One of the biggest concerns for people who have a network marketing business is the objection they get when they prospect clients and introduce their products or services to them for the first time. These objections can come from family members, friends and colleagues, and of course, new people.
Unfortunately, difficulty in addressing the objectives can lead to slow business growth, frustration, disbelief or lack of confidence in oneself, and possibly early departure from the business. So overcoming objections is vital.
Too often, the natural impulse is to counter the objection, which leads to confrontation. This is not good. Many times the objection is not really an objection, but a means to give the individual time. Therefore you have to show empathy in your approach, not confrontation.
First of all, you have to understand why there are so many objections. Well, in most cases, it is because there is a lack of accurate information out there on this business model or the person feels pressured and wants more time to digest all the information you may have flooded them with.
It is almost a normal gut reaction for them, to object. Unfortunately, their objections result from emotion and fear and cloud what they really desire in life – more health, more wealth, more time, a better lifestyle, and so on.
So what do objections do? It allows you to educate them about your business, ask them questions regarding what their concerns/fears are, and address any misconceptions they have learned from family, friends, the internet and newspaper/magazine articles. In some cases, the prospect has a preconceived opinion about network marketing – so when they object it allows you to do their due diligence for them.
So what are the main objections we hear every day? There are many, but I believe these are the most common:
- I can’t get involved in a pyramid scheme.
- I don’t have enough time. I am too busy.
- I don’t have the money to invest right now.
- I don’t know how to sell.
Now let me talk about each objection.
1. I can’t get involved in a pyramid scheme.
Well first of all, if your business involves providing a service or selling products it is not a pyramid scheme. Pyramid schemes do not have products or services. A pyramid scheme is not sustainable.
Most people who have not been introduced to network marketing, think it is a pyramid scheme, where only the people at the top make all the money. So you have to address this notion with facts.
The network marketing industry model has been used for decades by legitimate businesses and is supported by many well-known business professionals, including Warren Buffet and Robert Kiyosaki. Companies like Mary Kay, Amway, Primerica and EvolvHealth and many others are all reputable businesses that use the network marketing business model to promote their products.
The network marketing industry is a $178 Billion dollar annual business that challenges the standard way most businesses operate. Every week in North America, 180K people sign up. Along with direct sales, network marketing is changing the face of the business world. Go to www.dsa.org for more facts and statistics.
Now that does not mean all network marketing businesses are equal or even ethical. That is why I wrote my book “Creating Freedom” – to help people do their due diligence when evaluating a network marketing company.
2. I don’t have enough time in a day – I am too busy!
So this objection tells you that individual does not want to change his or her present situation. We all know that people will find the time if they want something bad enough, if they want to change their life for the better.
So focusing on what they want – more money, better health, a different lifestyle, more time with the kids, or reduction in taxes, is essential, to bring them back to what is really important in their life.
As well, this is where the power of leverage needs to be explained, that you do not do all the work yourself, that you have others available to help you, that changing your life, requires you to make a change. You are not going to win the lottery!
3. I don’t have the money to invest right now.
Today, the average investment for a network marketing business is between $500 – $2500 which is extremely low, but the beauty is that it’s a great way to earn residual income on the side at a faster rate than any other business out there.
When I first started in my business, I did not have the money to invest, so I took out a short term loan to fund my investment costs, which at that time and with that particular company, was $10,000. This was very high compared to the average, but I knew if I worked the business the right way, I could replace my previous income of $60k. Within in 4 months I had paid off my loan and was on my way to earning more than $60K that first year and most importantly, I was working less hours!
The amount of money to invest in a network marketing business is extremely low when considered what is required for a bricks and mortar type of business or a franchise for that matter. Furthermore the Return on Investment (ROI) is normally very quick (within months) if you apply yourself.
Normally, Network Marketing companies offer incentives if you build fast, which means that your ROI will come faster plus you will start earning money sooner, much sooner. Furthermore, you are now operating your own business which means you will reduce your taxes. This will also contribute to your return of investment.
So even if you have to borrow the money, you will recoup it. You may have to show them how quickly they can get their money back.
4. I don’t know how to sell or I don’t think I can sell.
Most people think they have to go out and sell something as their role in the network marketing business. They think they have to convince people to join the business or buy something. Nothing could be further from the truth.
Let’s be honest. We sell things everyday. We sell ourselves to our bosses, our projects, our opinions, our ideas, the movies we have seen, the restaurants we have dined at, the places we have visited. What works here is the fact that we need to speak with conviction.
So, it’s really about listening to people, to what they want, and providing them with a solution. It’s about sharing the idea. The opportunity will sell itself if it is the right fit for a person. But you must be truly interested in helping the individual, and that means asking the right questions and listening carefully to how they respond. Show empathy and be authentic.
So can objections really work to your advantage?
Yes, because it gives you insight into the prospect’s mind. It gives you an idea of what concerns the individual and how to address it. It gives you an opportunity to educate them. And it allows you to offer a solution that up until now, the prospect may have not been aware of.
So embrace objections. We all have objections to many things in life. They are positive, normal and necessary as part of our thought process. Discuss them openly, do not shy away from them. Provide a different perspective, one that they may not have thought of, and one that can help them. Show them that you care about them and speak to them from the heart.
Remember, an objection is only a ‘no’ to your business when it cannot be explained or addressed. So be prepared.