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MLM, Using Business Metrics to Make More Money
Metrics are simply about knowing your numbers. The ultimate goal of this equation is knowing how to make money with your compensation plan, setting goals, and creating a plan to achieve them. Let’s say you have a goal of generating an income of $5,000 per month. Start by figuring out exactly how to make $500 a month, then $1,000 a month, and then you’ll have the formula to make $5,000 a month and beyond.
Most compensation plans have two elements: money you make from customers and money you make from recruiting business builders. For long term income and almost always for bigger income, you need to form a team. A team gives you leverage, and leverage is one of the main reasons to get into a multilevel marketing business.
Leverage allows you to get paid a percentage of the efforts of many people, rather than only getting paid for your own efforts. Obviously, to get paid for the efforts of others, you need to build a team. We love to quote John Paul Getty, who was the richest man of his time, who said, “I’d rather have one percent of 100 people’s effort than 100 percent of mine.” That’s what you’re going for.
To get there, you need a roadmap or a plan, and that’s what your metrics provide. Start with the financial goal, then pull the metrics from that goal. Choose an amount – a reasonable amount per month, not your ultimate goal. If you’re experienced and earning a paycheck, choose a financial goal that’s more than what you’re currently earning.
Now, you need to know exactly how many people on your team will contribute the desired income. If you don’t know how to figure this out, find someone in your company who understands the compensation plan and ask them this: If I want to generate $1,000 in revenue per month, how many people do I need to hire and how many people in total do I need on my team? Every compensation plan works differently, but these two factors will come into play every time.
Once you know these numbers, let’s say you need to recruit 10 people and each of them needs to recruit three. I make this up to demonstrate how you get back into activity from your goal number.
This is where metrics become relevant. Do you know how many people you have to talk to to recruit 10 people? You have to know this to get there. To find out, you talk to people and track everything you do. Over the next three months, talk to at least 100 potential customers – it will give your business a boost and give you a good idea of your metrics.
Of those 100 people who agree to review your information, how many are real? How many say no? How many say maybe? How many become product users but not business partners? How many become business partners?
The business partner number is what we’re looking for here. Let’s say you recruit 10 people out of the hundred you talk to. Then you know you have to talk to 100 people to recruit ten. You also know that you are well on your way to achieving your goal. You should also know that if you need 10 people who need three to reach your original goal, you’ll probably need to recruit 20 to get 10 to do the job. It’s how it works and the faster you accept it and act on it, the faster you’ll get a big payday. Your job is not to recruit and then expect people to build a business. Your job is to recruit until you get the people who DO exactly what is needed.
The old adage: There is no problem in MLM that cannot be solved by recruiting is absolutely true. Love it or hate it, that’s how it works. And it works if you do. 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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