Hey Pyjama Bosses. Welcome back to Pyjama Bosses TV. In this episode I dive deep into how to create a strategy for you to create a successful network marketing business that you have been wanting and wishing and deserving to create. So let’s jump right into it.
Hey guys. This is part two of our series of how to create a successful network marketing business. I’m so excited about this second part to this series because in this part we’re going to dive into how to create the strategy for creating a successful network marketing business. As you have heard in the first episode, there’s a three part planning process to set yourself out, and this is exactly what I would do if I were starting out from scratch in a brand new network marketing company. There’s three steps and in this episode we’re going to cover the first step, which is strategy.
Now what is strategy and what do we need to understand before we leap into the activity, massive prospecting, massive team building, massive social media recruiting, what do we need to do to create a massive business in the shortest amount of time with the least amount of effort?
When you’re creating a strategy for a network marketing business, and this is what I’d be doing. Somebody got me really excited to start a brand new network marketing business. If I had nothing and really decided that I’m going to go ahead and build the network marketing business from scratch, and I had nothing but my experience and knowledge left in my head, then this is the four part strategy process that I would follow to be able to have clarity on how to go ahead and execute on it.
There’s four types of questions that I want you to be asking about your business, and even if you’re already building your business, you’re maybe even creating already $2,000, $3,000, $5,000 a month. Maybe you’re close to creating six figures. This is a really great strategy process to go through to have massive leverage on the clarity that you have and execute and reach your goals faster. So no matter where you’re in your network marketing business, I encourage you to go ahead and do it with me.
Let’s have a look. The first question that I would be asking is, how can I make within this compensation plan $10,000 per month? How can I make that? What does it take in this compensation plan to be able to make that? Now there’s so many different types of compensation plans, and people always ask me, “Masa what’s the best one?” They are all amazing. What you need to learn is how to look for the advantages of how you can make $10,000 in that particular compensation plan. Obviously every compensation plan works when we work. It’s about creating revenue for the company. It’s about creating turnover. It’s about knowing how to structure your business to be able to create $10,000 a month.
What you can actually ask yourself right here is, if I want to be earning $10,000 per month, how much volume, how much turnover, PV, sometimes called CV, BV points, there’s a lot of names for it. Different companies have different names, but really it’s all
the same thing. It is commissionable volume. It is what typically we call an internal currency in a network marketing company.
You want to ask yourself how much revenue do I need to create for the company and in what type of structure? Sometimes you’re building two legs, three legs, five legs. How deep do they need to be? Do there need to be certain ranks there? First is an exercise in actually understanding the compensation plan. And if you’re brand new in network marketing, this can sometimes be overwhelming. So if you’re finding this like a daunting task, don’t despair. Go to your upline support leader, go to someone who understands the compensation plan and let them help you really do that. Ask them, “Look, what does it take in our company, in our compensation plan to make that?”
Now if you’re an experienced leader and already have this clarity, you know there’s a certain amount of turnover in a certain structure with a certain rank that you have to achieve to be able to do this, then the next question that I want you to be asking is, to be able to create this type of revenue, whatever revenue that is, it’s 100,000 points a month for example, 200,000 points a month, whatever that may be in your company, how do I do that? What is the package, what is the product or service package that I should be focusing on promoting?
This is a big question. Quite often people come to us and want us to create a team duplication system and one of the first questions that we ask leaders is, “What is the one package, the one price point that you’re focusing on promoting,” and people often tell me, “Masa, well, sometimes I promote $150, sometimes the 500, sometimes the $2,000 package.” They’re all over the place. What I need you to understand that primarily for you to have one marketing message, and this is a whole other conversation why it needs to be there, how it creates duplication, how it massively and exponentially grows your business. You need to have primarily one package that you’re focusing on, and of course, if people say no to it and want to buy less product, that’s always fine.
Let’s say that you’re focusing on a particular package with a certain commissionable volume, BV, VC, PV, some commissionable volume here. Also what is the products or services that the consumer, the brand new consumer, product, customer, or brand new team member would be getting in that package. You want to have clarity on that. If you don’t, again ask somebody who can help you with that.
Now that you understand this is how much turnover, this is the exact structure in my business that I have to have, and this is how, this is the main package that I’m going to be promoting, guess what the next thing is? Now that you understand these things, and just for the purpose of this of example, let’s do some numbers. Come on, let’s do it with me.
Let’s say there’s a certain amount of commissionable volume that you need to create $10,000 a month. How about we just say it’s 100,000 points? Now it may be more or less
in your company. Don’t despair. Doesn’t mean your compensation plan is bad or worse or better or anything like that. This is just a calculation.
