It wouldn’t be a healthy Friday without Cinco Bala. This week's top 5 lessons, hacks and quotes I’ve been pondering, applying and battling.
For those of you who are new, this is a concept I took from Tim Ferriss. (This is just focused on MLM and online marketing) If you don’t subscribe to his newsletter. You should do it.
Lesson in Network Marketing: Understand Your Comp Plan - There are five primary types of compensation plan. Nearly every single plan falls into one of these categories and it’s up to us as independent distributors to understand the differences and make the conscious choice as to which one we should be a part of.
-Straight direct sales
-Matrix
-Uni-level (This includes “unlimited” & “breakaway” plans.)
-Binary
-Multi-line
Most of us got into our first company out of chance. There was no evaluation against other companies or even opportunities. And in most cases, people will join additional companies without really knowing how to market the opportunity and products or even how they get paid.
None of us would take a job without understanding the pay structure…
So, in order to shed some light on this subject, listen to this podcast episode from MLM Rebels where I break down those primary types of comp plans and how they compare.
And don’t worry, I don’t actually tell you which one is best or why mine is good (if you even know which one it is). It’s a truly unbiased approach.
Now, if you really want to dive deep on this subject, I later wrote a very in depth report on this. It’s meaty, so be prepared to get into it. And full disclosure, there’s a pitch for my company at the end of it. Just skip it if you want.
Lesson in Online Marketing: Copy > All - I constantly find out how much a solid story and good copy can cover nearly every other mistake.
We live in a super fun world of whiz bang gadgetry with our sales funnels. And it’s ADDICTING.
I stare at the ceiling all the time thinking of new offers and funnels but you know what works the BEST?
A carefully crafted message and offer.
We still have funnels running YEARS after I built them that still bring in money today. Why? Because I was meticulous with the copy.
Like vacuuming with tweezers meticulous.
The copy I threw together in other funnels where I wasn’t as careful? Sure they pulled sales, but it wasn’t long term. They died within months.
Speed is VERY important when launching a funnel. Don’t mistake this lesson for being ridiculous and waiting for 3 months to launch a funnel. (Quick reminder - If you don’t have traffic, no one is going to see it anyway 😉 - So might as well get it out there.)
But if you’re going to focus heavily on ONE skill…
Focus on copywriting.
Quote I Love: "For all the complaining about what’s holding them back, most people have a lot of trouble with defined dreams they’re being held from." -Paraphrased quote from Tim Ferriss and the 4HWW.
The lesson? Define your dreamlines (Dreams with a deadline)
Another Quote I Love: “It never ceases to amaze me: we all love ourselves more than other people, but care more about their opinion than our own.” -Marcus Aurelius
Bonus Lesson in Network Marketing: Using Funnels To Sell Your Company’s Products - Most MLM company’s replicated sites suck. They can take an order but it won’t encourage anyone to make a purchase unless you’re personally involved.
While that fault does fall on the company itself - it’s not that big of a deal as nearly all companies have the same issue. So, at least it’s a level playing field.
The obvious question is, can you sell your company’s products with funnels the same way that we recruit people?
The short answer is yes. And it can be brutally effective.
Check out this video for the details on how to do it.
Talk soon,
Zach
