How to grow your business in today’s recession
– a current events look at what’s happening and what to do about it
Hi!
This economy has really taken its toll on our industry and I wanted to share some insights into what’s happening … and what you can do to grow your business during this recession.
First, a quick history lesson…
In the past, our industry has typically grown during recessions. People are concerned, the job market shrinks, and they look for other ways to make money. Most still have a decent job, so they get in a home business and can cash-flow it with their paycheck and with easy-to-get credit cards.
Today, it’s completely different.
While the official unemployment rate is near 9.5%, the “underemployment rate” (those people with a job but not at full capacity) is closer to 16.5% … and rising (see Wall Street Journal article at http://online.wsj.com/article/SB124753066246235811.html). Credit is hard to get, and more people than ever before are focused not on spending money but on paying off debt and saving money. In just two years, the savings rate in America has jumped from 0% in 2007 to 7% today. That’s a HUGE swing for an entire population.
What’s going on today is people are scared. They don’t know what’s going to happen in the future, and they are a hoarding mentality financially. What used to be no big deal a year or two ago (such as $500 to get in a business), today is a big deal.
So how does this impact YOUR business?
In the last several years our industry has gotten lazy. We lost focus on the fundamentals of building a networking business — the idea that it’s a person-to-person, relationship business based on trust. We abandoned what has worked for decades in favor of the newer, “high tech” ways of building a business. But in a high-tech world you must work hard to give high-touch.
If you desire to grow your business in today’s economy you must get back to the fundamentals. You must focus on learning the skills of working with people and treating them as individuals, not a name on a sheet of paper. It’s about asking for referrals and helping a new person succeed, rather than putting $300 or $500 a month on your credit card buying leads or advertising in hopes you will build a big business.
My prediction is this: this economy will do in network marketing the same as it is doing in traditional business. The weak will exit, and the strong will survive. And those surviving will have a fabulous future.
How do you become strong and not only survive, but THRIVE, during these times? You have to stop shooting from the hip, with the idea that “throw enough mud (activity) on the wall and something is bound to stick.” If you don’t master the fundamental skills of working with people, gaining their trust, sincerely desiring to help them, and knowing how to lead them, you’re in for a tough time.
And here’s the best part of it all. When you master these skills, you don’t have to keep spending money on endless lead providers, hoping to grow a business.
Let me leave with an example from my own experience…
The biggest challenge I hear in the industry right now is not having enough qualified prospects to talk to … and leads have stopped working (duh!). With SKILL, you don’t need leads at all.
Before I retired from being a distributor and started Success Products, I perfected the skill on how to ask for referrals. I do not recall a single presentation I made that I did not leave with at least a few referrals — names, phone number, detailed description of the person was, and permission to use my prospects / new recruit’s name in calling those referrals. I averaged 6 to 8 referrals for every presentation I did (whether they signed up with me or not), and I could set 1.5 to 2 presentations from those referrals.
So, here’s the simple math of how to grow your business right now…
Let’s say I did 5 presentations this month. From just the referrals from those 5 presentations, next month I would have 8 to 10 presentations. From the referrals from those presentations the third month I would have 15 to 20 presentations. And in the fourth month? My calendar wouldn’t hold all the presentations I could schedule!
And keep in mind that all the presentations are in my downline, helping other people succeed. So if I am doing a presentation 4 levels deep, it excites the person on my third level, the one on my second level, and the one on my first level. In other words, heat rises to the top, and by building in depth I multiply the impact. Everyone gets excited, so they work more and buy more. This is in complete contrast to buying leads and only recruiting personal distributors.
In other words, when you master the SKILLS of actually growing a networking business, you’ll never have to worry about leads again. And when you teach those skills to your organization, you’ll never have to worry about your income again, either. You organization will blossom!
How do you get these skills? Plug into your active, building upline who has already mastered them. It’s their responsibility to teach you and help you grow. If you don’t have that person, or it’s obvious they don’t know what they are doing themselves, then plug into our system. All the training you need can be had for less than $50 a month, including the tools to apply it (call us at 205-871-2998 Option 2 (sales) if you want to learn more — we have extended sales hours, Monday-Saturday, 9am to 8pm CST). We have some new stuff that’s not on our website, so call us if you have an interest.
Hopefully, I’ll see you at the top. If you master the skills of this business, I KNOW I will!
Warmly,
Beatty Carmichael
Founder / CEO
SuccessProducts.com
