How to have MLM success in both good times and bad times? How to have a sustainable business that even if the economy falters, consumers will keep buying and you will keep on earning?
In this short blog post, I am going to share with you a secret that is super simple, and once you learn this you will make money in MLM business no matter what direction the economy is heading.
So, how to succeed in MLM business in both good times and bad times?
Avoid The Hype
For those of you who have been involved with MLM business, maybe you are already familiar with scenarios in MLM where people get enticed into joining a business opportunity out of hype.
It may be hype involving products, or hype involving the business potential.
We, human beings, have this emotional weakness that is vulnerable to hype. We want a better life, that when someone offers us an opportunity saying it can change our lives for the better, the rational side of the brain shuts off.
Give one or two days without follow-up from the recruiter, hype usually fades away. And when that thing faded away, you are introduced back to the reality and you again begin thinking rationally.
Unfortunately, most victims of hype are parted with their money just before the hype fades away.
As an advocate of “good MLM business”, I always encourage people interested in MLM to really think before they pay money for products or business opportunity entries. You must spend a considerable amount of time deciding if the business you are about to invest in, is worthwhile.
Need Versus Want
During hard times, people usually cut back on spending. They start spending less on things they don’t really need.
Now, here’s the question:
If the product being promoted in your MLM business a necessity or just serving “not so important” want?
The reality is, in most MLM businesses, the products being marketed are not necessities. They don’t serve an absolute need, or perhaps they are just “perceived needs” and not really your needs.
Like for example, a lot of people don’t drink coffee with their everyday lives. But here comes distributors of healthier coffee, they try converting “non-coffee drinkers” into drinking coffee they don’t really need.
The end result is, they just added another item to their monthly expenditure.
Except, if the prospect is already a coffee drinker.
Wouldn’t it be great if the product you are promoting with your MLM business is something people are already buying on a regular basis? Something like a “transfer buying”?
Instead of buying groceries and household products in traditional stores, buy them from your MLM store. That’s what “transfer buying” is.
The MLMs For All Seasons
When times get tough, people suspend their spending on “not so important things”. What remains is the most important, like for example, your car won’t move without fuel.
Or, if you can find an MLM business opportunity that deals with staple food items, like for example rice or noodles in Southeast Asia, or flour in countries eating bread, then great.
There’s just one thing that you should remember when catering to these kinds of businesses: Price must be competitive with traditional sellers.
For transfer buying to be successful, items must be equally priced with those sold in traditional outlets. Or else, consumers will just prefer buying from traditional outlets.
Also, keep an eye on the shipping costs.
Most MLM companies today are highly specialized but you can find some that are dealing with online shopping. Find those companies and see if “transfer buying” is possible for you.
Then, list those items that you use every day, and see if they are available in the MLM company’s store.
Unless money is not a problem, like if you are a wealthy guy who doesn’t care to spend thousands of dollars on expensive health food supplements, then you really need to pay attention to what we are saying here.
A lot of MLM entrepreneurs or distributors quit their business during tough times because they can no longer afford the extra cost their MLM business is incurring them.
So, consider that with you.
If you can find a way wherein you just divert your spending on necessities to buying from your MLM business, then business goes on even if the economy tumbles down.