No Budget For Your Business? It"s Okay - Use Your Prospect"s Money
What is your budget for building your business? How much money have you set aside every month for advertising or marketing? Chances are, that just like the 97% of network marketers who are struggling to build their businesses, you have a very low budget for advertising and most likely you are not sure of where to invest that money.
So then it comes down to this...
How can you increase your building budget without taking away from any of the other components of your life? Let's say that you have $500 for advertising your business.
What would you do with it? Buy leads? Buy ads in a magazine or newspaper? Or spend it on the gas that you would need to travel from one meeting to another? All of the above choices would end up in you losing your $500 without sponsoring any distributors into your business and taking a loss that would probably hurt your chances of long term success in network marketing.
Or, you could use that $500 to set up a marketing system for your business that would generate a consistent flow of leads, and market an affordable, entry level product to them before you even approach them about your business opportunity...
This is called a funded proposal.
What could you use as your entry level product? If you're already in a network marketing business, that means that your company offers some sort of product already...
So you could market that product.
The process works the same way...
set up your lead capture page in a way that you're talking about the benefits that your product offers.
You capture their contact information and then you market your product to them BEFORE you market your opportunity.
The main reason for this is that it's at least 5 times easier to sell to an already existing buyer than it is to sell to a brand new prospect.
If you're not going to market the product from your main opportunity, you could create an information product promoting your business opportunity and retail that as your entry level product.
The idea is the same...
talk about the benefits that can come from working with you and your company.
If you were to generate 100 leads for your business with the conversion ratio of 1% for turning prospects into distributors, that means you're leaving 99% of your potential income on the table.
But if you were to market your product before your opportunity and only 10% of your prospects buy from you, even though 99% of your prospects wouldn't join your opportunity, you still would profit.
You can then take the money that you just earned and re-invest it back into your business to generate even more leads, more sales, and more distributors.
If each sale of your product makes your $20, then you just generated an extra $200 that you could re-invest back into your business.
And of course, if you work on improving your conversion ratios, then you will make even more sales without investing more in advertising.
So then it comes down to this...
How can you increase your building budget without taking away from any of the other components of your life? Let's say that you have $500 for advertising your business.
What would you do with it? Buy leads? Buy ads in a magazine or newspaper? Or spend it on the gas that you would need to travel from one meeting to another? All of the above choices would end up in you losing your $500 without sponsoring any distributors into your business and taking a loss that would probably hurt your chances of long term success in network marketing.
Or, you could use that $500 to set up a marketing system for your business that would generate a consistent flow of leads, and market an affordable, entry level product to them before you even approach them about your business opportunity...
This is called a funded proposal.
What could you use as your entry level product? If you're already in a network marketing business, that means that your company offers some sort of product already...
So you could market that product.
The process works the same way...
set up your lead capture page in a way that you're talking about the benefits that your product offers.
You capture their contact information and then you market your product to them BEFORE you market your opportunity.
The main reason for this is that it's at least 5 times easier to sell to an already existing buyer than it is to sell to a brand new prospect.
If you're not going to market the product from your main opportunity, you could create an information product promoting your business opportunity and retail that as your entry level product.
The idea is the same...
talk about the benefits that can come from working with you and your company.
If you were to generate 100 leads for your business with the conversion ratio of 1% for turning prospects into distributors, that means you're leaving 99% of your potential income on the table.
But if you were to market your product before your opportunity and only 10% of your prospects buy from you, even though 99% of your prospects wouldn't join your opportunity, you still would profit.
You can then take the money that you just earned and re-invest it back into your business to generate even more leads, more sales, and more distributors.
If each sale of your product makes your $20, then you just generated an extra $200 that you could re-invest back into your business.
And of course, if you work on improving your conversion ratios, then you will make even more sales without investing more in advertising.