networking continues… Follow Me on Twitter!

MLM – Healthy Habits for Nutritional Supplements

 

by Lee Abraham

 

Dave the Nutrition guy took an indirect route into MLM. For him, the journey began with the products. A health nut who witnessed his Mom turn around a serious medical condition with the help of nutritional supplements, skepticism was not an issue. Dave didn’t need to be convinced. Or read the literature. He knew the products worked because he saw the positive results with his own eyes. That’s called “belief.”

 

Dave’s belief was so strong, he started telling people the story of his Mom’s recovery and found himself recommending the same products to anyone who would listen. And a few did. Those people came back with great reports of their own health benefits and a light went on in his Dave’s head. “I wonder if I could make some money doing this?”

 

Learn To Earn

 

A couple of years later on a particualrly nice day, Dave the Nutrition guy sat out on the rear observation deck of his luxury home, looked out over his panoramic Ocean view, and reflected on the joys of leveraged, residual income. Yes, it took longer than he expected, and more personal development than he planned for, but the results justified the process.

 

Dave realized the vast majority of his business came directly from prospects referred by his Power Team, people already pre-sold on the benefits of the nutritional supplements he represented.

 

With a team of “Bragging Buddies” speaking enthusiastically on Dave’s behalf to people they already knew, business was so much easier than finding each customer on his own. No mystery. Prospects already liked and trusted Dave before they even met him based on heartfelt, enthusiastic recommendations, and were open to his products after hearing the compelling story of his Mom’s dramatic health turn around from someone they already knew and trusted.

 

Recognize Opportunity to Help You

 

While closing deals was a no brainer, training his Power Team to recognize prospects for him was more of challenge. At least at first. And then Dave went through the Power Team training. Suddenly his networking partners began recognizing prospects for Dave’s nutrition business and creating money making referrals they had previously been overlooking.

 

The secret: training his networking partners to connect the benefit of his nutrition products to the Six Key Target Markets the group was already looking for. Confused? Check out this prior post explaining this Power Team “Opportunity Recognition” technique.

 

Six Healthy Situations

 

Getting the most out of the Power Team starts by training your networking partners to recognize prospects for your business and the opportunity to create referrals for you.

 

Gather round. Here’s the story of how Dave the Nutrition guy tapped into the Power Team “Six Key Situation” system to build his business. Each week at his networking meeting, or when he met individually with someone from the Power Team, Dave explained the best way to find referrals for him by describing a prospect in one of the Six Key Situations.

 

Remember, the Power Team has already been trained to recognize the Six Key Situations and then use the “Two Big Trigger” questions to uncover needs which can be converted into a money making referral for someone on the Power Team. Confused? Click here to read a post on this topic 

 

That being said, Dave the Nutrition guy always starts the same way: “If you see an opportunity when you come across someone who is…”

 

“Getting Married, tell the happy couple how they can lose weight and look great for the wedding and honeymoon with proper nutrition and our healthy meal replacement system!”

 

“Having a Baby, tell the new Mom about our awesome Pre-Natal Vitamins for her and our proper nutrition products specifically designed for babies!”

 

“Building a Business, tell the business person they will have more energy and metal clarity with proper nutrition, as well our healthy, quick and easy meal replacements for people on the run!”

 

“Getting Healthy, tell the person getting in shape that we have Award Winning Nutritional Supplements to speed recovery while promoting optimal health with wide variety of products for losing weight and other specific health challenges!”

 

“Building a Home, tell the home builder that they will have more energy and mental clarity to do a good job and make fewer mistakes with proper nutrition from our award winning supplements!”

 

“New In Town, tell everyone you meet about our Award Winning Nutritional Supplements specially designed for adults and children, as well as a variety of products for specific health challenges!”

 

Four Out of Six Ain’t Bad

 

Granted, the last two examples, “Building a Home” and “New in Town” are a bit of a stretch as Target Markets for Nutrition Sales, but hey, you never know. If opportunity presents itself, at least the Power Team will know how to tie good nutritional supplements into a conversation with relocation transplants and home builders.

 

But let’s look at the glass half full. Or in this case, two thirds full. Focused primarily on the four Target Markets that work best for the nutrition business, Dave always continued training his networking partners with a short, simple real life success story and example of how his products helped someone in those Key Situations. And here’s the extra training step that made all the difference in the world: he specifically asked his Bragging Buddies to remember the story and tell it to prospects.

