Technology has transformed various aspects of the multi-level marketing (MLM) business. Internet access, connected devices, smartphones, direct selling software, and process automation tools are now an integral part of MLM business operations.
The next frontier in technology, that is bound to change how MLM or network marketing works, is certainly going to be Artificial Intelligence (AI). In 2019 and subsequently, AI and machine learning (ML) are going to bring about some major changes in the direct selling operations.
Some of the best direct selling software available today are already equipped with some AI tools. Going forward, an MLM software company will be developing its software suites and tools by leveraging the power of AI and ML.
How is Artificial Intelligence used in Network Marketing?
AI is an unlimited technology that enables computers and machines to operate and function intelligently. Computing devices powered with AI tools become “human-like” smart. Inferences provided by AI systems improve the decision-making of users. This simulated intelligence allows them to execute heavy computation tasks with ease.
The application of Artificial Intelligence in network marketing is not completely mapped. Any MLM software development company is looking at multiple avenues where AI can be used.
Here are some of the recent working applications of AI in network marketing:
- Predictive analytics: By extracting valuable information from MLM data sets, future trends can be predicted. This process, called predictive analytics, was traditionally executed ex post facto. After using AI tools such as H20, Q Research, or Oracle DataScience, the information can be modeled reliably. Decisions made on those models can improve direct selling customer experience to a great extent.
- Product recommendations: In network marketing, recommending products to new customers is a necessary yet tedious task. AI simplifies it by clustering customer behaviors. MLM companies have built AI tools that provide personalized and highly-relevant product recommendations to customers. The likes and dislikes of customers are actively monitored, and this information allows MLM professionals to suggest products as tailor-made solutions to their respective customers.
- Sentiment analysis: Promoting products and brands on social media is an important task in the MLM business. Companies run targeted campaigns to increase their presence on Facebook, Twitter, Pinterest, and YouTube. With the help of AI, these campaigns can execute sentiment analysis. Inferences from this analysis allow MLM professionals to create effective social conversations with customers and promote products accordingly.
- Data filtering: Direct selling operations are often executed with account-based marketing. Customer targeting, product personalization, and buyer pattern analysis are the key operations of MLM professionals. AI filters data to sort out customers based on the likelihood of them making purchases. The level of data assortment fulfilled by AI tools is fine-grained and accurate, highlighting the customer accounts that are likely to make repurchases more often.
- Product categorization: An efficient tagging of products into their respective categories allows MLM professionals to avoid promoting the same set of products. The AI-enabled product categorizations allow members of a network marketing business to promote each and every product from their catalog.
- Conversational AI: Chatbots are a growing trend in direct selling enterprises. By using Facebook Messenger or other communication apps, the conversation AI tools (chatbots) can respond to natural language queries of customers. These chatbots can also be used in the internal communication operations for MLM networks.
Apart from these, the use of AI is also going to influence the sales forecasting, customer targeting, and advertising operations for MLM businesses. In the next few years, a majority of MLM software are expected to adopt AI for delivering advanced features.
Ventaforce – the AI-powered Best Direct Selling Software
AI is a huge asset to direct selling businesses. It can analyze customer data, deliver smart customer service through automation, and also predict the re-stocking volume for product inventories.
Key features of Ventaforce are developed on AI algorithms. They help in simplifying product categorization, lowering the risk of downtimes or failures, and increasing the savings from operations.
Ventaforce employs AI and ML technologies to automate compensation calculations, order placements, and online shopping experiences. Time-consuming tasks and higher-value workload are executed and processed respectively with greater efficiency. The software allows MLM professionals to gain insights from sales data and customer buying patterns, and transform their decision making towards improved marketing outcomes. The AI capabilities of Ventaforce can essentially keep MLM companies a step ahead on the business front of direct selling.