Sustaining the growth of your new MLM business can be an uphill battle. This is true for both veteran and new entrepreneurs. The products being marketed maybe different but there are several challenges common to all.
Here are some of the most common challenges you may encounter with your new MLM business.
Slow Growth – this is a common complaint, but it is more an indicator of deeper issues. There are many factors that affect the growth rate of any online business. For new MLM business the most important is the rate of new people joining up. Since there are several possible causes of this issue, you’ll need to go through some in-depth root cause analysis to find out what you need to do to fix it.
Inexperienced Marketers – It can be difficult for someone who has no selling experience to close a deal. Inexperience is a liability and can cause even a very interested lead to get turned off. You have to provide mentorship and coaching support for those team members who do not have marketing experience.
Low quality recruits – The quality of your recruits depend on both their motivation and marketing skill. You want to get some who has high marks on both, aside from the reliability and integrity you should come to expect.
Decline in Team Morale – There are several different factors that can cause this, but it can be minimized somewhat by effective and consistent communication. When you’re growing a new MLM business you should expect to encounter challenges along the way and your team should be ready for it too. Effectively relaying news, whether good or bad, is an important skill to master.
Incorrect Setting of Expectations – Even if communication is done consistently, there is still a possibility that people will misunderstand the message. In the case of network marketing, there are some marketers who tend to sugar-coat offers to the point of over promising. This is a potential problem when people join the group with the wrong expectations. It can affect your own credibility, so you need to make sure that everyone in your team is on the same page.
New Product Introduction – Sometimes the main company that distributes the product will introduce something new. This can cause some disorientation at the start. At worst the new product will compete directly with the current product but it can also become an additional source of income for the team.
Root cause analysis is a very important tool in any team’s arsenal. It will help you isolate the causes of each problem that you encounter. The trick is to exhaust all possibilities and data you can gather. Once you’ve identified the root cause then you can apply the correct fix.
Try to read other veteran marketers’ experience when they started on their new MLM business. They usually have useful information on their blogs or Facebook pages. As most MLM business problems are similar in nature, you’ll probably get a good starting to point for fixing your own.