Yoli Founder Daren Falter answers the question “What is Your Product Focus?”
How to Select the Right Product Industry
What to SELL and WHY!
PART I: What to focus on when selecting an MLM Product
By Daren C. Falter
Testing Your Marketing Mind
To become a successful network marketer, you must learn how to pick a successful product. So far we have learned some of the reasons people make bad choices, and we have learned some of the initial concepts for making correct choices. This next section will explore several thoughts and ideas designed to get you thinking like a marketing millionaire.
When people are trying to decide on a product, they typically will choose a product based on the wrong reasons. I would like to take you through the following exercise, which will allow you to discover these right and wrong reasons for yourself.
Now pretend that you are selecting a product today by answering the following questions as if your financial future depended on it. Be sure to choose well, because if you make the wrong choice, your chances for success in network marketing will be virtually eliminated. By the way, there is only one correct choice.
Question: In choosing your own home business vehicle, your #1 concern should be what?
A. Marketing products and services that are high tech.
B. Marketing products and services that are luxurious.
C. Marketing products and services that interest me.
D. Marketing products and services that benefit me.
E. Marketing products and services that benefit as many people as possible.
F. All of the above.
If you chose letter E on your own, you’re on the right track. I’ve heard motivational speaker and millionaire Zig Ziglar say, “If you help enough other people get what they want, you’ll get what you want.” It may be fun and exciting to work with choices A–D, but there just isn’t any profit in marketing products that do not appeal to the masses, or at least an enormous niche. Network marketing is mass marketing, not niche marketing. Now don’t get me wrong; if you have some of the factors in the A–D list working for you, they could be beneficial in some way. However, when choosing a product or service, keep the following cautions in mind.
Common Mistakes People Make
While in the business evaluation process, most people tend to choose a product or service for some of the following reasons. Understanding these reasons will help you avoid the most common mistakes that people make in choosing a home business product.
High tech is high risk
Don’t choose to market stereos, computers, MP3 players, GPS devices, or other gadgets because you want to market products that are high-tech. You should only consider marketing high-tech products if you have done the research and know it is extremely profitable. Emotional and personal choices are for people who aren’t concerned about profit. Millions of people have expensive hobbies. Network marketing shouldn’t be yours.
For example, there once was a man who had a little boy. He enjoyed nothing better than building elaborate electronic models and devices with his son, especially model trains. He saw an opportunity to get involved in network marketing, which would not only afford him the extra money to purchase the expensive materials for building the tracks, but it would give him the time and freedom he so desperately needed to spend more time at home with his son. After investigating many opportunities, the man narrowed his choices to two programs. By good fortune, one of these programs happened to be an electronics company. They had everything from home and car alarms to home entertainment systems to electronic gadgets of every kind. Considering the man’s interest in electronics, it might seem that the choice would be a no-brainer. However, the man decided to choose the other company. This other company manufactured and distributed nutritional supplements and personal care products (pills, potions, and lotions). Although his personal interests revolved around the electronics company, he saw more market potential in the second company.
The result? After five years of diligent part-time effort, the man is now semi- retired with a six-figure residual income. He has one of the largest collections of electronic toys and gadgets of anyone in town, but more important, he has the time and freedom to enjoy building the most elaborate electric train track you have ever seen. As for the electronics company, they went to over 800,000 distributors in five years and then declared bankruptcy. No major direct sales/network marketing company has attempted the high-tech angle ever since. Would you say this man made the right choice? High-risk industries might sound fun at first, but I can guarantee you that no business is fun when it’s going out of business.
Serve the classes, live with the masses
Don’t sacrifice profit to market products that are luxurious. After all, which company is the larger, more successful company, Coca-Cola or BMW? Which product costs more? Would it be more profitable to market lots of inexpensive consumables or a few high- ticket, non-consumable luxury items?
