You know that I know you know about network marketing. But have you ever considered how similar building a network marketing business is to growing a bankroll playing texas holdem. As someone who played semi-pro poker for a few years, I can tell you there are more than a few similarities.
Pot/implied odds vs. probability
Many people that play poker simply look at the cards in front of them and make their decision. The next step is considering what the other players are holding.
Analysis during a hand may be often referred to as calculating “pot odds”. In actuality, it’s a little deeper. You should often consider implied odds, game speed, position, players’ mood and other factors when making your “estimated guess based on incomplete information”. I’d describe the full picture as the chance of something occurring, divided by the cost plus the potential return – multiplied by the unknown. Not exactly your Aunt Betties Sunday game.
Let’s say you’re trying to sponsor heavy hitters into your business. You may not have a great chance of landing a given prospect, and they may take a bit of legwork to get to a meeting, but the benefit of signing an a-list lead often makes the potential upside if you “do” hit, worth it.
Prospecting vs. reading tells
One of the funniest pieces of advice my upline gave me when talking to prospects was “Just shut up”. I still laugh whenever I think of him saying it. Of course, he wasn’t telling me this to be rude, but rather to be quiet and open up to what the person was telling me.
In poker, if someone looks at the flop and then looks away quickly, it’s pretty likely they connected and more likely they have top pair or better and are acting uninterested.
You were lookin’ for that third three, but you forgot that Professor Green folded on Fourth Street and now you’re representing that you have it. The DA made his two pair, but he knows they’re no good. Judge Kaplan was trying to squeeze out a diamond flush but he came up short and Mr. Eisen is futilely hoping that his queens are going to stand up. So like I said, the Dean’s bet is $20. ” -Mike McDermott in Rounders
When prospecting, if you keep your eyes and ears open and listen to what the person is telling you, they will often expose their “why”. With this information, it’s easier to highlight these concerns in your solution. This is the “edge” you hear many players talking about.
Ya gotta pay to play
The ante in poker is there to keep action flowing. Without it, there would be no incentive to play the game. When there’s something in the middle to contest, all of the sudden the game becomes interesting.
If you check/fold a few rounds, you can often recoup these blinds with a few well-timed bets by leveraging perception and image.
How many people do you need in your down line to break even? That may be a great goal if you’re just getting started.
Know when to… fold ‘em
I can think of a few times I’d rather have 27 offsuit than AJ in holdem. When you hold any combination of AK, AQ, KK, QQ, AA, JJ or AJs to name a few. Sometimes what looks like a great hand turns out to be 2nd best, and this game only pays winners!
One mark of a great poker player is knowing exactly when to release a losing hand. It’s the same with prospecting.
Avoid people who just want to bring you down, cut them out like an infection when you identify them stealing your time. Keep betting solid hands, mixing up your play and push small edges for value.
Bankroll Management
A couple questions I use to judge the commitment level of new prospects when pitching Numis Network are “What do you expect to achieve with XYZ” and “What kind of time commitment are you willing to make to achieve those goals”.
In poker, you can quantify an hourly average rate based on the limit you are playing and your skill level. Network marketing is not get rich quick. It takes dedication. Most will find it hard or impossible to build more than one business at the same time, but without a proper “bankroll” (i.e. effort) it’s unlikely you’ll see much result. In that case, you’re not running a business, your indulging in an expensive hobby.
If you don’t have a bankroll, you can’t play the game. Staying in action, or prospecting, is your game in network marketing. Usually, signing new reps and get them to buy product is ultimately how you earn you your commission.
A force in motion stays in motion
Have you ever noticed how someone who is winning in cards often keeps right on winning, while a losing player will continue losing? People are creatures of habit, and in poker, much as in MLM, this is predictable. Too many people quit both games right before they become profitable, and like riding a bike, once you cross that painful line it becomes second nature.
Risk vs. reward
Network marketing is a process, not an event. But it is a business and should be treated like one. Unless you’re a superstar marketer with a huge list, you probably aren’t going to start out signing 50 prospects a day, so make sure that you consider the time and financial investment before you enter into your business. As Mikey said, “you can’t lose what you don’t put in the middle… Then again, you can’t win very much either”
If you play tight, the antes will eat you alive
If you want to succeed in Numis or any other network marketing company, you need to get out and talk to people – about your business. You don’t want to be pushy when approaching new prospects, but eventually you need to let them know what you do. Otherwise, how do you expect to sign them?
If I make a new connection on Facebook, for example, I may exchange a few messages but I am usually going to throw something out about my primary business. Why?
You don’t want to wait to invest your whole stack until you get pocket rockets. You’ll get no action or worse, get called down with a better hand. Sometimes, when you’ve added everything up and you’re not sure what to do, you should put your chips in. You ARE here to play cards after all, right?
Dealing with bluffers
You are going to get bluffed in cards. It’s part of the game. There are other factors, but generally speaking you can’t play winning poker if you call someone down every time you suspect you have them beat.
This used to get under my skin when I first started playing, but as you get more comfortable in the game you realize that money you don’t lose spends just as good as money you earn.
When you’re following up with someone who has seen your presentation, been on a 3-way call, etc. and just won’t commit, it’s often best to just release your hand and wait for the next one. Odds are, the time and money you saved is better invested in a better prospect. Plus, they may change their mind down the line.
Trust everyone… But always cut the cards.
One great advantage of network marketing is that, while you have the same unlimited upside potential, you’re not risking your entire bankroll on every hand. You can run bad in poker for a few sessions and go broke, but if you have a bad week in network marketing you still have your down line working for you.
Anyone who’s done any project management knows the most difficult parts are the first and last 10%. But at a certain point you have to just accept what you’ve got and play a bunch of hands. The odds will even out in the long run and you’ll have finally earned your seat in the game. I look forward to anteing up with you.