Let’s say you need 100,000 points and let’s say that your package gives you 100 points. And this is the main package that you will be focusing on promoting when you’re prospecting, when your team is prospecting, and that will be the one message that everyone will be doing.
Guess what I can see from here? I find out that the package volume is 100 and that we need to create 100,000 points per month. Now I know immediately that guess what? I need 1,000 packages per month. Does that make sense? To be actually consumed, to be actually bought in my business to be able to make that commissionable volume. So 100,000 volume, 100 points per package. By the way, this is rather low. Most of you will have bigger packages. 1,000. It could be any number. I’m just doing calculation so that you can follow me.
Right now pause this video and do this first calculation before we go to the next question which is an extremely important one. I want you to understand how many orders, how many product packages do you need for you to be able to create $10,000 per month in income. Pause this video and then come back with your answer.
Great. Probably you’re back by now. Let’s now go to the third question that I would be asking to create my strategy. I now have clarity on how many orders my business needs to turn over per month for me to have a six figure business.
The next thing that I want to actually be asking is who is my target market. Now this is a really interesting question because historically sometimes it feels like anyone could be our target market, anyone especially in the wellness industry, everyone needs more health, and even in the beauty industry everyone needs more beauty, or in any industry that we’re in, it seems like it could be anyone. But for you it’s really important to understand who you want to work with, and the question really becomes are you really clear on who you were before you started in your network marketing business.
My example for example when we started in network marketing here in Australia, we were young immigrants. We didn’t ever plan to stay in Australia for that many years. But you know what? The opportunity came and we got excited and all of a sudden, guess what, we’re building a business, and we had specific reasons why were doing that, behavioural reasons.
For us it made real sense to look for other young immigrants specifically and very professional people who were not in Australia for a very long time, who were looking for an opportunity to change their life. Guess what? It wasn’t all about the product that we were promoting. It was more about who can we find that is more like us looking for an opportunity to transform their life.
In your case it may be completely different. Maybe you’re a nurse or a teacher or you have another profession and you see a challenge in that profession, why others in your profession need a business like this to better their life, to create a second income, to be able to essentially maybe in the future go and work from and transition into working from home.
You need to understand who your target market is and you need to define their characteristics and then ask yourself the one question, where, where do I find enough people to be able to talk to in my target market, in my specific target market so that I can find enough people that will help me to build this team? Does that make sense? We’re building a team of $10,000 per month in commission, and this means this many packages. So where can I find enough people to tap into?
Now it’s really very important that you understand you need to pick one strategy, one strategy to find these people. That means one social media strategy if it is social media, or perhaps if it’s an offline strategy, one strategy and focus on one way to connect with those people.
Now of course we know people, there’s thousands of people in our phones and our Facebook walls. We do not have to discard those. But essentially you want to know that you have access to this target market and there’s going to be enough of them for you to tap into. Makes sense?
Whilst you have your target market and you know where to find them and how you’re going to tap into enough numbers, the next question becomes how am I going to help them get success? These are the people that are looking for success. How am I going to help them to create success? This essentially is a question, what is the building, building block rank in my company that is going to drive the business?
For most of us, this is kind of like the first rank that everyone gets to when they first get started. So it’s really important for you to have clarity on what that is and how to achieve it in the first week perhaps, first two weeks in the business. That is a small rank that requires, I don’t know, 2,000 points. How are you going to help these people to quickly achieve it? Perhaps that’s introducing five consumers who each get two consumers. I don’t know. There needs to be a strategy for your brand new people who start in your business to achieve this building block rank within 7 to 14 days. There needs to be a strategy. Makes sense?
These are the four questions that I would be asking to be able to create a strategy. And like you see, it doesn’t take a lot of time. You can literally go and write it down within 10, 15 minutes. You don’t have to lock yourself in the room for a week to think about it. If you need, ask for support for somebody in your company or get in touch with us if you want to be able to help us create a strategy for you. Then sometimes we have an opportunity to do these free strategy sessions. And if you’re somebody who’s really
focused on wanting to create a six figure income this year, in the next few months, and you want the strategy, you want us to help you in doing this, then go ahead and apply for a strategy. There should be a link below this video … and just say free strategy session.
Now that you have this four step formula for strategy session, the next thing that comes, guess what? In the next video we’re going to talk about the process. We’re going to talk about all about how you create a process to drive this strategy home so you can create a successful network marketing income.
If you’ve enjoyed this video, please let us know so we continue to make these Pyjama Bosses TV episodes and go ahead, and if you loved it, go ahead and share it with your team and your colleagues, and I’m so excited to see you again in the next video.