I want to share with you today what I believe or the 5 key elements to turning your direct selling business into a success story. Many clients ask me what should they do to in order to build a successful business. Many people think they should have the best product, others feel that with the best compensation plan they will be the most successful, still, others believe the best system or back office is key. These things are important but in my 14 years working with thousands of companies I feel there are 5 key elements that a successful company needs. People will debate the order of importance but here they are. 1. Event 2. Product 3. Lifestyle 4. Compensation 5. Community Let me explain these in greater detail so you can understand why they are important.
We will start with the product. Every company needs to have a product or service that delivers a valuable experience to their customers and members. You will have some people who are loyal to your company solely based on the positive results of using the product or service. Every company truly needs these ambassadors of the product to help drive awareness and loyalty. When you go to the grocery store you usually buy the same brand of toothpaste month after month unless there is a compelling reason to change. Your customers will be loyal to you if the product delivers what you claim and there is no other compelling reason to change. This is just one aspect of what makes for a successful business.
I like to say lifestyle is the next key to a successful business. The lifestyle can be defined as giving people the ability to live the life they want based on their own terms. When they are selling your products or services they get to be their own boss. If they want to work 4 hours a day that is up to them. Some distributors prefer to work hard 7 days a week but they get to do it from home where their family is. Lifestyle is important to them because it enables them to be their own boss and spend their time how they please. It is your business that provides that avenue.
Now we get into the top 3 reasons a company is successful. Compensation of course always comes up because if people cant make money selling your product or service they have to look for another company or a new JOB (just over broke). This is why the compensation plan plays another pivotal role in the long-term success of the company. If your members are working hard recruiting and selling but at the end of the month do not make enough commissions to live the lifestyle they want, you will lose them. Once you lose your members and sales, you know what happens next. A fair compensation plan is a key aspect of all successful companies.
The last two can be debated but I feel a company who creates excitement about their brand through events is on the track to long-term success. Your members will be excited to attend company trips, banquets, seminars, and getaways. When you look at the legacy direct selling companies the one thing they all have in common is some type of quarterly, semi-annual or annual corporate event. Your members love to attend these events and share their experiences with their friends when they get back. Who do you know that is not excited about going on a trip and they tell 20 people about it for 2 months leading up to their trip. Imagine the excitement your members will generate for your business after their 5-day cruise and they go back home with 100s of pictures. Events get people excited about your company. As a new business owner, you should plan to have one major event every year for your members but two is better.
The benefits of having events is it builds what I feel is the most important aspect of a successful business. COMMUNITY. Community is the fabric that holds the business together through good times and bad. People want to be part of something and are looking to belong. Consider high school clubs, Boy Scouts, sororities, softball leagues etc. People join because they want to belong to something bigger than they are. Your business needs to create that community for your members. This s why it is important to have events. The events allow people to make friends and build their community. Why are some companies that may not have the best products or compensation plan still in business…….Community.
Please contact me for a personalized conference on your business and we can roadmap the steps to your success. I would appreciate if you would share my insights with other people in your contacts who may find this information helpful.
Make it a successful day.
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