Your business entrepreneurial journey can begin anytime, anywhere with technology.
Launch yourself into the e-commerce game, but a strong groundwork has to be laid in terms of overseeing production, quality control, inventory management, and more.
Affiliate marketing is a no-brainer if you are already a brand-in-itself or know how to generate traffic online. Ultimately, your income is dependent on you and you alone, as it involves less teamwork.
Becoming a freelancer is a good option. However, when you stop working, your paychecks stop coming too.
So, where’s the leverage?
Network Marketing has again become the buzzword in the pandemic. It is one of the better ways for your business to generate a passive stream of revenue.
We are sure “Amway” strikes you first when you hear the word ‘Network marketing’. How often have you heard (and used) the directive “make your customers your marketers”?
What’s New in Network Marketing 2.0?
Network Marketing has always involved developing a team of people who work together to deliver the product’s message to a wide range of potential customers, while the corporate handles everything else. The leaders of these teams are compensated for the products they sell as well as the products their team members (downline) sell.
“Just because Multi-Level Marketing businesses come pre-made with a product or service, a plan, and support, doesn’t mean it will run itself.”Fellow Marketer.
With the digital revolution in business, Network Marketing has become a better version of itself in the sense that influencers today share each other’s domain strengths, contacts, and businesses more effectively.
Digital Marketing has the potential to complement all the three objectives of Network Marketing via appropriate platforms. We find many finance industry influencers drive network marketing with evolving social media and digital modes.
And so a new marketing terminology is now synthesized which is, Digital Network Marketing or Network Marketing 2.0.
Your Success Code to Digital Network Marketing
- Create a website.
- Optimize the website with SEO.
- Target intended audience using PPC & Content marketing.
- Create ‘responsible’ awareness with Social media marketing.
- Catch up with the latest marketing trends using Video marketing.
- Depersonalise email marketing.
The rules of engagement are also changed such that:
- Facebook sometimes denies MLM or company-specific ads. It might be time to get creative with HOW responsibly you use social media to prospect and include others in your network.
News reports read that TikTok just became the first major platform to ban multilevel marketing companies recruiting on its platform.
- It might be time to refocus on the fundamentals of inviting, presenting, and training so that you set a good example for your team to follow.
Here’s an interesting read from Neil Patel’s blog on why should you de-personalize your marketing in 2021?
- It might be time to lean into your natural personality and brand, instead of trying to “become” like someone, thinking that is the key to selling (it isn’t).
Practical Table of Comparison
Alejandro Chabán or Tony Robbins, or Eric Worre, all their programs involve a direct selling component, explaining how technology can be a vehicle for positive change within the world of MLM – both for direct sellers and for business owners.
|BASIS OF COMPARISON||TRADITIONAL NETWORK MARKETING||DIGITAL NETWORK MARKETING|
|Selling Mode||MLM business models depend on shipping physical products to sellers, who then sell them to buyers.||If companies set up their sellers with their own eCommerce websites, buyers can place orders online, and this eliminates the need for sellers to store their products on-site.|
|Work Flexibility||Sellers are constrained to conducting their business around other people’s schedules.||As buying and selling are done on the internet, sellers are presented with unparalleled flexibility.|
|Market Size||Probably limited to selling in your town or around your neighbourhood.||The most obvious advantage that technology offers the world of MLM is its nearly unlimited geographical scope.|
|Training||MLM programs required their sellers to attend expensive in-person workshops – or simply dropped off a bunch of products at sellers’ homes and let them to their own devices.||MLM companies can utilize cutting-edge technology like webinars and live streams to provide sellers with free or inexpensive skill-building materials – which they can attend from the comfort of their own homes.|
The direct selling industry in the retail market is now at $108.5 billion USD in 2021 with “Wellness” being the largest product category.
Indeed, Multi-Level Marketing (MLM) has gone way beyond small-town college group parties. In the digital age, MLM presents sellers with more tools than ever to set their business on the path to success.
If you are thinking of starting a business that will rely on multi-level marketing of any kind, be sure you have a solid marketing team at the very core of your organization. Consulting a digital agency like ColorWhistle can set your MLM business on the path to the digital revolution by effective use of the website to generate traffic online & build custom marketing plans.
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