 

Plus, Dave went the extra mile to create money making referrals for everyone else, motivating his Power Team to keep his best interests in mind. Above all else, Dave learned that creating business for his Power Team was the first step in building a rewarding relationship with his networking partners.

 

Profitability Ahead

 

Up to this point, we’ve talked about training your Power Team to be a Sales Force for your Nutritional Products. And that’s where you should start. Remember, you are building Credibility with the group, and until you reach that level of trust with the products, people will not promote your business opportunity. 

 

Next time however, hang on tight, we’re stepping into the FAST180 time machine, flashing forward beyond Credibility into a not-too-distant future of Profitability and “Biz Opp” referrals, when our adventure in networking continues… Follow Me on Twitter!

MLM – Make “Lifestyle Money”

by Lee Abraham

 

“Lifestyle Money” is the new buzz. Check around. You will find that blending an income stream seamlessly into your current lifestyle is the business model of choice for today’s leading edge wealth builders.

 

First trick of the trade: jump on board with the business opportunity that best matches what you are already into. That’s where the “lifestyle” comes in. These days there are more types of MLM business opportunities than ever before. From cosmetics, jewelry and cleaning products to travel, legal services and nutrition, just about anything you can spend money on is available through one MLM company or another.

 

A Rose by Any Name

 

Regardless of which opportunity calls your name, all MLM, or “Network Marketing” business opportunities have several common features and benefits that your Power Team needs to understand and believe in, to be an effective “Bragging Buddy” on your behalf.

 

Let’s start with another new term, “Home Business Franchise.” Running a “Home Based” business is all about flexibility. When and where you work the business is up to you. Want to wear those fuzzy bunny slippers with the matching bath robe while coaching your sales force or placing product orders with HQ? Go for it! Need to walk the dog and get on a corporate conference call at the same time. You can!

 

Perfect for stay-at-home parents, people with disabilities and folks living in remote locations, Network Marketing levels the playing field like no other business model. Plus, there is no formal education required. MLM is truly an “equal opportunity” with no bias on age, race or gender.

 

So whether you build your business over lunch, in the nooks and crannies of your life, or as a full time gig wheeling and dealing among the masses, you can make money from home with Network Marketing if you have the discipline to be your own boss!

 

Less Taxing

 

Like any business operating from home, MLM creates some terrific Tax Shelter benefits, enabling you to deduct a portion of your living expenses (rent, mortgage, utilities, travel, etc.) on your income taxes. Bottom line: even if you don’t make a big income, Network Marketer’s enjoy some well deserved tax relief!

 

But wait! You want BIG income? No worries. MLM packs a money making one-two punch that’ll knock your socks off. Forget the fear. Step into the ring chanting “Leveraged, Residual Income” and you will happily stand toe-to-toe against the competition, slugging it out with your eyes on the prize and the heart of a champion!

 

Train the Team

 

Just like all the other Power Team Networkers, MLM’ers must train the rest of the group to be a “Bragging Buddy” for their business. In other words, the Power Team needs to know how to quickly tell a prospect why you are the only person they need to talk to for your particular product or service. And in your case, that includes people who are looking for another stream of income and a home based business!

 

So get out your notepad. Jot down a few points on what we’ve already covered. Our goal is to explain your Network Marketing business opportunity in small, bite size pieces that your Power Team partners will remember when they shift into “Bragging Buddy” mode on your behalf.

 

Start with time flexibility, then the tax benefits of a home based business. Put the concepts into your own words. Have a very simple real life success story to breath life into these basic elements of MLM’s allure. Got it? Now let’s give ‘em the big money shot and take a closer look at how to explain “Leveraged, Residual Income.”

 

“Leverage” means you’ve got a “downline,” people you personally sponsored into the business who duplicate your efforts. Every time the downline sells a product, or better yet, personally sponsors someone else into the business to duplicate their efforts, you get paid!

 

“Residual” means the checks keep coming. Just about every current MLM opportunity is based on customers receiving product automatically on a monthly basis. And every time the product is shipped, you get paid. Keep a customer happy and you keep getting checks! Sort of like owning rental properties except there are no tenants, roof repairs or vacancies to deal with.

