Networking, Referrals, and Your MLM Business

So what do these topics have to do with each other? Actually a lot more than you and unfortunately not all of it is a good thing.

For years it has been very apparent to me that building a business through networking is the way to go. For anyone that has built a sizeable business, experienced great success and had the pleasure of referrals being key to that process, you fully understand this concept.

Have you ever been in a position where you really had no choice other than to make cold calls?

For many people the thought of having to make cold calls is enough to send them into a serious state of withdrawal. Still others are more than willing to take on choirs or tasks that otherwise would never get completed when faced with the prospect of having to make cold calls.

While I am not one of the above, Thankfully, I can tell you that when compared against other forms of sales and marketing the level of productivity has some serious suck potential. Your closing rate, your retention rates and often times the quality of the new prospect is simply not what you had expected.

Ever had a new customer that wasn’t exactly a good fit for your product or service?

Chances are you ended up spending massive amounts of time trying to satisfy and/or keep that client. Regardless of your success with this particular client I can tell you that you’re probably wishing you had more clients that did not consume all of your time because they were a better fit from the start.

Enter the world of networking, building relationships and most importantly referrals to prospects that you actually have a much better chance of success, creating a long term partnership and none of the hassles.

At least this is the way that it is supposed to go. The reason I say this is that as of late I have had a number of conversations with people that understand the potential of networking, are actually out networking, but simply don’t get it.

Hopefully you are asking: What don’t they get?

The challenge I see on a regular basis with these networkers is that they forget totally about the building relationships part of the equation, see everyone they meet as a new prospects/client and want me to buy something from them today.

What about the hundreds of people I know that may be potential prospects for their business?

Taking the time to build those relationships is can lead to an exponential business growth that many people have only experienced in their dreams. While I may be a great prospect for them, if these networkers will take the time to educate me on their ideal client I may know 10 or 20 people that would be a great fit for them. And, how awesome would it be if during the process, I volunteer the fact that I have been looking for exactly what they have to offer.

While many people have discovered the power of the Social media and the internet as a whole when it comes to building their MLM business, there are still large numbers of people making the same mistakes online.

How often have you met someone new only to have them trying to sell you on the “Next Best Thing” (NBT)?

More times than not, they know absolutely nothing about me and they are bombarding me with information about why I should be involved in their new opportunity. Often the same rules apply on the internet and through the various Social media sites as they do when networking in person.

For those of you that are fortunate enough to live in Indiana you know that we have countless opportunities for networking and growing our businesses. While the Rainmakers networking events represent one of my favorite groups, I was recently following up with a gentleman that I had met there only to get the response “I am not interested in your business”.

The really funny part about this was that I had not offered anything, wasn’t going to offer anything and frankly he would not be a good fit as a prospect for me. However, I do know of a number of people that could use his services and as a matter of habit was following up with him to schedule sometime to talk. My primary goal being to verify that these guys would be a good fit for him, and how best to refer him.

While I don’t know this for 100% sure, I will guess that he is someone that has a very limited understanding of networking. To complicate matters further, since he sees everyone he meets as a prospect, he automatically assumes that if someone wants to talk with him it is because they see him as a prospect. The sad part is that this guy easily just missed out on several thousands of dollars of revenue.

How important are referrals to your business?

How much more would your business grow this year with 5 strong referral partners?

When was the last time you met with someone to get a better understanding of how you could best help them with their business?

If you have an MLM business, did you realize that one of the other names commonly used for the industry is Relationship Marketing?

Regardless of which industry you are currently involved in take the time to find the various networking opportunities in your area, develop a few key referral partners and then watch the explosive growth you will experience in your business. Networking on the Internet works the same. Make the time investment required to build those ever so important relationships and watch what happens to your business. Referrals and Networking are the way to go for true success in life and business.

Let me know how important referrals are in your industry.

To Your Success!

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