Over the last couple of years, we have seen the number of Network Marketing companies grow exponentially & we see a lot of new names popping up every other day. In the past, references & personal contacts were used to sign people up in the network marketing business, personal credibility or trust was the main deciding criteria. But it didn’t end well for many.
Today, with an increase in the usage of Digital mediums & availability of information on the internet there is more awareness amongst the audience. But for many who are not well versed with the Network Marketing business, doing the research from scratch can be overwhelming.
So how does one decide which is the right company? The answer is quite simple, do your research well & ensure you have detailed information on the following:
Research about the company & have a detailed run through their history, products, leadership, teams, news & media, and how they are different from the other players in the market. Check all the information available on the internet, their website, and any other mediums possible.
A very old company might seem lucrative and less risky but wouldn’t be the right choice as you would have missed the bus already. Whereas joining a company that is fairly new might not be sustainable and the risk worth taking. Choose a company that has a balanced tenure in the business and is in the growth stage. Check for the patents or trademarks filed by the company or patents pending list. Check for any lawsuits or outstanding complaints against it.
A listed entity/company is always better. Publicly traded companies are required to disclose their financial condition in great detail every 90 days to the U.S. Securities & Exchange Commission (SEC) & other governmental agencies.
Leader don’t create followers, they create more leaders. Check about the person & the management leading the company, research about their journey, check their videos, blogs, podcasts, press mentions, etc. Check for the long term vision and where they want to take the company in the next few years & what they intend to do during the journey. Also, check for the business goals, projections, and the social difference the company is making in the community.
Check the base of their products & examine if the products are relevant to the current & future needs of a larger audience e.g. age, gender & geography. Check where the products or services stand on the social good criteria (are the products making the lives of people better?). Check if the product ticks the recurring sales cycle – monthly subscriptions. What is so different & unique about the products and why will someone choose it over other products in the market. Does the company have patents on the products? Does the company focus heavily on Research & Development?
It is very important that the company you choose has its products patented or it is possible in a few years a new player with the same products at a cheaper rate will take away the market. The most crucial parameter is to see how focused the company is on its Research & Development, this shows the potential in their existing & future products.
The Compensation plan should be simple & easy to understand. In simple terms, understand how much would you need to invest upfront and on a monthly basis; what are the criteria/qualifiers to start getting paid. The lesser the requirements the better. Check for the payment structure and whether the payments are monthly, weekly, or daily. This will help you understand and structure your finances well. Check their average level-wise pay and most importantly check the top earner’s growth story, the more number of the first time (Network Marketers) in the list of top earners the better.
This is the most important of all, ensure the company you choose has the right infrastructure in terms of their website, online ordering system, branding, communications, artworks, digital media, social media, public relations & customer relations. Does the company provide a solid system for tracking & analyzing your performance & pay potential? Does it provide training & development tools? Does it provide support with setting up your own Digital Infrastructure?
Last but the most important of all, check how open and inclusive is the company’s culture. Check if the people in the company really believe in the Vision, Mission & Values. Is it easy to reach someone at the top of the chain or connect with the management? Does the company focus on Learning and Development to ensure the success of their new associates? Check if the company has a structured Onboarding Program (how the new associates are onboarded, supported, developed, and groomed during their first 90 days). Check if they have Focused Development Programs (for high performers and potentials) & Performance Improvement Plans (for non-performers). How does the company communicate, engage and reward their associates? In the end, it is all about having fun in what you do and with the people you do it.
Getting into a business is like getting married, you need to know everything about the other person and about yourself & how the relationship will complement each other. We hope the above information helps you in your research to find the right Network Marketing company.
PS: To know how to build a successful Network Marketing business, join our Facebook Group or schedule a call with our Masters (Jill & Gabe) by writing to us on [email protected]