ENTREPRENEURSHIP / AUG. 16, 2014
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How to Focus on Income Producing Activities as an Entrepreneur

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Anyone involved in sales that doesn’t put a consistent daily effort into income producing activities, won’t be as successful in closing deals and making money. Richard Petrillo is an entrepreneurial consultant who provides training tips to internet marketers, entrepreneurs, sales people and network marketers. On his website WorkWithRichardP.com he shares some helpful information on how such professionals can focus on income producing activities each day to succeed in sales. This article will discuss his three tips as well as other online resources which are available.

Advice on Income Producing Activities

According to Richard Petrillo, he advises that there are several income producing steps that entrepreneurs, sales people and network marketers can work at each day. However, completing these activities doesn’t guarantee immediate outcomes. Although, if you continue to practice doing IPAs, you will begin to see results.

The following is a list of non-income producing activities that are important for learning, but focusing too much on these tasks won’t produce leads and sales. The successful marketer will find out how to mesh both types of activities into a daily balance.

  • Over-studying – If you focus too much time on learning the science and mechanics behind the products and every detail of the compensation plan, that won’t help you generate leads or make sales. It is good to know about the product you’re selling, but don’t hide behind over-studying.
  • Learning from gurus – Receiving training and assistance from the best in the business will help you become motivated to succeed and hopefully provide you with viable resources to jump out into prospecting. However, spending too much time learning and not enough time prospecting won’t get you any leads or sales.
  • Playing with social media – In this day and age having an online presence is important for any entrepreneur. However, focusing all your time and energy on building your blog or social media presence is not going to get you sales. This type of marketing will help you, but it needs to be combined with actual prospecting.

Once you realize what you should not focus all your time on, you can begin to focus your efforts on various income producing activities. Mr. Petrillo advises that there are three basic steps that the entrepreneur or network marketer can focus on 80% of the time to generate leads and sales in half the time.

1. Presentation of the Product or Opportunity

Basically speaking if you are not in front of people—whether in person, on the phone or online—sharing the product, service or opportunity, you are not doing income producing activities. In network marketing terms this is called “prospecting.” Mr. Petrillo advises that to increase your odds for success, you need to be talking to 3 – 10 people each day. Remember, for the individual in this sales career, you work on commission. No leads, means no sales and no sales, means no income. It’s a symbiotic relationship of prospecting for leads, sharing the product or opportunity and closing the deal and earning commission.

2. Networking and Relationship Building

A good network marketer knows that most likely you won’t make a sale without first building a relationship with someone. Now we’re not talking about being best friends with everyone. However, for each lead that you speak to—whether this person is your oldest friend or someone you just met—you need to think about building a relationship. John Maxwell’s well-known words apply to this situation. “People don’t care how much you know until they know how much you care.” Don’t go for a hard sell. It is more important first to get to know the prospect and find out what is important to this person. Follow some of these steps that Mr. Petrillo suggests.

  • The most important thing a network marketer must do in the beginning is to make a list of people that he or she knows. We all know more people than we think we do. Comb through your email contact list and all of your connections on LinkedInFacebook and Google+. Before you know it, you can have hundreds of leads.  
  • Once you’ve built your lead list, begin to contact people. If you’re a newbie and don’t yet feel confident speaking on the phone, send an email or begin chatting on the social media networks. Join various groups on Facebook and Google+ or forums online and begin connecting with others. The most important factor is to get out there and start building relationships.
  • Join a local professional networking group or a Meet Up group where you can connect with others in a friendly and professional setting. Networking groups are a wonderful chance to network with others, meet new people and get the word out regarding your business or opportunity.

Mr. Petrillo also advises that it is important to remember that this is the building relationships phase and not the selling anything phase. Begin forcing yourself to break free from your comfort zones and get out there and mingle with people. Mr. Petrillo also shared that it is important to “lead with solutions, not your opportunity.”

3. Intentionally Following Up

The follow up is the most important part of this entire IPA process. According to Mr. Petrillo, “The fortune is in the follow up, yet it’s the most overlooked step in the process.” In these hectic days, people need multiple contacts with a product or sales person before committing to a sale. Many sales are actually lost because follow up was either a poor attempt or no effort was made at all. Network marketers need to realize that the majority of leads won’t buy during the first contact and they need to be prepared to follow up. Nick Mann is a contributor to the BusinessBee.com and in a recent article; he shared five tips on the best ways to follow up with leads. He advised that you need to have a game plan, coupled with a sense of urgency. You must continue to build that rapport with the lead and always keep your promises. His article is helpful and well worth the read.

Focusing on income producing activities is the core of a successful networking marketing business. To become a successful entrepreneur in this business, you need to harness the majority of your focus on these IPAs, while also balancing the time you will need to be trained and continually motivated by the best in the business. Remember to focus on presenting the opportunity, building relationships and intentionally following up.

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