hoosing the right network company Law of the foolish fellowship The law of the foolish fellowship teaches us that we should not join a bandwagon just because everybody was doing it. We must have a mind of our and not be easily influenced with hype. We must set criteria before we choose from among various alternatives the things we do or intend to do. Criteria for choosing your network company 1. Quality of Product value 2. Quality of the company 3. Quality of compensation plan We also said that income could only be derived from product sales and not by mere recruiting. Product sales can be continuously assured when the product values is attractive to the target market and continuously updated. Regardless of whether the network marketing company is pushing consumables, durable goods or services, the emphasis is first and foremost the attractiveness of the product value. While consumables products have the built in advantage in repeat purchase volume, it is a valid advantage only if the fall out rate among its distributor is manageable. Income from product sales can only be assured when the company will continuously exist. In fact most network marketing company failures occur during the first two years of their existence . income will be attained significally when it has a compensational plan that can pay reasonably and competitively versus what is available in the industry Specific Guidelines on Which Network Marketing Company to Join Product- Personal fit A potential network marketer with high sales skills or those wanting a high income goal immediate may be more comfortable in dealing with high priced products on the other hand those used to catalog selling may be more comfortable with lower priced products like personal care items. Company Background Who are the owners and top management of the company? What financial resources do they have? What are their track records? Are they leaders or followers in the field? Distributor- friendly It doesn’t mean that the company practically gives everything but it means that the company gives equal opportunity to everyone. Credibility An examination of a company compensation plan would reveal how it plans to grow its business Proven compensational plan Never look for a promise; look for a plan that has already been tested to be easily duplicable. Before even looking at the compensation plan, examine the attractiveness of the product value. 3P’s of Network Marketing To win the market place a firm must have a clear vision and a deliberate and calculated action plan to attain its vision. The corporate action plan is popularly known as the 4p’s of marketing mix which is composed of product, place , price and promotion since network marketing firms sell product through people we shall revise the 4p’s through 3p’s. this involves Product value, Program and People. Program Support level Product value Product quality + price People Need and wants satisfaction level Product Value involves product quality in relation to price. The right product value means the following 1. The product has appeal to its target market 2. The product has unique features that are credible 3. The price must be in accordance to what the consumer believes in fair value to pay When the product value is formulated a good program would have difficulty supporting and sustaining the distorted product value. A good program on the other hand answers the following questions: 1. How will awareness of the product and the company be generated 2. How are products going to be made readily available nation wide 3. How do we make as many target prospects try our products or sign up as distributor. 4. How can we ensure continuous repurchase of our product? 3:26pm Rosemarie Taloza Daluddung Sinamag Checklist on determining product value 1. Does it provide a basic need that can increase sales closing probability? 2. Can the product improve the self image of the buyers for faster referrals 3. Can the quality level give confidence to the field force 4. Does it have a broad appeal that can attract and hold part time sellers? 5. Does it have unique benefits that can act as barrier to competition? 6. Can the product solve problems of the consumer better faster or in a more cost efficient manner? 7. Is there any basic or special warranty on the product that can reassure buyers? 8. Can the demand trend support long term company and distributor’s effort? 9. Is the timing right? 10. Are there any awards or independent tests or certification that can support quality claim? 11. Is the product always updated to have a new fresh look? 12. Is the price perceived to be reasonable to ensure uninterrupted repurchase? Program support program which removes barrier to continuous growth must be easy to understand to be appreciated and effective. They are clustered according to training and management support. Company provides training programs to its sales leaders and distributors Checklist on determining effectiveness of the program Training 1. What entry level training is required for each distributor? 2. When a distributor is promoted to his rank are there relevant tarinings to help him expand the business. 3. When a distributor cannot personally attend the basic seminar, are there video , audio, manual or website programs to help him understand the business and build his business faster? 4. Is there advanced level training for sales leaders beyond product 5. What maintenance training is there to ensure sales leaders and distributor have updated knowledge to run their business? 6. Is there any special training for specific needs like corporate selling, exhibit selling, organizing network meetings?
Posted on: Sun, 30 Jun 2013 07:32:20 +0000
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