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MLM, Using Business Metrics to Make More Money
Metrics are simply knowing your numbers. The ultimate goal of this equation is to know how to make money from your savings plan, set goals and create a plan to achieve them. Let’s say you have a goal of making $5,000 a month. Start with how to actually earn $500 per month, then $1000 per month and then you will have the formula to earn $5k per month and beyond.
Most comp plans have two components – the cash you generate from customers and the cash you generate from recruiting business builders. To make a long-term and almost always bigger income, you need to build a team. A team gives you strength and feedback is one of the biggest reasons to join a multi-level marketing business.
Leverage allows you to earn a percentage on the efforts of many people, as opposed to paying only for your own efforts. Obviously, in order to get paid for the efforts of others, you need to build a team. We love the words of John Paul Getty, who was the richest man of his time, who famously said: “I’d rather have 100 percent than the effort of 100 people.” That’s what you’re going for.
To get there, you need a roadmap or roadmap and that’s what your metrics provide. You start with the financial goal and then pull metrics back from that goal. Choose an amount – a reasonable amount per month, not your end goal. If you’re retired and earning a check, choose a financial goal that’s more than what you’re currently earning.
Now, you need to know exactly how many people in your team will bring in the desired income. If you don’t know how to figure it out, find someone in your company who understands collection planning and ask them: If I want to generate $1000 in revenue per month, how many people do I need to follow and how many people in total do I have on the team? do you need me? Every savings plan works differently, but these two factors will come into play every time.
Once you know those numbers – let’s say you need to recruit 10 people and each needs to recruit three people. I do this to show how you can turn your goal number into action.
This is where metrics come into play. Do you know how many people to talk to in order to recruit 10 people? You have to know this to go there. To know this, you talk to people and you observe everything you do. Talk to at least 100 prospects in the next three months – it will increase your business and it will give you a good working idea of your metrics.
Of the 100 people who agree to review your information, how many actually show up? How many people say no? How many people say maybe? How many people become product users but not business partners? How many people become business partners?
The business partner number we are after here. They say that out of a hundred people you talk to, you recruit 10 people. Then you know you need to talk to 100 people to recruit ten. You also know that you are on your way to achieving your goal. You should also know that if you have 10 people who each need to get three to reach your primary goal, you might need to recruit 20 people to get 10 to get the job done. That’s the way it works, and the sooner you accept it and act on it, the sooner you’ll build a great income. Your job is not to follow and then expect people to build a business. Your job is to follow until you get people who do exactly what they need.
The old saying: there is no problem in MLM that cannot be solved by recruiting is true. Love it or hate it, that’s how it works. And if you do it works. Go out and learn your metrics, build your business plan around them and start making serious income in your MLM business.
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