I just met a woman who recently ended a fairly successful career as a real estate agent to the rich and famous. Her days consisted of showing million dollar homes to high-net-worth clients. Quite glamorous, right? Well, not really. She just quit her job and is now in the process of reading my book in an attempt to learn the steps to selecting the right network marketing company. This high-ticket, high-commission, high-pressure lifestyle was finally catching up with her. Just like J. Paul Getty, she would now rather have one percent of a hundred people’s efforts rather than one hundred percent of her own. Or better yet, five percent of five thousand people’s efforts! Someone once said, “If you serve the classes, you’ll live with the masses, but if you serve the masses, you’ll live with the classes.”
Don’t limit your profit potential by marketing products that interest only you and a few others. I have a personal interest in bagpipes, but I don’t know too many others who are in the market for one. Find out what most people are in the market for and market that.
Personal preferences can cripple your marketing strategy
Although it is important to have a firm testimony of your product or service, don’t choose to market a product or service simply because you experienced personal benefit from it. Just because you had a favorable reaction doesn’t mean others will. Likewise, just because you don’t have personal benefit from a specific product or service doesn’t mean others won’t. In my career, I have run into countless individuals who have chosen their networking vehicle based on their own personal interests, without giving a thought to what the masses want and need; they end up failing miserably.
I met a woman several years ago who really got me thinking about focusing on other people’s wants and needs instead of my own. She was a top distributor in a nutritional network marketing program. She proudly pointed out one day that she was earning a high six-figure income by promoting an effective nutritional supplement that she herself did not personally use on a daily basis. You see, this woman was about five and a half feet tall and weighed about 105 pounds. If she got any slimmer, she would be able to walk through doors without opening them. The product that took her to fame and fortune was an herbal weight management product. Almost everyone she introduced to the product was having results. However, she could not afford to lose any more weight so she stayed away from the stuff. The result? Over ten thousand distributors in her downline in three years, and she still does not use her flagship product. It’s important not to get hung up on what works for you personally and what doesn’t. Find out how many others it will work for— that’s the real test!
Remember that this is marketing or delivering what your customer already wants, not sales or trying to convince someone to buy something that may or may not be what they want. You’ll want to offer products that people want and need, not what you think would be fun and interesting to sell. Demand in the marketplace is everything. Find a product with appeal to the masses and you’ll never want for customers.
About the Author
Daren C. Falter is the author of the network marketing industry-wide best seller How to Select a Network Marketing Company. Daren has been a consultant to the network marketing industry for over 12 years and a student and participant for over 20 years. Daren has built downline organizations into the tens of thousands of distributors with several different companies. Daren is a popular convention speaker and trainer. You can visit Daren online at his blog at www.networkmarketingreview.com. You can also order Daren’s best-selling MLM book at www.networkmarketingbook.com.
Daren recently launched a new network marketing company, Yoli, Inc., near Salt Lake City, Utah. Daren and his four partners are excited to introduced the worlds most nutritious beverage using patented BlastCap™ Technology. For more information about Blast Cap Technology, Blast Caps, or Yoli, visit Yoli at www.prelaunchinsider.com.
Copyright ©2009 DC Falter Marketing, Inc. ALL RIGHTS RESERVED
ATTENTION: Breaking News!
Daren Falter will be launching a new company called Yoli. We will be introducing an incredible new nutritional formula in the form of a delicious functional beverage using Mikel Anderson’s patented Blast Cap Technology. The founders of Yoli are Robby Fender, Daren Falter, Rick Eisele, Corey Citron, and Michael Prichard. To find out more about Yoli Blast Cap Technology, visit www.prelaunchinsider.com
Kingsley Ennis is one of the few “hand selected” FOUNDING DISTRIBUTORS that are helping to launch this new company … and you can join him and one of the fastest growing teams in all of Yoli at the very beginning of this great network marketing adventure!
With a background in the Seminar Industry and 12 years of Noteworthy Success in Network Marketing Kingsley is the Author of “Split Second Marketing” & “Your Extreme Advantage”. You can listen to them FREE at www.usahomebusinessexperts.com
QUESTIONS ABOUT YOLI? Email kingsley@goyoli.com or call 717-303-5710.
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