You have to track EVERYTHING you do. Put a dollar value on your time. This way you know what goals you need to hit.
For example, I always take my last year’s income and compute an hourly wage to it. That’s a simple math formula. For this example I won’t use my income because I want you to be able to see how this can be done with a realistic income that most people are at.
If you made $50k last year, then your hourly rate is about $24.03
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$50,000/2,080 hrs=$24.03
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So, your time is worth $24.03 per hour that you market your business. Therefore, if you spend 10 hours per week marketing your business (this includes meetings), then you need to make at least $240.30 per week with your business ($961.20 per month).
Remember, time is money. Therefore, time ALWAYS needs to be included in your metrics.
So, let’s go back to the beginning so you can see how you should start the process of calculating your metrics.
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Let’s look at your metrics Marketing OFFLINE…
You spend $150 per month on marketing tools (DVD’s, magazines, etc.)
You spend $30 per month as part of the company membership
You spend $40 per month on gas to get you to the various places for your business
You spend $961.20 per month worth of time (10 hrs/wk x 4 wks x $24.03/hr)
You spend another $25 on incidentals
This totals=$1,206.20 per month on expenses (To receive about 40 warm leads-10 per week)
- Only 25% of your prospects will show up at meetings if you are lucky (that’s 10 people per month).
- Of those 10 people, you will only close about 50% of those people (that’s 5 clients and/or distributors per month).
This means that you need to make at least $1206.20 per month from those 5 clients and/or distributors per month for this business to be worth your Time, Energy, and Money.
The good thing is that if you follow this guide, then you would have made $961.20 each month for yourself. But that only pays for your time. That doesn’t mean that’s a profit. A profit is anything AFTER these results.
You see, too many network marketers spend all this time doing things that don’t produce any results at all because that is how the network marketing generic comp plan is designed.
A network marketer is suppose to pour a lot of their blood, sweat, and equity into their business at first for years before they can start to see a return.
Without tracking your results properly, your are unable to sustain your business for long term success.
In a nutshell…
This means, if you are dealing with a product with a low payout, then it is going to be very difficult, if not impossible, for you to hit these metrics. (If you would like to learn more about my team MLM CLICK Here)
Why? Because you are going to be spending a lot more time to produce the results you are looking for.
This is why I went to the online marketing model
Marketing online allows me to be able to be able to have MASSIVE results, in a shorter period of time. This is what I learned in Magnetic Sponsoring.
Just think, be able to market your business to millions of people with the click of a button. Even if you were able to market your MLM to .1% of a million people each month online. That’s 1,000 new prospects each month.
How long would it take for you to market to 1,000 people doing the traditional face-to-face marketing methods? A lot longer than a month.
Remember, I am talking about personal production, not team production.
So now, let’s look at your metrics Marketing ONLINE… (based on 1,000 leads/month)
You spend $150 per month on Google Ad campaigns
You spend $30 per month as part of the company membership
You spend $40 per month on tracking tools and follow-up programs
You spend $961.20 per month worth of time (10 hrs/wk x 4 wks x $24.03/hr)
You spend another $25 on incidentals
This totals=$1,206.20 per month on expenses (To receive about 250 HOT leads-62.5 per week)
- Only 25% of your prospects will pay attention to your company’s product or service (that’s 250 people per month).
- Of those 250 people, you will only close about 50% of those people (that’s 125 clients and/or distributors per month).
Which method makes more sense to you?
Marketing offline or online?
I just showed you the power of tracking your results and understanding your metrics, both offline and online. Of course, online is much better!
When I understood this theory my business exploded because I knew where I should focus all of my time.
First, you want to learn the basics of marketing online through Magnetic Sponsoring
Then, you want to get the bigger picture of being successful online by learning the MLM Traffic Formula
Here are some tools to help you to track your metrics online…
Aweber Communications (Track your capture pages and send follow-up messages)
GetResponse (Track your capture pages and send follow-up messages)
Hypertracker (Track the clicks to any website campaign)
