In the world of online MLM or multi-level marketing, I’ve come across several articles detailing what factors are necessary to consider when an online business operator decides to make an assessment of whether his or her venture is successful, or gradually going down the drain and failing.
Also, it is interesting that however different the qualifications are, no matter how diverse the terminology being used is to make that kind of assessment of MLM success, these can all be derived and summarized into one word – results.
Results is what everybody aims for in any MLM venture, or any venture for that matter.
Now, it all depends on what the individual marketer or the distinct marketing team thinks “results” should be comprised of.
Go a little deeper into why there is a pressing need for you as a network marketer to have a regular assessment of your MLM success of your team performance.
First of all, there is no question that measuring your team’s success and getting the results within easy reach is essential to your progress.
How else would you decide whether to pursue a certain strategy or to replace it altogether, and to know whether it’s making an impact in your sales or not at all? How else would you be able to know that the time, effort, and money you invest in your business is not going to waste?
In fact, how would you be able to move your business forward if you don’t measure your MLM success, and you don’t get that very important data that will tell you where to invest your next dollar and ensure you get the best return-on-investment or ROI?
MLM – Just Like Other Businesses
It’s like any operation out there, business or otherwise. You aim for something, a desired result or outcome, and then you measure whether you were able to achieve that result, or how much of the desired result you have achieved thus far. Only then can you tell whether you are being successful, and at what rate, or if you’re on the losing side and need to rethink your strategy.
You need to know how to measure your MLM success and your performance as a network. There are a couple of performance indicators you have to consider in assessing your MLM performance. These indicators vary according to the kind of business you offer.
But when you group those indicators into so-called key result areas, or KRA’s as some business owners would refer to them, it becomes so clear that you could actually apply them to all kinds of ventures, including measuring MLM success.
Any business owner or network marketer should be able to identify key result areas in his or her business, and he or she can do that by knowing the following information: the overall purpose of the business, the functions that operate in the business, the results expected, and the “quality” and “quantity” aspects of the business.
For example, a travel agency may have for its overall purpose the goal of providing finalized travel itineraries for its customers. The functions would be numerous, but the most important ones would be receiving customer requests and coordinating with transportation companies and hotels.
Quality of services would be measured in terms of prompt and correct responses, meaning that the customer should get his or her itinerary on time and with the minimum, if not the absence of, calls necessary to correct details in the product. In addition, the quantity aspect would be seen as how many customer calls are received on a daily basis, how many tickets are sold, and how that sales quantity relate to a given weekly, monthly, and annual targets.
Knowing these bits of information, you, the network marketer, in measuring MLM success, will now be able to determine your main purpose in pursuing the business, and relate these with the functions that support that purpose.
If my purpose, for example, would be to expand my network and add as many willing distributors as possible, I would have to identify my key result areas this way: distributors registered and coached, customers registered, product presentations given, and products sold. On top of that, I would have performance indicators to know that these key result areas are making any impact in my business.
More Tips for MLM Success
So when I recruit and coach distributors, I would look for “quantity” performance indicators that would tell me how many distributors were registered and coached per week, and for “quality” indicators that would tell me how many of those we coached have shown enough skill to be able to deliver product demonstrations to customers, within a given time frame.
When you present to customers, you should be able to measure how many customers you would be able to register per month (quantity) and how many of those you registered have been followed up within a given time frame (quality). You would then be able to see my data on how many of the customer presentations converted into sales, and who among my distributors were successful in converting their presentations into product sales.
Identifying your key result areas and developing your key performance indicators are crucial in determining your MLM success. It will take a lot of practice, but if you continually apply the fundamental skill of measuring your MLM success, you’ll be amazed at how easy it becomes eventually, and it gives your customer base that added boost of confidence that they are dealing with a professional MLM network.
You’ll be amazed as well with the response your whole team would show, knowing that they belong to an organization with a definite purpose and objective, and equipped with the most relevant parameters to measure MLM success and their own individual performance. Imagine how much that would be a morale boost so to speak to your distributors, so that they aim for higher targets just so they don’t fall below your determined goals.
Now, expanding your network wouldn’t be that hard when you have satisfied and determined team members that everybody else would want to emulate.
To summarize, it is important, it is crucial, that you set your goals first, and that can be done by identifying key result areas and developing your performance indicators to measure your MLM success. And when your goals are set, direct everyone to it with a common determination.
When the rewards of MLM success start coming in, you’ll know to reward your team immensely.