 

Start With the Product

 

Although we’re off to a good start, I hear the MLM’ers out there, moaning and groaning that Power Team networking is a slow, indirect way to build a business. And it is. But just like MLM, a Power Team leverages your time and energy, while feeding you an ongoing, residual stream of money making referrals. Sounds good, doesn’t it? Of course it does. So roll up your shirt sleeves and let’s get to work! Your job? Decide which type of product best matches your lifestyle. From there, we’ll find the best MLM company in that market.

 

Make no mistake, working with a product line you believe in and use regularly is mandatory for building an MLM business with Power Team networking.

 

Need help? How about this: everybody wants to be healthy and look great. Including you! So what do you say we start there and get into the specifics of MLM and Nutritional Products, next time, when our adventure in networking continues… Follow Me on Twitter!

MLM – Make Less Mistakes!

by Lee Abraham

 

Last two posts we talked in general terms about MLM’s bad rep, particularly among the networking crowd. Bottom line: networkers know there is nothing more sacred than your integrity and Personal Brand, and yes, there are risks of recommending an MLM’er to someone you like and trust.

 

Face it, referring prospects to your Power Team exposes you to the possibility of your networking partner dropping the ball and making you look bad. And that can happen with any type of business, not just MLM. Either way, nothing kills the trust you’ve worked so long and hard to build than a prospect doing business with one of your networking partners based on your compelling, heart felt recommendation, only to have the referral go horribly wrong.

 

“It” Happens

 

Hey, it happens. Every once in a blue moon circumstances beyond the control of your Power Team partner get in the way of making a good first impression. That’s where communication skills come in. Call it damage control. We’ll spin those wheels some other time. Right now let’s keep our focus on avoiding mistakes rather than cleaning up a mess.

 

Power Team networking is all about quality control. If one of your networking partners proves to be more of a liability than a credit to your good name, you’ve got to cut bait and start fishing for someone new.

 

Even more important: before adding a new business to your Power Team make sure the person operating the business has what it takes to make you look good in the eyes of the prospects  you will be sending their way.

 

Let’s extend an olive branch to all MLM’ers at large who may not know any better. So far, we’ve looked at the MLM puzzle from the view of the Power Team. Time now for a FAST180 as we change perspectives and piece together the do’s and dont’s of Power Team networking from the MLM’ers side of the looking glass.

 

Two Ears, One Mouth

 

Take a note: most people tend to shy away from strangers who act like they know what’s best for them before getting to know the person first. Presumptuous? Arrogant? Insensitive? Take your pick.

 

Unfortunately, these churn and burn fortune peddlers play the numbers game, preying on a weak minded minority willing to take a huckster’s “easy money” carpet ride simply because they were asked. Poor saps.

 

Listen: Power Team MLM’ers start relationships with new people by asking questions to get to know them and learn about who they are. Using the “Two Big Trigger Questions” we’ve explored in a previous post, are highly effective tools for uncovering needs the other person may have which a product or service from someone on the Power Team can satisfy, and result in a money making referral.

 

I hear the typical MLM’ers knee jerk reaction loud and clear: “Everyone needs more money and telling them about my business opportunity IS what they need!” OK, fine, I get the concept that you help people make more money.

 

Now it’s your turn. I’ll be blunt: do NOT open the conversation with people you are meeting for the first time, either in person or online, by asking if they want to replace their current income in a few short weeks, or to join your rapidly growing team so you can all live the life of your dreams. It’s a timing thing.

 

Like it or not, shooting first and asking questions later is not how we build trust and gain confidence in a Power Team network. Or anywhere else for that matter.

 

Slow down tiger. Wait a moment or two. Power Team networking is all about farming, not hunting. Building relationships takes time. But the delayed gratification is worth it. How? Once your Power Team gets to know you, like you and trust you, they will begin to refer people to you who have already expressed an interest in your Network Marketing Business Opportunity!

 

Squeeze This

 

So that’s the payoff. A Power Team of “Bragging Buddies” who are talking to people on a daily basis and trying to send you business. Sit up straight and put on your happy face. Yes, it’s true: your Power Team understands that your business thrives on building a downline!

