When building a network marketing business on a budget there is one very important step that most network marketers skip. This step is vitally important if you want to effectively build a network marketing business on a budget. By skipping it you will waste a lot of time talking to prospects who aren’t right for your opportunity.
One of the challenges with traditional network marketing is the strategies suggested often skip this step. Traditional network marketing takes the approach that everybody is a prospect for your business. This isn’t true. There are many people who aren’t a prospect for your business and if you contact those people you are wasting your time.
The ideal prospect is someone who finds themselves in circumstances that make them not only open to exploring a business opportunity but willing to invest the time and money necessary if they find the right one.
With this approach in mind, in his book Building On A Budget Dillard recommends that you target other network marketers. This is because most of them are struggling to build their business yet they are obviously open to a network marketing business opportunity because they are in one right now. However you don’t have to limit yourself to network marketers.
Most distributors that are involved in internet marketing and attraction marketing are targeting network marketers. This creates lots of competition for this limited market. Fortunately the market of network marketers is so big and because of the constant search for “that one piece of information that will change my business” the demand is big enough to support multiple suppliers.
That being said there are other groups from which you can attract leads for your network marketing business that are not being targeted. For example, one group that you can target right now are real estate professionals. This includes real estate agents, real estate brokers, mortgage agents, mortgage brokers, title company professionals and real estate investors.
Real estate professionals have been hit hard by the recent downtrend in the real estate market. Many of these individuals have seen their income drop significantly. With such a huge drop in income, many of them are now open to looking at alternative ways to generate income.
Think about other groups that might be right for this business. Think about groups of people that love what they do but are underpaid. Think about groups that make a lot of money but have no time to enjoy it. Think about groups that need a passive or residual income stream right away. These are the types of groups that you can target and attract for your network marketing organization.
Identifying your target audience is a great way to build your network marketing business. There are many leaders in the industry who have build six figure incomes simply by focusing on a specific target group. You significantly reduce competition with this approach because the prospects in this group will feel that you “get” them. This one step can make a huge difference in the recruiting process.