The business of network marketing or multi-level marketing (MLM) has been quite profitable for entrepreneurs and product manufacturers. Some of the world’s leading brands such as Amway and AVON have made huge profits from its MLM activities. In 2020, the global multi-level marketing industry is likely to be valued at nearly $200 billion.
Due to its strategic marketing process, every MLM company needs an effective software solution to manage the operations of its workforce, independent representatives, and customers. There are dozens of MLM software products available today, but to choose the best MLM software for your network marketing company, you need to understand your business requirements better.
Introduction to Multi-Level Marketing
Entrepreneurs new to the direct selling industry must understand “multi-level marketing” properly before selecting an MLM software. Often dubbed as referral marketing or network marketing, multilevel marketing is a business strategy that companies use to encourage their direct sales through existing distributors. With an MLM model, you recruit new distributors, pay them a percentage of their sales transactions, and boost your direct sales.
These new distributors or sales representatives can work independently and add more participants to the company’s MLM ecosystem. These new MLM participants repeat the same activities and extend the company’s marketing network further, amassing more sales and higher commission payouts.
Why Use a Multi-Level Marketing Software?
Based on their respective potential, all MLM businesses need technical support for their business operations. To achieve high profits and business efficiency, you need multi-level marketing software. MLM software enables users to operate their marketing tasks in a better way. It micro-manages several functions of the MLM company, from recruiting more members to disbursing accurate commissions to each member.
A basic MLM software helps you, onboard new members, train them, showcase your marketing strategies, manage your customers and inventory, calculate and execute commissions for each member, and streamline their sales, logistics, and distribution operations.
But, advanced MLM software can get more things down and help your network marketing business to a greater extent.
Benefits of An Advanced MLM Software
- Prospecting Tools: Automates processes to find prospects faster, reduce manual sales tasks, and use the right messaging.
- Social Media and Content Management: Optimizes promotional content for websites, search engines, and social media platforms.
- Communications and Order Management: Connects customers and sales reps in a secure and instant manner.
- Inventory and Shipping Management: Maintains the supply chain balance and caters to the demand-supply gap.
- Payment Processing: Calculates accurate commissions, integrates payment processing tools for quicker disbursement.
- Data Analysis: Generates insightful sales reports for business forecasting.
Selecting the Right Multi-Level Marketing Software for Your Company
To select the best MLM software for your network marketing company, you need to explore your needs and identify the areas of improvement. Here’s how you choose the right MLM software:
- Identifying Adoption Challenges and Business Requirements: Select software based on your needs. For e.g. if you face issues with payment processing, select MLM software with advanced transactional processing algorithms and zero-error performance. Encourage adoption of MLM tools among end-users with the help of mobile application of the MLM software.
- Categorizing the MLM Compensation Plans: From binary MLM plans to unilevel and generation MLM plans, select the types of compensation models to be supported by the software. Consider adopting an MLM software that offers complete customization through hybrid MLM plans.
- Selecting Between Cloud or On-Premise: Some organizations need SaaS-based MLM software for cloud mobility while some prefer on-premise solutions for securing their MLM data privately.
- Finalizing Technology Features: Create a list of technologies and features you need in the MLM software and select the software product offering all or maximum items from that list.
- Room for Integrations?: Choose an MLM software that has the technical capacity to integrate payment gateways, third-party tools, and other plugins.
- Ease of Use and Budget: Make sure the UI/UX is simple and easy to navigate. Go ahead with MLM software offering more features at cost-effective pricing.
- Monitoring RoI: The MLM software you adopt must prove high RoI every year. Go through the clientele success stories and case studies before investing in any MLM software. Subscribe MLM software for a year to check its RoI increment for your company.
Based on the above parameters, you will end up getting the most effecting software solution for your MLM company.
Ventaforce – Best MLM Software for Your Network Marketing Needs
Ventaforce is one such effective MLM Software that can play a key role in helping your network marketing business grow. It can solve a variety of challenges and management complexities, from complex MLM network structures to payment plans and commission processing.
The Ventaforce team creates a well-managed software-based infrastructure for your organization. From designing the MLM compensation plans and calculating the per-head incomes to directing the growth of your business in the future, our AI-driven workforce and technology stack helps you yield high returns at every step of development.
Ventaforce MLM software is the ideal success partner for your business!