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Casual Articles - How to Evaluate MLM Products and Services
Left alone it doesn't take long for a building with a single broken window to rapidly become a building with many broken windows. Fixing problems when they are small will prevent them from developing into larger problems.The same is true when considering the level of employee satisfaction Dissatisfaction spreads like wildfire and in a surprisingly short period of time you’ve got morale problems of the kind that are notoriously hard to fix.Ensuring your employees are happy is mostly about being tuned into what their problems are and, importantly, dealing with them early on. Keeping the initiative is really important and the secret is that it is better to give a little and often.Thi
One of the most powerful examples of a USP is that your product is unique. In other words, Jane & John Doe can’t go down the street to their favorite store and buy what you’re selling. This is the best USP that you can hope for because you don’t have any competitors. This situation is usually short lived because there will inevitable new entrants in any successful product market.
Another USP that many of the nutritional products marketed through MLM programs rely on is that the product has unique qualit
According to the direct Sales Association approximately seven hundred and fifty thousand new people join network marketing companies every single year - that's over two thousand people every day. They join in industries as diverse as telecom, nutrition, merchant services, and legal services.And every year, there are thousands of new individuals going through the usual MLM pitfalls. Nine out of ten people fail within their first 90 days of business. They might as well make a large donation to these MLM companies - open up their entire bank account to them.They're failing not for a lack of efforts, commitment, or consistency - they're hard working people. So what's the problem? These new c
There is a short list of factors to look at before you decide to represent a product. I am going to first assume that you believe in the product and are enthusiastic about it. If you aren’t sold on the merits of the product or service, don’t go any further – you won’t be successful. Beyond that, your product or service must satisfy three requirements:
1. Sufficient demand to consume existing supply.
2. Product has a clear unique selling proposition.
3. Product or service promotes repeat purchases from existing customers (customer retention).
Demand and Supply
There must be sufficient demand for the product or service. If there aren’t enough people that need/want want you’re offering, you’re dead in the water from the start. Don’t mislead yourself by thinking that it’s strictly a numbers game and if you talk to enough people, you can find a market or that your product will appeal to everybody. The product or service needs to be attractive to a specific group or groups of people. A good rule of thumb is that if you can’t visualize your typical customer (where they live, what hobbies they have, how old they are), you probably don’t have a viable market. The Small Business Administration has some good resources for market segmentation.
Determining the demand for a product can be a little tricky. The easiest way to assess demand is to look at similar or substitute products. Success of these products demonstrates a demand. The drawback is where the market is saturated. In other words, there is too much supply and not enough customers. If you can’t count your major competitors on one hand or if one or two suppliers hold a dominant position in the market, you’re best to look elsewhere.
If you have a truly unique product or service (see unique selling proposition below), you have to take a different approach in determining demand. Instead of looking at competing or substitute products, you need to look at the dictates of demand. The dictates of demand are the unfilled needs and wants that your product or service satisfies at a reasonable price. For example, if you do research and find that a significant percentage of people would like to be an inch taller and would likely pay $100 (based on their spending habits) for a pill that would make them grow an inch, the dictates of demand suggest that you have a viable product.
Unique Selling Proposition
This is the most important factor to consider in choosing a product/company to represent. A unique selling proposition (USP) is a competitive advantage that you have in the market place – it’s why people want to do business with you.
One of the most powerful examples of a USP is that your product is unique. In other words, Jane & John Doe can’t go down the street to their favorite store and buy what you’re selling. This is the best USP that you can hope for because you don’t have any competitors. This situation is usually short lived because there will inevitable new entrants in any successful product market.
Another USP that many of the nutritional products marketed through MLM programs rely on is that the product has unique qualiti
Recruiting, retained or contingency, involves (or should, anyway) directly approaching individuals who, based on their title or position, might well have the experience to handle the job description and position for which the client is seeking someone. The individuals who are approached, of course, are usually currently employed at one of the client's competitors.If that individual is you, what would you do? What would you do when a recruiter calls and briefly outlines an opportunity with an unnamed company? Obviously if you're unhappy where you are and the opportunity sounds interesting, you're going to bite. But I'm not talking about that scenario. I'm talking about the response when you ARE
There must be sufficient demand for the product or service. If there aren’t enough people that need/want want you’re offering, you’re dead in the water from the start. Don’t mislead yourself by thinking that it’s strictly a numbers game and if you talk to enough people, you can find a market or that your product will appeal to everybody. The product or service needs to be attractive to a specific group or groups of people. A good rule of thumb is that if you can’t visualize your typical customer (where they live, what hobbies they have, how old they are), you probably don’t have a viable market. The Small Business Administration has some good resources for market segmentation.
Determining the demand for a product can be a little tricky. The easiest way to assess demand is to look at similar or substitute products. Success of these products demonstrates a demand. The drawback is where the market is saturated. In other words, there is too much supply and not enough customers. If you can’t count your major competitors on one hand or if one or two suppliers hold a dominant position in the market, you’re best to look elsewhere.
If you have a truly unique product or service (see unique selling proposition below), you have to take a different approach in determining demand. Instead of looking at competing or substitute products, you need to look at the dictates of demand. The dictates of demand are the unfilled needs and wants that your product or service satisfies at a reasonable price. For example, if you do research and find that a significant percentage of people would like to be an inch taller and would likely pay $100 (based on their spending habits) for a pill that would make them grow an inch, the dictates of demand suggest that you have a viable product.
Unique Selling Proposition
This is the most important factor to consider in choosing a product/company to represent. A unique selling proposition (USP) is a competitive advantage that you have in the market place – it’s why people want to do business with you.
