Income and Expenses with Martha BronitskySep 29, 2020
For over 25 years Martha Bronitsky has been the CEO of a legal and financial business in the bankruptcy sector. During that time she has learned just how uneducated we are about money, how to make money, how to keep track of money, and how to think about money. Now she has made it her passion to talk with network marketers about how to build their income to have independent money.
Why you need to track your income and expenses
Sometimes it can feel like the information and data that the back office of your network marketing company provides doesn’t quite make sense or it’s a little overwhelming.
Understanding which products create residual income for you and how much of that product you need to sell throughout the year will allow you to develop your own unique strategy for selling.
By creating your own spreadsheet and developing your own strategy for tracking what products and programs customers are buying, you can start marketing those products (and yourself) to your audience throughout the year with a higher success rate than if you’re constantly trying to promote new products.
If you try and market every new program and any new product, it doesn't matter what company you're in, people are going to be confused. If your customer is confused or overwhelmed, they’re more than likely not going to buy.
Personalize and customize your business to your audience
This is human business. Network marketing is very high level, human to human industry and it needs to be personal. You need to keep track of the names of your customers, the date they bought from you and your commission.
By keeping track of what your audience buys and what your audience likes, you can tailor your marketing towards what they buy, rather than every single product.
Remember: There are only two ways to make more money: sell to more people or get your current customers to buy more things.
It's much easier to get your current customers — who you've loved all over and given a lot of value to — to buy something else.
Don’t come out of the gate attempting to sell a big expensive package because your audience needs to develop a trust in you first. It almost sounds counterintuitive but the most effective way to make money in your business is by starting low and creating an upsell. You have to remember that this industry isn’t one size fits all, you need to do what is right for your customer first and foremost.
Don’t buy every program or product
If you don’t like a program or a product, simply don’t sell or launch it. If you don’t care about a program or product, why should your customer?
When you start tracking your income and expenses you’ll probably realize that you’re spending more money and giving more money back to the company than to yourself by buying every new program.
It’s important to be more strategic by holding back from buying every single program that is released. It may be hard at first to know which program to buy and which one to pass on, but that knowledge comes from understanding the products your customers are already purchasing.
Don’t use gimmicks to attract customers.
Giving away Amazon gift cards to get people to sign up is not an effective way to develop an insanely loyal customer. All you're doing is spending $100 a month while someone who doesn't do that because they’re selling authentically makes $200 more in two months than if they used the gift cards.
Do you see the disconnect? You might have a short term boost, but once those gimmicks are gone so too will your customers.
Keep track of how much you’re gifting your team. They need your knowledge, not a cute shaker cup or a T-shirt. Your customers, on the other hand, do need love and little gifting so they know you're always thinking about them.
Connect with Martha on Instagram and download her free income and expense worksheet to help you keep track of your expenses.