Recently I listened to an audio conversation held between some very successful network and internet marketers, in which they revealed what they believed to be the 10 critical questions you should ask yourself before joining any home business opportunity.
The conversation was obviously arranged to promote a specific product, but the questions could, and should, be asked whenever anyone contemplates spending their valuable time promoting a product or service.
Here’s the advice provided by the experts.
1. Is The Product Easily Consumable, And If So, Is It Hard To Quit?
You need to ask this question because if you spend your energy recruiting people into your business, you want them to hang around and not jump from opportunity to opportunity.
If the product or service is something people use, and would use, irrespective of whether there was a business opportunity attached to it, they are more likely to remain in the business, providing YOU with a lifetime residual income.
You need to consider whether the product is easy to sell, and whether it stands up on its own.
Is it competitively priced compared to other products in the market place, and is it something everyone wants or needs?
2. Is The Opportunity Virtual?
If you have a product which is only available locally, you can’t really expand too much as your opportunity for growth is restricted.
Ideally you want something available online so it has global opportunities and opens up a huge niche market.
Informational products are great, because there is no shipping or handling, the overheads are lower, there are no breakages and the customer gets immediate gratification via instant download.
3. Does The Product Or Service Have Exceptional Value In The Market?
The internet has made it possible for people to easily shop around and they need to get as much value as possible from the start.
Also, they need to know what support they get AFTER the sale.
People want a return on their investment, especially if they can buy similar products at retail stores cheaper.
Can you easily create extra VALUE in addition to the product or service you are promoting?
4. Is There A Low Entry Fee?
Is it relatively cheap so everyone can get involved?
If your product or service is really expensive you may be limiting your market.
5. How Low Is The Barrier To Break Even?
If people can make their money back within the first six months, they are more likely to stick around.
The product or service needs to be an asset rather than a liability, which is why often it is easier to promote something in the virtual world, rather than a physical product.
Usually, there’s not a lot of difference between the wholesale cost of the product and the retail cost for a physical product, so you need to sell more to get a return on your investment.
However, in the virtual world, once the product is produced, there are no real overheads, so you only have to sell 1 or 2 to get your investment back. Everything after that is pure profit.
6. Is The Product Or Service Something YOU Can Get Excited About?
This is a gut feeling, but if you honestly believe in what you’re doing and what you’re offering can help other people, it translates externally and becomes infectious.
Ask yourself – Would you recommend it to your mother?
At the end of the day, if you are a network marketer, the same product or service will be offered by many other people, so anyone not in your immediate upline or downline is your competitor.
The same applies to internet marketers. Anyone offering the same affiliate product as you is your immediate competition.
People buy YOU, so you must truly believe in the product or service you are promoting if you want to be able to influence people to buy through your link.
7. Is The Business In A Huge Market Space?
You need to establish whether the product or service you are offering is unique, or whether is it easy to obtain elsewhere.
Do you get great service with it?
Does it have a global market place, and has it got a unique, sustainable, competitive advantage?
All of these are vital components for Warren Buffett (one of the most successful investors in history) , and they should be to YOU too.
8. Is The Product Or Service Easy To Explain, Demonstrate, or Market?
Does whatever you are marketing pass the elevator test? In other words, could you explain it from start to finish in one minute?
9 and 10. Can You Trust The Leadership And Does The Company Have A Past History Of Success . Does It Have A Future?
Who is behind the product or service? Do you trust them, and the people introducing it to you? Do they have their customers and representatives long term interests at heart?
You notice there’s no mention of any Compensation Plan in the above 10 questions. According to the experts in the audio, that’s far less important than the others.
Since all the speakers involved in the audio were incredibly successful self made marketers, and know what they’re talking about, I’m inclined to agree with them.
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