2020 has been a devastating year for everyone around the world. Irrespective of whether it is an advanced nation or a developing one, every country has seen a harrowing time with innumerable deaths because of COVID-19. In addition to the countless deaths, there have been widespread job losses and salary cuts. The world economy has crashed to historic lows, Gross Domestic Product (GDP) of countries have nose-dived.
In short, 2020 has been the biggest nightmare in modern history, and people want to forget this year in an instant.
People are vigorously looking for work from home business opportunities, which are reliable and sustainable. Multi-Level Marketing (MLM) or Direct Marketing fits the bill and ticks all the right boxes because of the following reasons:
- It hardly needs capital.
- It could be done from anywhere.
- Freedom to choose your working hours.
- Freedom to pursue other interests along with MLM business.
- Possibly lead to financial freedom.
- For many, it is a source of additional revenue stream.
- It helps to build new connections, strengthens networking.
- One learns transferable skills, which could be successfully deployed in other areas of life.
But the question is, what should one look before he/she joins an MLM company?
All companies are not made equal, not all products/services are great either. Many companies do not bother to train their distributors. So, one needs to be mindful of all these aspects. There are many parameters one needs to look at carefully before joining an MLM company.
Here are some of the parameters that you should check before taking the plunge:
This may sound a cliché, but since this is so important parameter, we have to put this across at the top. You should associate yourself with a company that gives top priority to product quality. In the short run, you might find success with a company that markets average quality products, but that will be a short-lived success. If you have a long-term perspective, you should check whether the products adhere to all the quality norms and exceed customer expectations. It is always a good idea to see customer reviews about the product quality.
This will make your life easier as people will reorder the products if they meet their expectations, even if they are a little costly.
Top management’s reputation, active participation in training sessions, and the ability to inspire people are all very important aspects to check before you join an MLM company. You will find the going very tough if the top management’s vision does not match with yours. Sometimes, top management is looking for overnight success; in such a scenario, they promise many unrealistic things to the people, which never gets fructified.
You should check out the business leadership team’s profile and ensure it is clean before going ahead.
Lucrative Remuneration and Growth Path
Let’s face it that everyone joins an MLM company to make good money and secure the coveted financial freedom. So, it is obvious that the company you plan to join should have a very lucrative remuneration or MLM compensation plan. Here, you need to see whether these plans are practical and doable. Sometimes, companies propose extremely attractive commission plans, but they are unachievable. There is no point in seeing the star speaker, who happens to be among 1000s of people who failed miserably. In short, the commission plan should be simple to understand and, more importantly, easily achievable.
There is no point in making castles in the air, which never get materialized.
Exceptional Training Support
The key to success in the MLM business is exceptional training and motivation. Until and unless you receive high-quality training, you would never achieve the pinnacle of success. Here, success is directly proportional to the training received. Moreover, you should talk to people and check whether regular training sessions, both online and offline, are regularly conducted. The value of real seminars (face-to-face, physical presence) can’t be overstated.
It has been scientifically proven that people get influenced by the herd mentality; when loads of people in a hall are applauding, you also tend to become a part of that event.
Website and App
The world has changed rapidly over the past decade after the advent of high-speed internet connectivity. This has changed the way MLM businesses were done earlier. Now, no fliers or catalogs are required. Now, people browse websites and mobile apps to see products or services. New members need not fill lengthy forms, attach pictures, and courier their documents. New member onboarding happens in a matter of minutes from anywhere, anytime across the world.
You should check whether all this is available in your prospective MLM company; otherwise, you will feel frustrated later.
Social Media Presence
Virtually all the companies in today’s time have their social media strategies. Many companies have found immense success through social media channels. That is the reason why many companies have re-designated their marketing departments as the social media marketing department. Twitter, Instagram, LinkedIn, Facebook, and Pinterest are major social media platforms where companies have millions of followers. Companies release new products, and people know about these products in no time.
Social media helps create an interactive relationship with the users, and it becomes a closed community, where people interact about the things they care for. You need to see if your prospective MLM company is active on social media; its presence will help you a great deal.
MLM businesses have always attracted hordes of people from around the world. People’s approach to the business may be different, but they all have the same ulterior motive of attaining financial freedom.
To sum up, it is essential that one joins an ethical company, has honest business practices, is in sync with the regional laws, has a portfolio of top-notch products, has great training infrastructure, has a lucrative commission structure and efficient mlm software in the back-end that could easily handle all the aspects of MLM business with ease.
If you adhere to these parameters, work hard, create a strategy in unison with your upline, and most importantly, execute that strategy, you are bound to find success in the world of MLM!