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Retention is critical to your MLM business. The average retention rate for the network marketing industry is 20%*. That is like losing 8 out of every 10 people you sign up. This is why it is very important to do things such as working in depth with your group and cheering on those working to move up the ranks, being available for 3-way calls and having weekly communication with the whole group. If you do nothing but just sponsor someone, it will devastate your profits. That is because more than likely you will be spending more money than you are making just to recruit new people to replace the ones that are leaving. A good mental image for attrition is a fire bucket full of holes. It doesn't matter how much water it starts out with, by the time you get half way down the line, you are out of water unless you stop and fill it up again and again and again. So how do you cultivate your relationships to increase your MLM downline retention? Even though relationship building is a fundamental part of recruiting and building a home based business, it is always good to get back to the basics. So I've broken relationship building down into 3 steps. Step 1: Getting to know the people you sponsor into your network marketing business. Discover what their "WHY" is. What is it that they really want more than anything. This will help you be an effective coach when it comes to keeping your downline accountable to themselves and to their businesses. It shows that you care enough to bring them back to what is most important to them (bringing their wife home from her job, buying a house, paying for their kids education) and to guide them toward those goals. Step 2: Keep in mind that people are worthy of personal attention and respect. Keep in mind that most of the people you sponsor into your business are currently professional employees. That means that they more than likely are just a number to a company and receive little, if any, respect for the work that they do or personal consideration by their boss. It is important for the people you sponsor to know that you genuinely appreciate them for who they are and not just the paycheck that they provide you. Don't forget to let those you sponsor know how much you respect their decision to make a better life for them and their families. Show them basic courtesies, thank you's and congratulations. Do the extra little things like remembering their Birthdays and Anniversaries, thank them for their military service, etc. These are simple little touches that show you care and strengthen a relationship. Step 3: Be of great value to them by sharing your time and knowledge. While you need to be knowledgeable about your company and its products, you don't want give people the impression that you are a Marketing Genius who doesn't have time for them and who is inaccessible. People will listen to what you have to say as long as they don't feel like you are talking down to them or at them. You always want to talk with them, not at them or down to them. If the people you recruit into your MLM business see you as a friend, confidante and a leader, then you are well on your way to having a business partner for life. The most valuable thing you have is your time and people appreciate you sharing your time with them. I was lucky enough to be sponsored by one of the top ten money earners in my last company. He was a great sponsor, but the downside was that he was so busy that there was a 24-48 hour response time to your phone calls and emails. That meant you had to coordinate 3 schedules for a 3-way call and training questions were delayed. He simply did not have enough time to work effectively with the downline. Keep in mind that as you are building relationships, people don't care how much you know until they know how much you care. I have never found a truer statement that can apply to all aspects of life. Building a relationship comes down to living the Golden Rule. Always treat people the way you want to be treated. This truly is the foundation of relationship building. So my challenge to you is to get to know the people you sponsor, give them the respect they deserve and be of great value to them by sharing your time and your knowledge. If you have these three bases covered, then you will be well on your way to beating the industry retention rate and generating financial freedom for both you and your downline. *Statistic from ServiceQuest website.
Article Source: http://www.bharatbhasha.net Article Url: http://www.bharatbhasha.net/home_business.php/217121 Article Added on Sunday, February 21, 2010
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