Gary Vaynerchuk, a bestselling author, quotes, “The skill sets it takes to be a successful entrepreneur, a successful marketer, or a relevant celebrity is a different skill set than you needed ten years ago, even though that was the skill set that mattered for decades.” In this age of rapid digitization, network marketers are required to keep up with technology, more so, social media. Building the right relationships or networking is critical as the connections created largely determine the opportunities available. Jennifer Turnage and Megan Sumrell, authors of Honey, You Got This! Technology Made Easy for Network Marketers make known the trending concept of network marketing and how working smarter and not harder is made possible with technology.
How has the outburst of digital technology altered marketing?
Marketers now have the ability to deliver personalized advertising to incredibly targeted audiences over an ever-present distribution network, the mobile phone. They now have access to nearly real-time information about the actions and engagement of their target audience and can continuously modify their message and audience parameters. Developments in technology have also created exponential growth in the number of advertising platforms and customer acquisition channels. This new digital marketing world places new data requirements on an organization and has created a new generation of data-driven marketers with analytical skills. It demands fast reaction and response times from creative teams. Organizations and individual digital marketers have become increasingly specialized in specific online customer acquisition channels. For entrepreneurs, this environment may lead to feelings of overwhelm, FOMO (fear of missing out), and distraction.
The concept of network marketing and its scope...
Network marketing is also known as direct sales, and represents independent distributors who sell products on behalf of a brand in return for a sales commission. Network marketers may also earn commissions on product sales of distributors they recruit, referred to as their ‘downline’ or team.
People are attracted to network marketing business for the low-risk opportunity to become an entrepreneur, the ability to work full or part-time from home, the ability to have a flexible work schedule, and the desire to build both a present and long-term income stream. Over 21 companies are members of the Indian Direct Selling Association including well-known brands such as Altos, Amway, Avon, Herbalife, Jeunesse, Oriflame, Tupperware, Unicity, and Vestige.
This story is from the September - October 2018 edition of The Smart Manager.
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This story is from the September - October 2018 edition of The Smart Manager.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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Building A Quality Culture
A strong company culture defined by its values, beliefs, and behaviors, has a profound impact on its products and services. More so in today’s VUCA world, where to stay relevant and maintain a competitive edge, it is critical for organizations to build a culture that focuses on quality. Suresh Lulla, author of Quality Fables, elucidates through significant examples how creating a culture of quality is imperative to driving success and productivity.
Customers For Life
The history of General Motors in India can be traced back to the 1920s, when it became the first automotive company to set up an assembly plant in the country. The relationship since then has not been as fruitful as GM would have hoped. GM’s flagship brand, Chevrolet, was introduced in India to build upon the success of the popular Opel marque. However, success has been fleeting at best—an issue that GM India is determined to rectify. It aims to do so by adopting a two-pronged approach: using customer feedback to influence product development, and delivering a superior sales-to-service experience.
The Digital Shift
… technology will radically disrupt HR in the near future. Indeed, it is already changing the way HR works and the role it plays and opening the door to a new type of “digital HR” function.1 The rise of digital and social media is changing the dynamics of HR and creating new ways of hiring, engaging, and retaining employees.
The Story Of Telling
“The best brands are built on great stories,”* this remark by Ian Rowden best captures the strategy of diligent brand building. Much more than attractive logos or the products themselves, what builds a brand is how successfully a story is woven around it. Brand marketers have to be good storytellers indeed.
Complexity Is Simpler Than You Think
Kay Kendall and Glenn Bodinson, authors of Leading the Malcolm Baldrige Way, shatter myths about excellence models such as Baldrige and EFQM.
Proponents of Isolation Never Become Victors
Multilateralism in the political and economic space has always led to frameworks that favor the mighty. WTO was no exception. With agriculture kept out of its purview, it could never become a truly fair and free trading system. China was the only large emerging economy that exploited relative openness in low-cost manufactured goods to take full advantage of the system. Other emerging economies could at best garner minor gains.
A History Lesson (From Year One) for Trump and the Brexit Crowd: Isolationism Has Never Worked!
Professor Stephane Garelli on growing isolationism.
A Win-Win Game
Business is not a sport where some stakeholder has to lose or fare badly for others to do well. Building an atmosphere of trust and transparency between all stakeholders will help companies retain them even during adverse times.
A Sustainable Model
With a total market value of $4.3 trillion and an employment base of at least 1.3 million direct employees and millions of others indirectly employed, platforms have become an important economic force.*Companies today are constantly looking for ways to build platforms—Infosys Ltd announced its plans of monetizing its platforms to make them a $2 billion business by March 2021. But are all platform businesses successful?
Custom Made
…three in four consumers said they receive too many emails from brands, and one-fifth said they could not handle the current volume…69 per cent have ‘unfollowed’ brands on social media, closed their accounts or cancelled subscriptions.*In these times, when the market is flooded with products and services, the most efficent way to engage customers is to offer them customized content. To achieve this, brands need to focus on observing the nuances of individual preferences.
