by Sharon Hiebing | May 11th, 2010
Recently I was approached by someone I know who asked me if I’d be interested in getting involved in a new network marketing company that they’d been approached about (i.e. they hadn’t joined yet). From the discussion that ensued, one of the questions I asked was “what is the comp plan?”
Well, if ever there was a deer in the headlights moment, that would be it. And I’m writing this post because I find it happens an awful lot. When I joined my printable greeting cards online mlm company, for some reason people from other mlm companies began to think that I was a prime prospect to present their golden opportunity to. That’s not the subject of this blog, as I’ve already written a post on how I feel about that matter, but from these experiences one thing stands out.
Most people have no idea what the comp plan of the for their company is! There are 3 Reasons Why I think you do need to know:
1. Knowing what your comp plan is enables you to maximize your earnings. Most plans allow you to earn money several different ways. If you don’t know what those ways are, you could be leaving money on the table. It’s smart to earn money via all the different pay out methods your company offers.
2. If you meet a prospect who is investigating several different mlm companies, and they are savvy enough to know what the comp plan for all of them are, then if they ask you about the differences between yours and the others, you better know how to have the conversation.
25% of the population is extremely detail oriented. That means 25% of all your distributor prospects will want to have a comp plan discussion. Telling them you don’t know or that doesn’t matter will not go over very well, and you will probably not sign up that person.
3. As you become a team leader in your mlm company, you will be setting an example for others on your team. If you don’t know how to explain the comp plan, guess what? Neither will they, because you’re their teacher. So making sure your entire team understands how they get paid not only will provide you with higher paychecks, but will enable your entire team to grow faster because you will all be knowledgeable.
So, do you know what a comp plan is? Next week I’ll be sharing the different types in my effort to help educate others.
