The rise of multi-level marketing is a trend in itself. This strategy, which has actually been around since the 1920s, compensates a sales person for their own sales as well as a percentage of the sales made by anyone they recruit.
This distributor social network technique has been employed for decades by industry giants Avon, Herbalife and Pampered Chef, but it is rapidly catching on as a viable business model and an ingenious way for ambassadors to raise awareness about a brand.
Use these five trends in multi-level marketing to help guide you in building a network marketing empire.
1. Hosting Online Social Parties
Recruiting willing hosts for sales parties has gotten much easier thanks to online social media platforms. Everything from nail polish to weight loss wraps to jewelry are being sold on Facebook in private parties, enabling hosts to invite friends who live far outside their immediate circles. The virtual party, which is often heavily promoted ahead of time, can be open for a couple of hours or at a special time over a series of days, giving guests the flexibility to join in when they have the time. During these limited-time direct sales events, guests log on to the party page to ask questions, place their orders, play games and win special prizes.
2. Fast Turn Around Payouts
With electronic banking now the norm in our culture, quick commission payouts are becoming expected by direct sellers. Instead of waiting up to six weeks to release earnings via paper checks, direct selling companies are now using e-Wallet apps and debit cards to reward their sales force within days. This expansion into virtual banking is also opening up doors for implementing payment programs that allow customers to place orders in-person or online. Professional payment providers are becoming an important player in multi-level marketing since these companies can ensure regulatory compliance and deliver reliable, convenient payment options.
3. A Shift Toward Premium Lifestyle Products
Home goods, from cookware to storage products to décor, have been the foundation of network marketing. As more businesses explore this successful marketing model, a trend toward selling premium lifestyle products is emerging. There are hundreds of parties being hosted in homes across America peddling glamorous spa products, chic nail wraps, fine jewelry and couture fashion. In this expanding market, groups of friends are also gathering to sample bottles of wine, try out new scrapbooking supplies, share children’s toys and learn about organic gardening supplies.
4. A Period of Transformation and Innovation
Direct Selling News reports that the industry is undergoing a transformation as innovation drives growth. Regulatory scrutiny has also intensified, which is likely going to shape how companies can — and should — promote their business model and product claims. Sincere marketing campaigns will have the most success in establishing a company’s credibility with consumers and independent contractors.
5. Network Marketing Expands its Employee Base
Network marketing has traditionally provided a part-time income for stay-at-home moms. While supplemental income is still the goal for the vast majority of direct sellers, recent economic trends have made multi-level marketing an enticing career path. A degree in marketing helps students hone communication, networking and presentation skills. It also prepares entrepreneurs for creating targeted multi-level marketing campaigns and developing products at the corporate level.
Becoming successful at network marketing requires a dynamic personality, a trustworthy nature, an ability to solve problems and a willingness to connect with others. As you employ these five multi-level marketing strategies in 2016, focus on improving these character traits as well as to help you stand out from the competition.
Article Source: Master’s in Marketing