What is Network Marketing?
Network marketing, also commonly referred to as direct sales, word of mouth marketing, or affiliate marketing, is simply a distribution model. It is one of several ways a company can choose to get their products or services from the manufacturer to the customer. The Network Marketing model has a hugely positive impact on society because of its unique features. Instead of paying large distribution companies to truck their products around the country and then paying large corporations to set their products on their shelves, companies who choose network marketing empower individuals (that’s you and me) to create a stream of income by simply sharing the products with others. And the beauty is that it is up to the individual what they do with the opportunity—they can choose to do it on the side for a little extra money, put in a little more effort and earn enough for travel, investments or whatever they choose, or put more effort and create a substantial stream of income.
At Thrive Team, we love Network Marketing because it allows an easy entry into embracing today’s financial strategies and creating a life you love. You get to choose what level of income you generate—and what you do with that income. It allows you to be in business for yourself with a low barrier to entry and in a manner that anyone can learn and achieve success. It provides powerful tax saving advantages. It also empowers you to create leverage, recurring income, and multiple streams of income.
But in the Network Marketing Industry, not all companies are created equal. When choosing a network marketing opportunity, it’s important to consider the industry, the company, the products, and the team you’ll be working with.
The Right Industry
There a variety of industries represented in the network marketing industry—from wellness, to travel, home décor, technology, and many more. When it comes to selecting the right industry, you want to choose one that is relevant, life-impacting, and growing.
At Thrive Team we like the wellness industry because it fits well with our vision of empowering people to live the fullness of life—and we know it’s true that you can’t live your best potential if your health is compromised. This also happens to be an industry that is vastly needed in the world today and is growing rapidly as more and more people learn the difference between wellness (proactive health protection) and health care (disease and illness management).
The Right Company
There are thousands of companies in the network marketing industry, so it’s important to first look at the leadership of the company. Who founded the company and WHY was the company founded? Who is currently leading the company? Is the company well-established? (Most companies fail in the first 5 years). How solid is the company financially?
In Network Marketing, you get to be the ‘marketing’ arm for the company, so it was important to us to find a company that was created by a product expert with integrity and principle and with a solid vision for impacting lives. We also chose to look for publicly traded, long-term debt free companies. This can give insight into the ‘health’ of the company—and if it is likely to be around 5 years from now.
The Right Products
Choosing the right product is very important. There are many different types of products out there and many companies making all sorts of claims about their products. That’s why it’s important to look at the product as a part of the whole package. Is there a current demand for the product? (cassette tapes had high demand at one time, but no one buys them anymore.) Who makes the product? Is it hype-driven or gimmicky? (Avoid these at all costs!) Does the product have a track-record you can put your integrity on? Is it a consumable product (will your customer need to re-buy in the short-term)? Is it a product that positively impacts lives?
The Right Pay Plan
There are also a lot of pay plans in the industry. Some make it easier to earn money while others make it more complicated. When we were evaluating companies, we found some research that showed that the average person can successfully refer 2-3 people to a product & opportunity in the short term (short term was defined as 3-4 months), so we looked for a pay plan that would empower people to begin earning residually (not just retail) by referring 2 people to the product or opportunity and building from there.
The Right Team
Ultimately it’s up to you to create what you want in life—and in network marketing, but as we talk about in the power of community, it’s easier to move forward and create greatness when you’ve surrounded yourself with others who are moving forward and creating greatness. Look for a team that has regular events, an easily duplicated system, and people who are committed to the journey with you.
If you’re serious about taking a more proactive role in your financial life, Network Marketing can play an integral role in moving you forward on this journey. We have built a serious income through Network Marketing that has allowed us the freedom to invest, launch other businesses and live a life we love. If you are serious, let us know and let’s talk more about potentially partnering together.