Today I wanted to talk about free key performance indicators in network marketing. Three things you need to look at if you want to make sure that your business is working well, if you want to make sure that you're going to get good results and if you want to make sure that your business going to last for a long time, three key performance indicators for your network marketing business.
Key performance indicator number one is how many people have made at least one pound or $1 in your business. It might be a strange key performance indicator for you thinking about one pound or $1? It seems like making nothing, isn't it? Not really. Statistics show that people who join network marketing and within the first 90 days make zero money. About 20% of them will remain in the business, because they understand that it takes time to build up a business in order to start making money, etc. But 80% will quit because they made zero money, because they haven't made any money. Now people who make 1 to whatever pounds or dollars, even if they made one pound, the statistics for those people is that about 70% of them will stay in business after 90 days. So my question is this, would you like an extra 50% of people to stay in your business instead of quitting? If the answer is yes, then you have to make sure that every single person who joins your business makes at least one pound within the first three months. Sell at least one product maybe, you know, recruit a couple of people and get some commission so that this way they know that they've made some money. Super, super important because if they haven't made any money, they're going to quit. They don't have to make much, they don't have to make thousands but at least some. So that's the first key performance indicator for your business. You have to constantly look through your organisational structure and ask yourself has this person made any money. Has this person made any money? And make a habit when brand new people join your business to reach out to them and say, “Hey, look, I want to help you to make some money quick. Can I help you to do that?”
The second key performance indicator is core rank. Now, core rank might be different for different companies. But think about it, it's like a building block that all other ranks are built off. In my business is 21% level. It's like a building block from which all the other ranks can be built up. In your company might be something else but think about what is the rank which you can achieve within maybe three months, maybe six months of starting the business, and from that rank, bunch of other ranks can be built. So if you have loads of people who achieve that rank, you will reach higher rank etc. So again, you want to make sure that you help people and you focus on people building that rank, on people reaching that rank because if you have a bunch of people reaching that rank, guess what - all the other ranks will be built from it. Again, look at that rank and first of all have you achieved it yet? If you haven't, it should be first thing for you to work on is to hit it yourself, and then help other people to reach that. So say, “Hey, look, I'm looking for five people in our team who want to reach this rank, I will work with you personally. And I will help you to get to that rank.” Work on getting people to that successful rank, where they are making some money, maybe that rank should be around $300, $500 or pounds per month, it's not the rank where people making tens of thousands of pounds, they will reach there too, but this is like their first milestone in your business. So that's key performance indicator number two.
Key performance indicator number three is convention attendance. Now you might call it convention, you might call it national conference, you might call it the GNF, you might call it whatever you want to call it, but it's the one event where everybody comes together in your country, or maybe even in your whole company. So how many people have you got attending that event - that should be again a key performance indicator for your business, the more people you're going to get to that event, the more money you can expect to earn. So again, make it your mission, because you know that the meetings make money, make it your mission to promote that big event to the whole of your team and to make sure that you put enough bums on seats at that conference. The more people you have those big events, the more life's going to change because I've lost the count of how many people I spoke to, who are now making huge money in network marketing who say, “Everything changed when I went to the conference, everything changed when I went to the convention,” because they see the energy, because they see other success, they see other people, they get excited, they make a decision and they go on and crush it. But if the person have never been to that event, maybe they just thinking like this is just a little extra cash business etc., you can't really do much from that. These are the three key performance indicators for your business. How many people are making at least some money? How many people are hitting the core rank and how many people are attending the national convention or international convention? You want to make sure there are as many people as possible.
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Yours in success
In : Network Marketing
Tags: "network marketing" "performance indicators"