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This week we feature highlights from the direct sales industry news as they appeared on our newsletter throughout last year. Once again, it was most certainly an interesting year with all the positive and the negative news.
In part one of this interview, Wiedder shared what makes Sherlock Nation tick. Why he launched the company and the vision for the future. Today Michael Wiedder will reveal the trends and industries the company is pioneering and what countries are growing.
Many who ask me about Sherlock Nation, do not fully understand the business offering or products they sell. One of their primary product offerings is Travel. Sherlock Nation has created a proprietary travel app, which allows clients to find the best deal for themselves. The cool part is the app is FREE.
Preserving your reputation is important when you’re new in the MLM business, especially since this is an industry too often targeted for criticism by people ready to call “scam” at the drop of a hat. If you search almost any business name in direct selling, the Google search suggestion will often attach the word scam to most business name. The Google search suggestions are selected from a data set of commonly searched phrases. In order to sell your product you will want to make sure you have honest, and legally compliant product claims.
Anyone can say anything they want about you online. As a result, your reputation can easily be damaged by negative reviews and blog posts. The more negative reviews that are posted about your company, the more likely they are to show up near the top of a Google search. That can discourage prospects from doing business with you or becoming distributors.
Pool commissions are excellent for targeting specific behaviors. They are the most flexible of all commissions allowing a company to target any group in the organization. There are two major variations on this commission type. In the equal-shares pool, everyone who qualifies gets an equal share of the pool. In the proportional-shares pool, everyone who qualifies earns the proportion that their downline contributed to the overall value of the pool. A pool commission is a good way to keep the company’s payout from becoming too large, but still create some innovative commissionable opportunities.
Pay leg commissions are built on a simple concept. They are the primary commission in binary plans, and they are only used in binary plans. They are excellent at guaranteeing that the payout goes to the distributors who are building their organizations.
Differential commissions focus earnings based on a specific distributor behavior. Where level commissions are designed to stabilize earnings and spread the wealth, differential commissions are designed to maximize commissions to those who are performing the activity the company chooses to reward.
Each decade as technology changes, economic changes, and social stigmas change, so does the definition of success. In direct selling the antiquated idea of building businesses to purchase mansions, cars, and international vacations is no longer the sought after picture of success.
From my observation people define success in more than one way. Usually, these success metrics can be placed into the following categories: money, time, social status, and community give-back. What each person defines as success changes as what they value most in life changes. Once someone starts a family, their definition may change from money to time with the family.
I’ve worked in the MLM industry for the last 16 years and have spent a lot of time observing the habits of people who have found success in their personal businesses. Over the years, I’ve asked many of them what their ‘secrets’ to success have been, while there isn’t any one secret, and we all know it requires a lot of hard work, here are some habits that will help you get on the road to success:
Network marketing is a general term for selling products directly to consumers and receiving commissions as a result of your sales and those of your team. Teams can put in lots of effort and create a supportive environment to help each other grow their businesses. It is that simple. In recent years, I have started to wonder about the future of network marketing with the rapid change in technology and the uniqueness of the youngest generations. I must say that the future’s looking bright but different. Less door to door ladies with catalogs—no one liked doing that anyway—and more social media and live streaming to create a solid network marketing business.
There are two primary business models in direct sales: party plan and network marketing. They represent the largest share of companies in the industry. Over the years these two have evolved but even today they share some similarities and distinct differences. In the following pages I will present an overview of the differences and shared features.
First let’s discuss what is similar between the two models. Both have multi-level compensation plans. Both sell products. Both allow their representatives to recruit others to sell and recruit. Both can have international sales forces. Both use independent contractors.