7 key things to consider when deciding which network marketing to choose.
There are many very good network marketing companies out there, and many of them offer terrific opportunities for regular folk to make a decent, if not considerable income, even in these tough economic times. But not all network marketing companies offer the same opportunities. How do you choose which is best for you? Here are a few key points to take into account when making your decision.
- MARKET NICHE Look for a product that people actually need or are looking for, bearing in mind the economic climate and the demographics. For example the aging ‘baby boomers’ (who control a huge percentage of the finances) want to stay young and healthy, and the health and anti aging market is predicted to stay strong; they might also want to write their wills, or have specialist estate handling or legal advice etc.
- QUALITY PRODUCT Choose a company with a high quality product. You need to be using the product yourself, and be able to extol its virtues from your own personal experience as well as being able to promote it to others in ways you know are going to really be in their best interests. Network marketing is also known as relationship marketing, and you need to be able to build strong, healthy relationships with your clients and team based on your own belief in the product itself. This way you will build a team who also feel strongly about the product and will be able to replicate your enthusiasm in building their own teams.
- IS THE PRODUCT UNIQUE AND PATENTED? Ideally you want a product that can’t be obtained anywhere else and one that there is a genuine need for. You also want to look for a product that people will want to buy over and over again. This way you can build up a healthy residual income from repeat orders.
- FREEDOM TO WORK YOUR BUSINESS Look for a company where you don’t need to carry stock yourself, but where the company handle all the orders and distribution, leaving you free to sell, promote and build your business
- PERSONAL, TEAM AND BUSINESS SUPPORT. It is particularly important if you’re completely new to network marketing to have someone with some entrepreneurial cells to introduce you to the company and help you build your own team. It’s hard work starting your own business, but it can be made so much easier if you join a team that is already thriving and has systems and training in place to get you moving straight away. The benefit of network marketing is that you don’t have to reinvent the wheel in setting yourself up. You use systems that are already in place. By joining with an experienced team and upline, you can reap the benefits of their backup to get you started fast.
- CHECK OUT THE COMPENSATION PLAN. Is it fair? Does it encourage new starters or is it more geared to the bigger builders, or even better does it do both? Does it pay weekly?
- ASK QUESTIONS ABOUT THE COMPANY. Look at its training systems, meeting programme, website and company support for example. Is it investing in its people? Does it listen to feedback? Is there quality control in place for the product? Some people suggest looking for a company that has been trading for at least 5 years. The disadvantage with this is the company may have already expanded into global markets by then and the chance to grow your own business along with the company is lost. If you join a company just as it begins to go global you have a much greater chance of having a business that grows exponentially with the company. The really big opportunities are there at the beginning. For this reason don’t dismiss a new company, but do research into its credentials such as cash flow to sustain growth, the quality of management team, and adherence to international trading laws, particularly if it’s less than two years old.