If done with a genuine intention, the network marketing business is no different from any legitimate business on earth! It is one of the fascinating companies as it has a human touch involved. People help each other to grow, which is beautiful! But the problem is that far too many people have entered this business with a narrow vision of making quick bucks unethically. Because of this, even legitimate companies are seen from the prism of skepticism.
Just like any other business, the network marketing business has its challenges. Let’s see them one by one.
Challenge #1: Businesses fail to assess the competition correctly
We learn a lot just by studying, observing, and analyzing. Just like any other business, the first thing should be the analysis. Most companies fail to recognize the competition correctly. One needs to genuinely assess the competition products, their marketing plans, and their compensation plans before launching their own company.
To overcome this challenge, one needs to conduct a thorough study of the demand-supply gap in local markets, competitors’ available products, quality, and pricing. It does not involve any rocket science. To overcome this challenge, just beat the competitor by introducing a better-quality product at a competitive price.
Challenge #2: Companies fail to excite people with their offerings
Most network marketing companies believe that it is safe to launch a new company that deals with health and fitness products without diligent research. People might not find the product attractive enough if they are just one of the regular fitness or nutrition products already available.
If you could provide an innovative solution to the problem faced by the people, there is no reason that you will not find success. For example, Coronil (an ayurvedic formulation by Patanjali Ayurved) has been positioned as an immunity booster against COVID19. It is selling like hot cakes across the nation.
Tip: hire a consulting company that will help you create winning products. Low-quality, low demand products will not help your business in any way.
Challenge #3: Companies fail to excite the marketers
Plans do not take off in the absence of great marketing plans. Many companies fail to choose the right marketing plan that syncs with their business idea and requirements. In the absence of an exciting plan, companies fail to onboard the best marketers.
The best way to overcome this challenge is to onboard a few top marketers, either in senior management or as consultants, and then create the customize compensation plan. This way, you will create a winning marketing plan that will attract loads of talented marketers.
If you could overcome this challenge, it is challenging for you to fail.
Challenge #4: Companies fail to leverage the power of Social Media
Social media is arguably one of the most powerful mediums that can significantly help businesses rapidly reach new heights. Not only is it effective and targeted, but it is very economical too. Most network marketing businesses fail to leverage the reach of social media correctly.
For example. Many group owners have 50000+ followers on Instagram. These people do not charge much to post a shout-out to their followers. Generally, they charge anywhere between $20 to $50 per shout-out, which is a peanut. Social media is the most powerful way to gain new members and also engage with the existing ones. But it remains an underutilized channel.
Tip: hire a professional social media professional/company to build and manage your social media accounts.
Challenge #5: Poor IT and software
People do everything – hire the best research companies, create attractive business plans, and hire marketing, media, and PR agencies. But they try to save a few bucks by compromising on IT i.e Network Marketing Software. IT includes software that is capable of handling entire backend operations effortlessly. Companies who work saving money on multi level marketing software always land on the losing side simply because network marketing business entirely depends on the efficiency in handling complex pay-out calculations, managing inventory, ease of adding new members quickly, ability to post new products easily, ability to work in multiple foreign languages and currencies.
Well, You can take the above pointers as the blueprint or steps. Nothing can stop you from success if you follow these diligently. MLM business is a beautiful one where you will meet new people every day, travel to new cities and countries (if you do things correctly).
All you need is self-belief, confidence, and drive to reach high and achieve the dreams you saw years ago. It is your time, go, and realize your dreams by taking action now!