Posted by Marian Vasilescu on June 1, 2019 in Marketing
What is multi level marketing ? Network marketing, also known as multi-level marketing, is a business model which involves a pyramid structured network of people who sell a company’s products. The participants in this network are usually remunerated on a commission basis. That is, people in this network get commission every time they perform the specified task, like Make a sale of a product.Their recruits make a sale of the product. In simple words, this model involves a pyramid structure of non-salaried participants who get paid whenever they or a person below them in the pyramid makes a sale. In this system, consumers are the participants. Their family and friends are their customers, and this cycle goes on.
MLM Terms: Downline: Your downline contains the recruits brought in below you. This can include members you’ve recruited as well as those your recruits have brought into the business.
Too many people get caught up in the hype of potential big income from MLM, that they don’t pay enough attention to what the company is asking you to sell. You can’t sell something or share your business if you don’t genuinely have pride in what you are representing. Do your MLM research and partner with a company that has a product you can get excited about. Don’t forget to look into the company’s compensation plan before you join and make sure it is favorable to you.
Because of its relational aspect, the products usually involved, and the gender of the consultants themselves, women are the predominant target for MLM strategies. However, the gender proportion shifts significantly in the case of financial and/or insurance companies. When it’s time to develop a financial portfolio or consider a term life-insurance policy, it’s usually a joint decision made by husband and wife, or by the head of the household regardless of gender.
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How Does the Binary Plan Work? The way the binary plan works is very simple. The profit margin here depends solely on your downline being active. Most companies that operate with the binary plan give compensation based on the weaker leg. That is to say, the binary bonus is paid based on the sales of the left team if it has fewer business sales than the right team.