7 Key Skills That You Can Develop by Building a Network Marketing Business

In  a recent blog post 5 Action Steps Everyone in The Network Marketing Industry Should Be Implementing on a Daily Basis to Achieve Success, I talked about the daily, hard skills you will need to learn to be successful in your network marketing business.  These skills can be learned in a classroom or through formal online training.  But, there are certain skills that you may not learn through formal training but will evolve naturally as a bi-product of prospecting, promoting and enrolling customers into your business.

1. The Power of Networking

The name, “Network Marketing”, derived its name primarily because a large part of your success will come from the people who are a part of your network:  your friends, family and colleagues.  Networking (both formal and informal) can be a frightening activity for many people, but the more you put it into practice, the better you will become at maximizing your network to grow your business.  As you develop your business, you will be able to figure out who in your network is most valuable to your career.  This list should not exceed 20 people.  These are people who you will want to spend time with 2-3 times a year.  Your next tier of your network should be 50-75 contacts, and these may be people who you send your monthly newsletter to or who may receive holiday or birthday cards.  Over time, you will begin to figure out the most efficient and effective way to engage with people in your network and how to walk into a room full of people and be able to network with confidence and ease.

2. Communication Skills

As you build your network marketing business, you will quickly find out that the way you communicate with others can make or break your success. You may be speaking on a stage in the front of a large room of a few hundred people, in an online webinar or conference call or in a one-on-one conversation.  The more you communicate, wither privately or publicly, you can hone your ability to listen, improve your written communication and learn how to read body language to get the most out of a conversation.  You will also learn how to manage your own body language by improving your posture, looking other people in the eye when talking with them and moving around the space you are in to include other people in the conversation.

3. Strong Presentation Skills

A large part of building a network marketing business is to hone your presentation skills.  This requires a great deal of practice and patience.  When developing your presentation skills, it will be important to learn how to use the live or virtual space in a way that engages your audience and draws them closer to you.  With time, you will learn how to adjust to your surroundings, how to use the art of storytelling to connect with your listeners, meet and greet the audience before and after the presentation, use positive visualization, smile when appropriate and learn how to condense your content to make your information is valuable to your audience.

4. Marketing Skills

Marketing is everything you do (the activities, processes and offerings) to add value for your current and potential customers and team members.  In the early days of building your network marketing business, I strongly encourage you to spend time with someone who has been successful in the network marketing industry to find out what marketing activities really work and those which don’t.  While you may have ideas and activities of your own to implement now and then, I strongly encourage you to not reinvent the wheel.  Instead, study the masters of your industry and tailor your marketing campaigns to meet the needs of your prospects.  You will save a great deal of time, money and energy as a result by implementing steps that have already worked for the people who came before you.

5. Relationship Building

Relationship building requires a dedicated amount of time and planning to build relationships that last.  Lasting relationships are critical to your success in business, but they don’t just pop out of thin air.  It takes consistent, dedicated focus.  As time goes on, you will find that relationship building happens more quickly when you are:

  • Authentic
  • Respectful
  • Listening more than talking
  • Seek out people who share your values
  • Personal as opposed to constantly talking about business
  • Providing opportunities for people to network with each other
  • Dedicated to planning a few meaningful social outings. This could be anything from music to art to dining out together.  The goal is to keep the social event social, and do your best not to talk business
  • Willing to offer something of value to another person without expecting anything in return

6, Knowledge Acquisition and Personal and Professional Development

As personal development guru, Jim Rohn said: “Formal education will make you a living; self-education will make you a fortune”.  When you enter the world of network marketing, you will most often find a large variety and opportunities to acquire knowledge through personal and professional training.  Many studies show that at least 90% of success in network marketing comes from personal and professional growth, reading about the business, listening to podcasts and watching videos on sites such as Ted.com.  Personal and professional development and acquiring as much knowledge as possible will help you to reach your full potential while learning about how to understand and communicate with other people.  I recommend that you invest at least 2-4 hours per week in self-study and attending a full day training at least one time per month to keep you ahead of your competition.

7. Planning and Time Management Skills

When you are approximately 3-4 months into developing your network marketing business, you will begin to notice activities that are wasting your time.  Time wasters include interruptions, people who keep popping into your office or calling you over the phone, unnecessary meetings and unproductive activities.   When you operate your own business, you will learn over time how important it is to prioritize your daily activities, learn how to address interruptions and how to respond to what is truly important vs. urgent.  You can get a jumpstart on your time management process by creating a log of how you spend your time and identify your biggest time wasters and interruptions so that you can address those problem areas as quickly as possible.
As you are building your network marketing business, you will require a number of skills to both start and run a business.  The list above will develop naturally as you interact with others on a daily basis.  It is critical that you identify the skills that you need to develop or improve so that you can be successful with your business.