One of the most powerful examples of a USP is that your product is unique. In other words, Jane & John Doe can’t go down the street to their favorite store and buy what you’re selling. This is the best USP that you can hope for because you don’t have any competitors. This situation is usually short lived because there will inevitable new entrants in any successful product market.
Another USP that many of the nutritional products marketed through MLM programs rely on is that the product has unique qualit
Visit any fundraising or charity website and there’s sure to be a host of ideas on how you can fundraise for your favourite worthy cause. There’s probably an A-Z of fundraising ideas. They list fundraising events from quiz nights, discos, fashion shows and pampering evenings to sponsored bike rides, swims, charity runs through silent auctions, masked balls and much much more.The problem is you’re almost spoilt for choice, so where do you begin? Well try approaching your fundraising from a different angle.Get your committee or group together, get a calendar and work out a programme of events for the next twelve months.You may decide to hold one large annual event, such as a scho
Determining the demand for a product can be a little tricky. The easiest way to assess demand is to look at similar or substitute products. Success of these products demonstrates a demand. The drawback is where the market is saturated. In other words, there is too much supply and not enough customers. If you can’t count your major competitors on one hand or if one or two suppliers hold a dominant position in the market, you’re best to look elsewhere.
If you have a truly unique product or service (see unique selling proposition below), you have to take a different approach in determining demand. Instead of looking at competing or substitute products, you need to look at the dictates of demand. The dictates of demand are the unfilled needs and wants that your product or service satisfies at a reasonable price. For example, if you do research and find that a significant percentage of people would like to be an inch taller and would likely pay $100 (based on their spending habits) for a pill that would make them grow an inch, the dictates of demand suggest that you have a viable product.
Unique Selling Proposition
This is the most important factor to consider in choosing a product/company to represent. A unique selling proposition (USP) is a competitive advantage that you have in the market place – it’s why people want to do business with you.
One of the most powerful examples of a USP is that your product is unique. In other words, Jane & John Doe can’t go down the street to their favorite store and buy what you’re selling. This is the best USP that you can hope for because you don’t have any competitors. This situation is usually short lived because there will inevitable new entrants in any successful product market.
Another USP that many of the nutritional products marketed through MLM programs rely on is that the product has unique qualit
A printing press is a specially designed machine used for a wide range of printing processes. Such machines consist of a press, which contains impressions of material to be reproduced and are mechanically transferred or pressed against printing paper or other materials. These printing presses could provide black and white or colored print depending on the requirement.Installation of appropriate printing press for home or commercial purpose could fulfill printing needs. Many small printing presses provide adequate services to commercial clients. These commercial clients are generally small time companies and professionals. These small printing companies provide similar services to that of a larg
Unique Selling Proposition
This is the most important factor to consider in choosing a product/company to represent. A unique selling proposition (USP) is a competitive advantage that you have in the market place – it’s why people want to do business with you.
One of the most powerful examples of a USP is that your product is unique. In other words, Jane & John Doe can’t go down the street to their favorite store and buy what you’re selling. This is the best USP that you can hope for because you don’t have any competitors. This situation is usually short lived because there will inevitable new entrants in any successful product market.
Another USP that many of the nutritional products marketed through MLM programs rely on is that the product has unique qualit
Before becoming a full time entrepreneur (or ontamanure, as my daughter calls me) I worked my share of jobs and had my share of bosses. Some of the jobs I enjoyed, some I did not. The same is true for the bosses. Some were decent folks who treated me with the same respect I gave them while others would have been better suited running a concentration camp. I shouldn’t complain, though, because it was the worst boss I ever had who ultimately motivated me to start my own business as a way of escaping the shackles of employment.In a previous column I talked about how the management style (and personality) of the person in charge plays a big part in the employee turnover rate. While some bosses
One of the most powerful examples of a USP is that your product is unique. In other words, Jane & John Doe can’t go down the street to their favorite store and buy what you’re selling. This is the best USP that you can hope for because you don’t have any competitors. This situation is usually short lived because there will inevitable new entrants in any successful product market.
Another USP that many of the nutritional products marketed through MLM programs rely on is that the product has unique qualities that set it apart from those of competitors. This requires intensive marketing because you have to convince Jane & John Doe that your product offers benefits that the product that they can buy from their favorite store doesn’t. This type of selling usually requires expert spokespeople or other well trusted authority that Jane & John Doe are likely to trust. Unless these sources are very well known and respected, you’re going to have an uphill battle.
Service can also be a USP. Some people like buying from people they know or they will buy for the convenience of having items delivered to their door. Don’t overestimate the allure that “shipped to your door” brings – there is an offsetting factor of the lead time involved. People are increasingly accustomed to instant gratification and having to wait a couple of days for a shipment can be unsettling to some.
Another USP that works for the big retailers, but doesn’t work for network marketers is low price. Regardless what someone tells you, network marketing doesn’t lend itself to the low cost strategy. You simply will not be able to reach enough people to make a decent profit.
Customer Retention
Since you don’t invest in manufacturing, huge inventories, many employees, or high distribution costs, finding and retaining customers is your biggest expense. Once you find a customer, you must be able to resell them – either more of the same product or complementary products and services. Your product or service needs to be geared to promote ongoing sales from each customer.
The only way that a business can be successful without having repeat customers is for extremely big ticket items like homes, expensive jewelry, rare antiques, etc. these are items that aren’t suited to network marketing anyway. Any other business needs repeat business from an established customer base. After all would you rather have one customer to spend $100 with you each month or have to beat the bushes to find 4 new ones every month that spend $25 each?
If the products or services that your prospective MLM or network marketing program offers don’t measure up well in these three areas, you should focus your efforts elsewhere. The best sponsor or mentor in the world won’t be able to help you succeed without a viable product.
Personal Finance MLM
Copyright© 2006 John Mielke
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