 

So far, it’s all good. The problem is taking a position that everybody should build a business with you before you even get to know them. Sorry. While a small percentage may jump on board, most people will be put off. Trust me, shoving an unwelcome income opportunity down someone’s throat the first time you meet them makes the Power Team partner who recommended you look bad. And that’s hard to stomach.

 

This is a big topic. So big, I want to make a meal of it. Ready to dig in? Consider the next serving an Online/Social Networking hors-de-oeuvre: Using a Squeeze Page pitching your business opportunity as the first website new people see is not a menu option. Very unappetizing! In fact, we’ll crank up the heat and show you the door quicker than you can say, “I smell something burning,” if hard sell is what you are serving online.

 

For a few more overcooked, too spicy and otherwise inedible MLM dishes which have been forever banned from the Power Team kitchen, join us next time, when our adventure in networking continues… Follow Me on Twitter! 

MLM & Power Team Networking – Good Idea or Scary Thought?

 

By Lee Abraham

Aside from the IRS, few three letter acronyms repulse more swiftly, or with greater impact than network marketing’s street handle, “MLM.” 

Another term for “Direct Selling,” and short for “Multi Level Marketing,” MLM has a bad name. Don’t believe me? Why do Direct Selling gurus chant the “Network Marketing” mantra instead of standing proudly under the MLM banner? Answer: less stigma to overcome. Same reason they stay away from the word “selling” in general.

Call it clean karma or a pig in lipstick, the power of the pyramid is undeniable. Scuttlebutt around the business trend water cooler says that more millionaires will be made in MLM over the next ten years than any other industry. So what’s the problem? 

Point of Friction

For starters, everybody knows somebody who started an MLM business opportunity, invested their heart and soul, not to mention hard earned cash, only to give up shortly after starting when the friends and relatives threw cold water on their dreams. Not pretty.

Maybe the MLM newbie didn’t get the memo: business is tough. And that’s true for any business, not just MLM, err, I mean, Network Marketing. 

Personal Perception

In truth, Network Marketing is no different than any business involving sales. And let’s face it, all business requires an element of sales. Bottom line: building a Sales Force is the primary task. Call it leverage. Translation: the more people running around, selling your stuff, and better yet, signing up more people to sell even more stuff, the more money you will make.

And therein lies the rub. There’s a personal element in leveraging your Network Marketing efforts that makes it a particularly tricky deal. In other words, most of the Network Marketing business opportunities train their people to reach out to friends and family as the newbie’s best prospects to build the business.

In a traditional business however, you hire sales people to peddle your wares rather than tap into your “warm market” of friends and family. So that’s the point of friction. Truth is that while we are all relatively numb to a sales pitch for a product, most folks nurse an inner dream of financial independence, more money than they will ever need and complete time freedom. In short, the life of their dreams. And dreams can be fragile.

Unlike a product pitch, which we brush off on a daily basis with little, if any, emotional fallout, asking someone to be your business partner and achieve those hopes and dreams is hot button, a potential raw nerve that forces people to confront their own inadequacies and insecurities. Especially talking to friends and family. Call it a reality check. And in today’s wired up world of communication overload, who needs more reality? Painful as it might be, the answer is: lots of people!

A Rising Tide

Last count from the Direct Selling Association of over 200 MLM businesses, had over 15 million people involved in one Network Marketing company or another. And that’s just in the USA alone!

Disclosure: I’m surfing the MLM wave myself! In fact, I jumped in with both feet… one in the Health and Wellness industry (USANA Health Sciences), the other in  Education and Personal Development (iLearningGlobal). And I’m willing to bet that you, or someone you know, is also an MLM’er!

Obviously, Network Marketing has an allure. Terms like “Residual Income,” “Home Based Business,” and our old buddy “Leverage” are catnip for the inner Tiger of any self respecting entrepreneur. And like anything else, done right, Network Marketing is a great way to make money and have more control over your time.

What does “done right” mean? Lots of things. Prospecting, Presenting and Closing to name a few. Tell you what, let’s get into the finer points of “PPC” some other time.

Right now I want to focus on the “PC” of having some MLM’ers in your Power Team Network. In this case however, “PC” stands for “Pros and Cons.” As in, do you want MLM’ers on your Power Team?

