The high failure rate of network marketers within their first 90 days can be attributed to several factors. Here are some of the common reasons:
Unrealistic Expectations: Many individuals join network marketing with unrealistic expectations of quick and easy wealth. When they don't see immediate results, they become discouraged and may give up prematurely.
Lack of Training and Support: Some network marketing companies do not provide adequate training and support to their new distributors. Without proper guidance and resources, new members may struggle to build their business effectively.
Insufficient Effort: Building a successful network marketing business requires consistent effort and dedication. Some people underestimate the amount of time and effort needed to achieve results, leading to early burnout.
Fear of Rejection: Network marketing involves approaching potential customers and recruits, which can lead to fear of rejection. Many individuals find it challenging to handle rejection and may avoid taking necessary actions.
Limited Social Network: Initially, network marketers often rely on their social circle to make sales and recruit. If their social network is small or uninterested, they may struggle to find new prospects.
Lack of Persistence: Network marketing success often comes after facing initial challenges and setbacks. Some individuals lack the persistence to keep going when they encounter obstacles.
Inadequate Business Planning: Without a clear business plan and goals, new network marketers may lack direction and focus, making it challenging to achieve success.
Overemphasis on Recruitment: Focusing solely on recruiting new members, rather than building a customer base, can hinder long-term sustainability in the business.
Not Passionate About the Products: If network marketers are not genuinely passionate about the products or services they are promoting, it can be challenging to maintain enthusiasm and convince others to buy or join.
Unethical Practices: Some network marketers may engage in unethical or aggressive sales tactics, which can lead to a negative reputation and alienate potential customers and recruits.
To increase the chances of success in network marketing:
Choose the Right Company: Research and select a reputable network marketing company with quality products or services and a supportive culture.
Invest in Education and Training: Seek out training and mentorship to improve skills and knowledge in sales, marketing, and network building.
Set Realistic Goals: Establish achievable goals and milestones, and be patient as the business grows over time.
Build a Diverse Network: Expand your network beyond friends and family to connect with a broader audience interested in your products or business opportunity.
Be Authentic and Ethical: Be genuine in your interactions, provide value to customers, and avoid resorting to unethical practices to achieve short-term gains.
Remember that network marketing, like any business venture, requires effort, dedication, and a willingness to learn and adapt. Success may not come overnight, but with the right approach and perseverance, it is attainable.