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Owning an IT company with 100+ employees was a dream. With strong determination and planning, the dream has become a reality with Epixel Solutions.
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The direct selling business world is a thriving industry. Customer acquisition and retention are the key to success in an increasingly competitive market. It is vital for companies to understand their customers, identify customer needs, and use that knowledge to build trust with customers through personalization. With the rise in online shopping and increasing competition, it has become more difficult to retain customers. As a result, direct selling companies have been investing in strategies (https://www.epixelmlmsoftware.com/use-cases/customer-acquisition ) that can keep their customers coming back for more.
In today's highly competitive market, you need to take every step possible to stand out from the competition. One of the most effective ways is by unifying and segmenting customer data so that your sales team can make informed decisions about which customers they should be focusing on. Streamline your customer data acquired from various segments of channels into a single source, analyze it, generate reports and deliver insights that help your sales team handle your customers better.
As a successful network marketing organization, you want to create an emotional connection with your customers. In order to do so, it is important that they feel like they are part of the process and community. How can you do this? You need to build communities which includes hosting brand events, offers, and membership programs online or offline. Your customers will be more than happy to share their experiences on different media if they are rewarded for each new member who joins through them.
Network marketing is a successful business model that is built upon independent distributors and together with their effort, your business can reach the next levels. Many network marketing companies today are so focused on their products and services that they forget about the most important thing in their business: people. Without motivated, happy distributors, a company cannot succeed. Building a team in network marketing is difficult. There are so many different personalities and people that need to be managed. This is why investing in the process of building a team of distributors (https://www.epixelmlmsoftware.com/use-cases/team-building ) through group activities, one-on-one interactions, and training should be considered as an investment rather than an expense.
Every network marketing business is dependent on its team of distributors to stay connected with the rest of the team. Communicating seamlessly and staying engaged in productive conversations inside team channels helps an organization thrive. In a competitive environment, it's all about communication. And if you're not communicating well, then your competitors will surely outpace you. That's why it is important to have a seamless communication platform that enables team members to stay connected.
As the world becomes increasingly connected, many direct selling companies (https://en.wikipedia.org/wiki/List_of_multi-level_marketing_companies ) are turning to remote. But building a cohesive team when all of your distributors work remotely can be difficult without in-person meetings and training sessions. Fortunately, there are plenty of online tools that make it easy for you to stay engaged with your remote teams.
Productivity is a fundamental value in every network marketing (https://www.investopedia.com/terms/n/network-marketing.asp ) organization. To get the most out of your team, you need to invest time and effort into getting them productive as soon as possible. You can achieve this by using automation technology to take over routine tasks so that they have more time for their work which will also help them perform better.
The direct selling industry is a fast-paced and dynamic field, where new companies pop up every day while others are going out of business or shutting down their operations altogether.
Let’s look at the top direct selling trends that you should be on the lookout for in 2021. These are some new trends that companies should keep an eye on this year to make sure they're staying ahead of the competition.
Customer-Centric Recognition Program: The future of companies is the customer. A customer-centric company is one that understands and serves the needs of its customers. This program emphasizes the necessity of direct selling companies prioritizing customer sales experience by analyzing the customer-to-distributor ratio.
Female Entrepreneurship: Women's role in entrepreneurship has changed dramatically over the last few decades. The old idea that women can't be entrepreneurs is being turned on its head as female entrepreneurs are thriving across various industries. In the direct selling industry, 14% of CEOs, 16% of top earners, and 8% of founders are women.
Social Selling Programs: The Social Selling Programs have been the backbone of many successful B2B enterprises in recent years. This is because social media is no longer a niche market; nearly half of the world’s population uses it, and more than two-thirds use it every day. For these reasons, direct selling companies are investing heavily in their social selling programs to assist distributors with customer acquisition.