Pros and Cons

The best Network Marketers are professional inviters, charismatic people with great communication skills who know how to motivate a prospect into action.

Top MLM’ers are referral artists, painting compelling images each and every day of opportunity, teamwork and the rewards of financial freedom. Properly trained to be your Bragging Buddy, these networking whirlwinds will generate a ton of money making referral for your business!

Write this down: the MLM’er has to understand and abide by the concept of Givers Gain®. Coined by Dr. Ivan Misner, the founder of BNI, the world’s largest networking organization, Givers Gain® is the philosophy of helping others first, and in return, benefitting yourself.

The problem: Not all MLM’ers get it. Overcoming the temptation to cannibalize the rest of the group, hammering away at the members until they sign up for the business opportunity, is no easy task. Like everything else, there is a way a Power Team partner can introduce their MLM opportunity to anyone interested, but like a few other nooks and crannies of the MLM and Power Team Networking discussion, that topic will have to wait as well.

Power Team, Not Power Prospects

For purposes of clarity on a too often blurry concept, let’s stay on task. Make no mistake: Like everyone else, the MLM’ers primary job is to create business for the other members of the Power Team and in return, train the group to bring referrals of prospects for their business.Rather than treat the Power Team as a group of power prospects, a good MLM’er sees the Power Team as their sales force.

Yes, the sales force reciprocates, diligently on the lookout for MLM “biz opp” prospects, folks interested in a Home Based Business, as well as Residual Income and Leverage, not to mention the product itself… oh yeah, remember the product? But the sales force is not on the defensive as a prospect if they are not interested in the biz opp for themselves.

See the difference? 

Just like every other person on the power team, the MLM’er has to first learn to be an effective Bragging Buddy for the rest of the team, and then in turn, train the team to create referrals for them.

So let’s take a leap of faith together. Let’s agree that there are MLM people out there who “get it” and will be a tremendous addition to your Power Team. That being said, please join me in a warm and fuzzy group hug before we look from the MLM’ers perspective at how to be a good Power Team partner, next time, when our adventure in networking continues… Follow Me on Twitter!

Success Recipe – Feed the Hungry

By Lee Abraham

 

Every recipe has a critical ingredient or two that absolutely must be included. Forget the vodka and instead of a Screwdriver, you’ve just got orange juice. Leave out the yeast and your bread comes out like a cracker.

 

Same with networking. There are a few basic ingredients which cannot be overlooked in cooking up money making referrals for your Power Team, and in return, for yourself.

 

Last time out, we started from scratch, first identifying your Contact Sphere and then mixing in the Key Situations most closely associated with your business. New to the table? Click here to see what you missed.

 

Icing on the Cake

 

OK, great! Now that we’re all on the same page, let me ask you a question. If you are a Caterer (Events Contact Sphere) and do a lot of business at Wedding Receptions (“Getting Married” Key Situation), wouldn’t it make sense to network with a Jeweler, Florist and Event Planner so they could recommend you to their clients who are getting married? You bet it would!

 

All three of these business categories can send you, the Caterer, an ongoing stream of referrals. In other words, all three are a “Golden Goose” for your business.

 

Sticking with our recipe analogy, all three are icing for your Power Team cake. Left out of the mix, your network will still generate some business, but without a few Golden Goose referral sources, the results will never be as sweet as they could have been.

 

Want to do something great for the Caterer on your Power Team? Give compelling recommendations to a Jeweler, Florist and Event Planner, telling them that they absolutely need to meet the best Caterer in town, so they can refer business back and forth.

 

And regardless of what’s cooking in your business, you will never become a referral gourmet as a one dish wonder. Translation: You must be able to recognize a Golden Goose for all of the Six Key Situations, not just the Golden Geese for your Key Situations.

 

Feed the Hungry

 

Trust me, everyone on your Power Team is hungry for more business. And the more mouths you feed, the more motivated people you have looking out for your best interests.

 

Today’s “Hot Plate Special?” The management is proudly serving Golden Goose!

 

So get out your cookbook and take a few notes. Here is a short summary of a few Golden Goose referral sources for each of the Six Key Situations.

