What do you know about Network Marketing? Here are a few must know basics of the Network Marketing Business.
- It doesn’t matter if you are a party planner or a network or multi-level marketer, you are in the business of direct selling. Direct selling describes the sale of good and services direct to the customer instead of from a fixed retail location.
- The Global direct selling market exceeds $167 billion in sales per year.
- The United States in the largest at over 32 billion in sales per year.
Today just about every service or product you could imagine is available thru direct selling and party plan companies. Home products, such as cleaning, home decor, cookware, food etc account for the largest share at 33.5%. Second largest at 28.2% is personal products such as jewelry, skin care and cosmetics. Coming in at Third largest at 15.5% we have services such as travel and financial. Right behind services is wellness products at 15.4% the wellness catagories such as nutritional supplements, beverages, and weight loss products. Leisure and Educational products contribute 7.4%.
Women represent 4 out of every 5 direct sellers. One of mine and John’s favorite statistics…married couples make up about 10% of businesses that are ran as partnerships. Direct Sellers are classified as independent, self-employed operators for business and tax purposes. They can go by many titles, such as, stylist, distributors, consultants, representatives, etc.
Our income comes from commissions, bonuses, and overrides on personal and group sales. The higher your sales, the higher your team sales, typically the higher the percentage you earn off of those sales.
How can network marketing corporations afford to redistribute at least half of their revenue while maintaining the quality and integrity of their products? That is easy traditional companies rely on celebrity endorsements, media advertising to promote their products or services. Network Marketing Corporations pay us the stylist advertising fees to share their products with others.
One of the benefits of being a network marketer is unlike retailers who must buy and store products to sale, we carry very little to no inventory. Many companies, like mine ( Plunder Design ) ship directly to your customers, this frees us up to do the activities that produce more income like parties, recruit new stylist, train downlines etc.
The more you know about your products and your business opportunity, the better prepared you will be to share them with others. Your company should have an abundance of information on your products and opportunity. Your upline or sponsor that is, the person that recruited you also may be a source of rich hands on knowledge.
When you are knowledgeable about your companies product and opportunity your confidence will shine thru and you will be able to connect with more prospects.
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