Why is focusing on CUSTOMER ACQUISITION such a SMART MOVE?
Many brand new network marketers ask the same question of their upline: “When I approach my prospects, should I lead with the PRODUCT or THE OPPORTUNITY?”
While the correct answer is that it depends on who your prospect is, and what their priorities are, most often the advice they’re given is to lead with the opportunity.
Almost always, network marketing reps focus far more energy on attempting to recruit new reps than they ever do on actually selling the products or services their company offers.
That’s a mistake.
Here are half a dozen significant advantages to leading with the PRODUCT first.
EASIER TO RECRUIT NEW REPS
There are 2 ways that focusing on acquiring customers helps you recruit.
First, it’s relatively simple to transition your most excited customers into becoming reps after they’ve been on the product for a month or more. Secondly, when you approach a new prospect with the opportunity first, you can point to your legitimate customer base as additional proof of the validity of your business.
CUSTOMERS WHO BECOME REPS ARE MORE PRODUCTIVE
When a customer transitions into becoming a rep, it’s because their belief in the product is high. That makes it significantly easier to help them reach out to their warm market. They know the product works. They don’t have any “belief issues” holding them back, as you often do with brand new recruits who got introduced to the business opportunity first.
MAINTAINS A HIGHER RETENTION RATE
It’s important that new reps begin making money quickly. There’s no faster way to get paid than to sell the product. When people get paid, they tend to stay in the business.
FASTER, MORE POWERFUL TESTIMONIALS
It’s far easier for a brand new rep to develop a personal testimonial from using the products than it is for them to have one about business-building success. You’ve heard it countless times: “Facts tell, but STORIES SELL”. So, when speaking with a prospect about the advantages of the product, new reps are able to display genuine enthusiasm. That makes them far more believable and persuasive. They’ll make sales more quickly.
DEPENDABLE MONTHLY INCOME
When you have a legitimate customer base, you have a real business, not just a recruiting scheme. That’s why companies have customer requirements. It’s a lot easier to remain active in the business when you have an ongoing customer base generating dependable monthly income that does not rely only on recruiting.
CLOSE MORE DEALS IN A SHORTER TIME
Prospects tend to be less skeptical when evaluating a tangible product or service compared to the concept of starting a new business. Another practical consideration is that it usually costs less to become a customer than it does to buy a starter kit. A smaller price tag often means less sales resistance which translates to more sales in a shorter time.
So there you have it. 6 solid, sensible reasons to pay attention to acquiring and maintaining customers. You’ll be able to recruit larger teams faster and easier, while enjoying high retention rates as you earn dependable, constantly growing monthly income.
WEIGHT LOSS INDUSTRY STATS AND FORECAST
We all know the size of the weight loss industry is big, really big. However, as a result of COVID, with more people staying home, that marketplace is increasing at an even faster rate than ever before. This is not only true for adults but now also for our children. Childhood obesity is quickly approaching epidemic proportions.
In 2021, the Global Weight Loss Supplement Market size was estimated at $87.70 billion USD. As large as that number is, it’s predicted to get a whole lot bigger.
The compounded annual growth rate (CAGR) of the weight-loss marketplace is projected to grow at a rate of 7.84%. That means this industry will expand to $128.36 billion USD by 2026.
Now, more than ever before, weight loss supplements offered by network marketing companies are in huge demand in a fast-growth marketplace that is expanding as quickly as the waistlines of consumers.
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HEALTH AND WELLNESS STATS and FORECAST
“Health and Wellness” refers to the state of complete wellbeing of the body, mind, and spirit. Some of the important aspects of the health and wellness industry include personal care/beauty, nutrition, weight management, and physical fitness.
In 2021, the global health and wellness market is estimated to reach a total value of $3.34 billion USD. Furthermore, it is expected to have a compounded annual growth rate (CAGR) of 4.10% which should bring the marketplace up to an impressive $4.24 billion USD by 2026.
Due to the increase in sedentary lifestyles, which have been compounded by COVID, there has been a growing incidence of chronic lifestyle diseases across the globe. When you combine that with the ever-increasing stress of daily life and the constant stream of bad news and fear-mongering by the mass media, we’ve seen significant increases in chronic illnesses such as diabetes, asthma, arthritis, cancer, and dementia.
Growing numbers of people are increasingly turning to self-healthcare products, supplements, and activities. In addition, the trend of using wearable devices such as fitness bands and trackers is also expanding rapidly.
All the signs point to a very bright and prosperous future for those serving the Health and Wellness marketplace.
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IDENTITY THEFT INDUSTRY STATS and FORECAST
According to a 2018 survey from The Harris Poll, 60 million Americans were affected by identity theft. Far more shocking is that claims of identity theft jumped almost 50% from 2019 to 2020, according to the Federal Trade Commission. Today it’s even worse.
As a result, marketplace sales of services to combat identity theft are projected to MORE THAN DOUBLE and reach $40 billion USD during 2022.
The Global Identity Theft Protection Services market size is expected to enjoy a compounded annual growth rate (CAGR) of 16.7%. That means we could see it exceed $177.20 billion USD by 2026.
As fraudulent activities continue to grow, so does the opportunity to protect consumers from them.
This is an ideal landscape for network marketers who want to sell a service that has one of the highest customer retention rates of any product category in our industry.
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THE CBD INDUSTRY STATS and FORECAST
Currently, all 50 states have legalized the use of CBD to varying degrees. According to FORBES magazine, CBD sales in the U.S. hit nearly $5 billion USD in 2021. Considering that hemp-derived cannabinoids was federally legalized only 3 years ago, this is truly an astounding number.
The growth of this marketplace is only expected to accelerate. There are two (2) prominent forecasts that project that the U.S. market could hit $15 – $20 billion USD by 2025.
There is a wide range of products now being offered, from creams and gummies to beverages, to pet products and more. The offerings will continue to expand and diversify as more companies begin to develop products for use for specific needs.
Major “Big Box” retailers and chain stores have been hesitant to embrace CBD at this time, which makes the marketplace ideal for network marketers for the foreseeable future. However, once the regulatory smoke clears, it is likely that the corporate giants will eventually jump in the game. But, as always, networkers will have the upper hand by offering higher quality, innovative ideas, and a level of personal service that cannot be equaled by those chain stores.
In many ways, the CBD industry is an unstoppable force whose time has come. It is already a multi-billion dollar marketplace that will only continue to grow as consumers at all age levels have made their preferences clear.
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CRYPTOCURRENCY STATS and FORECAST
Cryptocurrency has exploded in popularity over the past few years, to the point that this alternative investment category has gone from being just an ‘insider’ investment idea, to essentially becoming mainstream.
While Bitcoin was the first and still remains the best-known cryptocurrency, literally thousands of other cryptos have entered the scene. Part of the reason for the hype surrounding this asset class is the tremendous returns that have been earned by some investors.
For example, Bitcoin was far and away the best-performing asset from March 2011 to March 2021. It gained a staggering 230% annualized return. By way of comparison, the next best-performing asset class in that same time period was on the Nasdaq. One ETF posted a 20% annualized return. That’s remarkable for anything on the Nasdaq, but Bitcoin’s gains completely dwarf it.
In 2022, Ethereum may be poised to take over the top spot from Bitcoin. In addition, there are hundreds of other coins: “altcoins”. Some have done impossibly well while others have crashed and burned quickly. The volatility and worrisome risk associated with investing in crypto has given rise to many opportunities to educate consumers to help minimize the risk and maximize the potential for reward. Crypto is here to stay and with it come many good business opportunities to capitalize on it in a variety of ways.
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