The way that direct selling businesses attract and convert leads has changed over the years. It's no longer about sending a sales team on the road to meet with prospects face-to-face. Instead, it's all about using new technology to draw in potential customers. Lead generation is the process of capturing the interest of people in a product nurturing them and converting it into a customer. Distributors also play a vital role in attracting new customers. With this approach, direct selling companies can maximize their marketing potential and enhance their business to new levels. Modern lead generation strategies are based on an understanding that leads come in many different forms with varying levels of commitment to purchase your product or service. Effective lead generation practices (https://www.epixelmlmsoftware.com/use-cases/lead-generation ) have evolved to capture all types of leads – from those who want to buy now, as well as those who are only interested in getting more information about what your product offers.
Social prospecting is a process of establishing and maintaining relationships with prospects by proactively reaching out to them across multiple channels. The power of social prospecting lies in the potential for your messages to reach millions of people who are interested in what you have to offer. It is also leveraging social media channels to connect with and engage prospects. The idea behind social prospecting is that people who have been engaged with you in one channel are more likely to engage with you on other channels as well. You are free to choose from preset templates or create your own personalized (https://en.wikipedia.org/wiki/Personalization ) content. It also allows for a personalized message, which leads to higher conversion rates and quality customers. Easy landing pages are designed to help you create a robust online presence. You can make your page stand out with a sleek and professional design, as well as an attractive layout that will keep visitors on your site. A customer relationship management(https://www.investopedia.com/terms/c/customer_relation_management.asp ) tool can be used to manage and organize customer relationships with your direct selling company. The main goal of using this tool is to improve network marketing business relationships to a great extent.
Direct Selling is a popular industry in which the distribution of products/services is done through a network of distributors. So it is a true fact that distributors are the important person in the direct selling business. Distributors can find a lot of success in this business, but they need to understand what it takes to earn an income as a distributor and also how they are going to succeed at making others successful too. As a distributor, one should always be on the lookout for potential leaders. The leadership skills of distributors can be beneficial to any network because it ensures that products are being sold and customers are satisfied. So it is essential to uplift the distributor engagement(https://www.epixelmlmsoftware.com/use-cases/distributor-engagement ) in the direct selling business.
It is a popular belief that every individual has different abilities and needs. What works for one person may not work for another, and vice versa. This mindset has led to the personalization
( https://en.wikipedia.org/wiki/Personalization ) trend in business today, where companies tailor their products or services to meet each other's specific needs. As a business owner, you have an opportunity to shape the skills of your distributors and transform them into successful businessmen. However, this is only possible if you first understand what they are good at. Once you know their strengths and weaknesses, it’s time to provide personalized training programs that will help them improve in those areas in which they lack talent or skill. An effective way to get your team on board is by providing them with a well-designed structure training program. Distributors should be evaluated on a regular basis, with assessments designed to match their personal goals and development needs. Assessments should also be tailored to specific tasks; breaking up large tasks into smaller milestones can help avoid overburdening. Recognize your distributors. Make sure they know you appreciate their hard work. Motivate them by showing them the results of their efforts and giving rewards for great performance. Display your distributor's performance, track their progress, reward their achievements with badges and gifts. By following these methods, you can take your direct selling( https://www.thebalancesmb.com/what-is-direct-selling-1794391 ) business to new heights.
Direct selling is a vast industry with a large number of distributors. One way to be successful in the direct selling business is to build a strong distributor network. A distributor is the main reason why a company grows. A good distributor network is important in the direct selling business. There are different ways to enhance your distributor engagements (https://www.epixelmlmsoftware.com/blog/top-ways-to-distributor-engagement).
Distributors are the biggest stakeholders in the product or service that you offer. They play a key role in keeping your business afloat. So it is important to take care of them while they are with you and even after they leave. Before your distributors come to a standstill, catch them before they fall. Offer them training in the areas where they need it most - and emphasize their potential for future growth. As an entrepreneur, it’s your job to help develop your distributors’ talents in the direction you feel is best. You should also make sure they have the skills and training necessary to accomplish whatever goals you set for them. Studies show that 93% of employees want easy-to-complete training; 91% want their training to be personalized and relevant.