 

Building/Improving a Home: Contractors, Realtors, Mortgage People, Interior Designers, Furniture Sales

New In Town: Realtors, Moving Company, Property Manager, Cleaning Service, Cell Phone Sales, Office Managers

New Baby: Baby Clothes/Furniture, Birthing Centers, OBGYN, Office Managers, Clergy

Building a Business: Business Brokers, Business Owners, Office Managers, CPA, Advertising Sales, Computer Sales, Office Furniture, Printers

Weddings & Events: Any Event Contact Sphere category, Clergy, Office Managers

Get Healthy: Any Wellness Contact Sphere category, Office Managers, Sports Teams and Coaches.

OK, who’s hungry? Me too! What do you say we sit down at my favorite table and cook up some business for each other, next time, when our adventure in networking continues…   Follow Me on Twitter!

Money Talks – Learn the Language

By Lee Abraham

 

Last time out, we watched our favorite Realtor, Manny Goodbuys, create an ongoing stream of money making referrals for the Chiropractor in his Power Team business network. 

How? By giving an enthusiastic and compelling recommendation to a Personal Injury Lawyer and suggesting the two get together to talk about referring business back and forth.

A little further back in our networking adventures, we observed Dave the Nutrition Guy talking to an expectant mother about Pre-Natal vitamins and then asking a couple of  simple questions that resulted in business for the General Contractor, Attorney and Life Insurance person on his Power Team. 

What Questions?

Dave has been trained to recognize that people expecting a new baby often want to make changes around the house before the baby arrives. In our example, the prospect needed to enclose a covered patio off the master bedroom to serve as a nursery for the new baby.

Further, young parents almost always know they should protect the growing family with a Will and Life Insurance, but too often don’t take the time to do it. 

After asking a couple of questions and helping the prospect recognize their own need, he gave enthusiastic and compelling recommendations for the General Contractor, Attorney and Life Insurance person. That’s right, Dave the Nutrition Guy created money making referrals for all three!

Side note: Dave’s networking partners are even more motivated now and on the lookout to return the favor and make business for him.

Nuts and Bolts

Are you ready for the big money shot? Yes? OK, great! Write this down: Opportunity is often disguised as work.

As we mentioned, Dave the Nutrition Guy was trained to not only recognize opportunity, but how to seize it and create money making referrals for his Power Team. I would like to show you how to do the same thing. That’s where the work comes in. 

Here’s the process:

1) Identify your Contact Sphere
2) Recognize which of the Six Key Situations are no-brainer referral frenzies for your Contact Sphere
3) Make the connection of which other Contact Spheres also thrive on the Key Situations that work for you
4) Learn the Golden Goose referral sources for each of the Six Key Situations so you can create ongoing streams of referrals for your Power Team 

Your Business is Your Business

Every business can be categorized into one of six Contact Spheres. Sometimes more than one. Let’s save that concept for later. Right now we are going to keep things simple. It is critical to know which Contact Sphere your business belongs to as the first step toward building your Power Team. 

So let’s eat the elephant one bite at a time and start with a review of how to identify your Contact Sphere. Good news? I’ve already done my part… click here to learn what you need to know about Contact Spheres!

Key Match Networking™

Now that you know which Contact Sphere you are in, it’s time to identify which of the Six Key Situations connect with your Contact Sphere to create the most referrals for your business. Not sure what the heck these Six Key Situations are? Click here for a crash course on the Six Key Situations.

Key Match Networking™ uses these Six Key Situations as “red flags” to help you more easily recognize opportunity and generate money making referrals for your Power Team. To keep things simple, here’s a very brief overview of the top one or two best Key Situations for each of the Six Contact Spheres:

Events: Getting Married
Real Estate/Finance: Building/Improving Home and New Business
Wellness: New Baby and Get Healthy
Home Improvement: Building/Improving Home and New Baby
Business Services: Building/Improving Home and New Business 
Personal Services: All Six Key Situations

What’s Next?

Once you have identified the Key Situations that work best for your business, you can then recognize the other Contact Spheres that also thrive on the same Key Situations as you. From there, we get into Key Match Networking™ among the Contact Spheres. 

Finally, recognizing the people and businesses that are Golden Goose referral sources for each of the Six Key Situations puts you in position to be a referral Creator for someone on your Power Team everywhere you go. So, what do you say we go there together, next time, when our adventure in networking continues… Follow Me on Twitter!