If you’re just getting started in the network marketing industry, you may be hearing a lot of terms and acronyms that you are unfamiliar with. Each industry has its own jargon that takes a while to learn.
Here are some of the common terms that are thrown around by seasoned professionals in the industry:
- MLM – Multi-Level Marketing can be used interchangeably with network marketing, direct selling, referral marketing
- Warm Market – These are people that you already know, including your family, friends, and those that you have business relationships with.
- Cold Market – These are people that you do not know.
- GAP – Grab A Pen, This is a common acronym used in phone prospecting. When a prospect does not sound like a good fit for your business, you tell them to grab a pen and write down a website or phone number where they can learn more information, leaving the ball in their court to take the next action.
- N.F.L. – No Friends Left. Some network marketers continually hound their family and friends to join their opportunity, leaving them with no friends left. You want to share your opportunity with friends and family, but do so in a manner that is respectful of them. If they have no interest in learning more information about the company, then let it drop.
- 3-Foot Rule – Start a conversation with anybody within 3 feet of you. If the conversation allows, share some brief information about your opportunity and possibly trade contact information for future follow-up.
These are six of the most commonly used terms in network marketing. Do you have any terms you would like to add to this list? If so, post them in the comment box below.
Photo Credit: herreid - BigStockPhoto
