MLM business needs no introduction!
According to a study by ASSOCHAM, The Direct Selling Industry will touch the figure of INR 15,930 Crore in 2021, growing at a CAGR of 4.8%.
Do the figures amuse you?
Well, Multi-Level Marketing or direct selling industry in India is growing at unprecedented speed because of the conducive business environment, the extended pool of customers and sophisticated tools.
This is a broad explanation of how elements of the business environment are supporting the growth of MLM business.
To gain a precise understanding, we need to consider the micro factors that directly influence the MLM business growth.
It is an undisputed fact that the MLM industry bears enormous potential and thus attracting millions of people towards it. However, not everyone is strategic enough to achieve what one dreams for!
The reason is simple: The focus on micro factors is essential to make your business successful as well as sustainable. You can’t expect pinnacle without strengthening your foundation.
So, read below to understand how these factors affect and reinforce the bottom-line of your business.
1. Niche Marketing:
All successful MLM companies explore the niche market to serve the unmet needs of the customers. This is the first factor that will guarantee success. Selling a product that has already got hundreds of substitutes is not a wise idea. Instead, find a niche or create the need for a product through innovation. Anyway, it is essential to differentiate from the crowd to build a brand image. Either you sell a different product or sell a product differently. Then, only you can grab the attention of prospects and customers.
2. Sound marketing Strategy:
Next, a full-proof marketing plan is the need of the hour. What is visible, sells! You should devise an all-inclusive marketing mix that is capable of enhancing the visibility of your products. Utilize online platforms and other media channels to reach mass consumers. Curate relevant and thoughtful content for informed consumers. The idea is the positioning of the brand with a robust action plan.
3. Reliance on technology:
There is no harm in learning and adopting new technology. After all, we are part of a digital era! Invest in tools and technology to streamline your business. Automation is the key in MLM business. You can spare yourself from filling forms and spend time in building relations with new people and mentoring your network members. There is no such area left where technology has not overruled the traditional ways. So, whether it is finance, marketing, promotion, training, collaboration, meeting, compensation, lead generation or decision making, technology is there! All you have to do is: choose the tools that suit you the most and implement them.
4. Employ an MLM software:
An MLM software can be the most appropriate answer to all your MLM problems. Powered with advanced features and functions, an MLM software can help you in marketing management, team management, logistics management, inventory management, compensation management, sales management and many more. It is good to embrace technology in business for long-term impact.
5. A relationship orientation:
This is a significant factor that ensures your success in the MLM business. MLM is all about people. Your network members are your real assets. So choose them judiciously. Put in time for the meeting, connecting and coordinating with people. You can tap various groups on social media where you can find people who are eager to listen to your business idea. Do not convince; rather inspire people to join your MLM business.
6. Robust Training Programs:
Your valuable effort may go in vain if you fail to equip, guide, train and lead your people. Come up with various training programs to develop your new members. Take the assistance of experts in designing training modules for soft skills, negotiation skills, business ethics, selling skills, conflict resolution, technical skills, people management, and recruitment skills. Give them tools and access to the software so that they can manage their business. Remember, training is not an option!
Mentors and leaders are the pillars of any organization. They are the drivers of inspiration and performance. It is advisable to develop leaders and mentors within the business who can guide sales affiliates with their experience and expertise. If a member gets support from leaders, he is encouraged to recruit new directs.
8. Knowledge Sharing:
Finally, sharing knowledge is another prerequisite of a successful MLM business. Disseminating timely, relevant, and quality information plays a crucial role in incorrect decision making. The members feel empowered when they have data and facts sheets to support their action plans.
The mentioned above factors can have a profound impact on your business’s success if executed and implemented correctly.