What Do the Best Network Marketing Companies Have In Common?
Top network marketing companies have several things in common. If you are actively evaluating new network marketing opportunities, you’re in the right place.
Many people do not take the time to do their due diligence when evaluating a network marketing company. Most people find their way into the network marketing industry through a trusted friend or family member who told them that their network marketing business is the greatest opportunity with the best products on the market. Those same friends and family member jumped on the MLM bandwagon because they heard about this fabulous opportunity from some other friend or family member. There are a few problems with this formula:
1. Very few of these people ever had their own business, and therefore acquired the skills to run their own business.
2. Very few of these people know how to objectively evaluate a business.
3. Once you are associated with a MLM company, it’s very difficult to jump ship to join another one. Why? Because many people approach network marketing like a religion rather than a business, requiring blind faith instead of thoughtful evaluation.
What do Top Network Marketing Companies
Have in Common?
Whether you are new to network marketing or have worked with other network marketing companies, it is worth taking the time to discover what top network marketing companies have in common.
1. Top network marketing companies take advantage of expanding markets.
You may be the largest manufacturer of vinyl records in the world, but selling vinyl records is not going to make you rich. The most impactful trend in today’s market is in products that appeal to the Golden Boomers. The term “Golden Boomers” relates to baby boomers who are reaching retirement age. Baby Boomers control over 80% of personal financial assets and are responsible for more than half of all consumer spending. Top network marketing companies know this and tap into this rapidly expanding market with products that have irresistible appeal to Golden Boomers.
2. Top network marketing companies offer products that are highly consumable
One of the greatest benefits of network marketing is the ability to earn residual profits. This means that you do the work once and reap the benefits for years to come. Non-consumable products like housewares, water filters, etc. are not consumable. Market saturation is a major issue when dealing with non-consumable products. Some products are consumable, but they take a long time to consume. Examples of these include cosmetics and essential oils. If a company’s core product offering is comprised of items that are slowly consumed, you will need more customers to make the same amount of money you would with a highly consumable product line. Highly consumable products are ones where the container / box / bottle is empty in 30 days or less. Examples of these include nutritional supplements, functional food lines, many household cleaners and personal hygiene products.
3. Top network marketing companies offer products that are differentiatable
Top network marketing companies offer products that have a high perceived value with a clear competitive advantage over other products in that category. Top network marketing companies are able to produce research, third-party endorsements and expert opinions to validate the superiority of their products.
4. Top network marketing companies are global
If a company sells its products in only one or two countries, they are prisoner to the economic conditions in those limited markets. Top network companies have a global expansion plan that includes multi-language print and visual media marketing campaigns. The very top network marketing companies (only 26 in the world) have license to sell in China.
5. Top network marketing companies offer a lucrative compensation structure
Whether unilevel, matrix or binary, there are several key elements shared by the best compensation structures:
- The best network marketing companies are easy to enter. They have moderately priced sales kits.
- The best network marketing plans award those who personally sponsor new distributors.
- The best network marketing plans reward those who recruit at multiple levels.
- The best network marketing plans do not have group volume requirements.
- The best network marketing plans do not have large monthly volume purchase requirements.
- The best network marketing companies have lucrative bonus structures in addition to standard commissions for those who create the most income.
- The best network marketing companies have non-monetary rewards (i.e. trips & cars) for contests and additional bonuses.
6. Top network marketing companies have an executive management team with a proven track record
As in any corporation, the success or failure of a network marketing venture depends largely on who is running the company. Chosing a management team that has had extensive experience in this industry is critical to the long term health and success of the business.
7. Top network marketing opportunities are in an early growth phase
Opportunity goes to those who act rather than to those who hesitate. There are many success stories at all phases of a network marketing company’s development. But similar to a stock IPO (initial public offering) many of the mega-businesses are the ones that capitalized on the excitement and momentum of new opportunity.
8. Top network marketing opportunities attract mavens
What are mavens? In marketing, the term “maven” refers to an opinion-leader. A maven is a trusted expert in a particular field. People like Tim Sales, Dr. Ray Strand, Donald Trump, Robert Kiyosaki, and Robert Allen are highly respected in network marketing circles and in the financial community at large. Mavens are typically very financial successful because they are adept at spotting trends before they go mainstream. By looking to the mavens and moving when they move, you are putting yourself in the position to capitalize on the up-swing of a trend.
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