Everyone wants to be the best, and in order to do so, they need challenges. Give them these opportunities to showcase their achievements by showing them how they rank among their peers and set themselves apart from your competitors. Gamification (https://en.wikipedia.org/wiki/Gamification) is a way to add fun to the learning process by adding competition in a non-punishing way. This helps employees learn more about their work, and also rewards them for what they know. The goal of gamification in the workplace is to motivate employees and customers to act more efficiently. As the sales of your products in the market are dependent on your distributors, it is important to keep them engaged. You have to make sure that they are doing their job well by offering them a good compensation package and other facilities like special offers etc. Trying all these ways, distributor engagements can be enhanced in your direct selling (https://www.thebalancesmb.com/what-is-direct-selling-1794391) business.
In the COVID-19 pandemic era, there was a significant global market slowdown. This is when many direct selling organizations realized that they need to change their business approach if they want to stay in business. They found out that a customer-centric approach (https://www.epixelmlmsoftware.com/blog/customer-centricity-in-direct-selling ) will put them back in business and help them recover from the economic downturn.
The Direct Selling ( https://www.thebalancesmb.com/what-is-direct-selling-1794391 ) industry has been evolving since its inception. With the new approach towards business, we take a look at how customer-centricity will be at the forefront of the business model and why it is important. Direct selling is not just about signing people up for your product or service anymore. It's also about providing them with top-notch service and ensuring that they are satisfied with their purchase from you as well as having an opportunity to promote your products.
Customers are the most important stakeholders in any business. They define the company’s future, its financial performance, and also its growth. In a competitive market environment, customer-centricity is key to success as customers want to be treated with respect and understanding while businesses need them for survival. Businesses that successfully understand their customers' needs, anticipate changes in customer behavior, and adopt new technologies have an edge over others because they deliver on what customers expect from them. It is essential for a business to have customer centricity as their organizational culture. It can help the company in different ways and should be monitored so that they can focus on their customers’ needs. If a company's products or services cost less in monetary, time, and effort from the customers, then this will attract them to your business.
Direct selling news has recently launched a customer-centric recognition program that honored companies for leading a sustainable, customer-centric approach towards the direct selling industry. The customer-centric companies were categorized into platinum and gold categories. These companies were honored by the DSN by analyzing the customer-distributor ratio.
Direct selling companies are an old, yet surprisingly new industry. The ability to serve customers without the compromises of a traditional retail store is what sets direct sellers apart from their brick and mortar counterparts. However, it is not just that basic customer service that has been expanded with new technology. Today's entrepreneurs in this space have unprecedented opportunities to provide their customers with personalized services like never before all while avoiding many of the limitations inherent in other channels.
Direct selling news, launched a customer-centric recognition program that announced some direct selling companies as winners (https://www.epixelmlmsoftware.com/blog/dsn-ccr-companies ) for their customer-centric approach and also to prioritize sales experience. The rewarded companies were categorized into two. Platinum and gold category.
These companies were classified by analyzing the customer-distributor ratio of the direct selling companies. The gold categorized companies were those having a ratio of 5:1 and platinum categorized companies were having 10:1.
Direct selling (https://www.thebalancesmb.com/what-is-direct-selling-1794391 ) companies have been under the shades of suspicion for decades now. There are many who believe that these direct selling companies are just out to take people's money, promising riches in return. Many studies show that this is not the case at all. The majority of those who do participate in direct sales find it a rewarding experience that can change their lives in more ways than one.
The companies that achieved the gold status are MONAT GLOBAL, Neora, Perfectly Posh, and Total Life Changes. These companies have 5-10 customers to one distributor. The platinum category companies are ACN, Bhip Global, It Works, Stream/Kynect, Nu Skin (https://en.wikipedia.org/wiki/Nu_Skin_Enterprises ), Le-Vel, and Scentsy are those having 10 or more customers to one or more distributors.
How confident are you with your current compensation plan?
How is it going to drive your MLM business after 10 years?
What will happen to your business with an increase in distributor growth?
