The marketing model in which sales are generated by individual agents or representatives to meet the prospective customers in person and sell the products one to one is known as network marketing. This is often done from home or in relaxed surroundings. The meeting is informal and casual. A business model that uses agents to take the products directly to the customers is called the network marketing model or multi level marketing (MLM) model.
This model is quite old and is being followed by various brands around the world. In recent times, the network marketing model has been quite successful. Newer businesses now prefer to use this model to get more profits.
Network marketing is a profit-based model that relies on agents and representatives to generate sales. This helps enterprises reduce their investment in third-party distribution and promotions. It also makes it easy for agents to earn s per their convenience and requirements, rather than get a fixed amount as salary every month. Agents can take up this job part-time or full-time or as a hobby. They can be employed elsewhere or have another source of income.
With the increasing demand for network marketing, many companies developed a software solution to suit the business model. Brands that follow the network marketing model use MLM/ network marketing software to keep track of the sales, profits, inventory, agents in the network, their commissions, referrals, payouts, etc.
The agents are arranged in the network based on various factors. The commission paid to the agents is calculated using the MLM compensation plans. Depending on the compensation plan chosen by the enterprise, the agents are assigned a position in the network, and their commission is calculated accordingly.
Let us take a look at the Benefits of Network Marketing Software and why it is essential for brands to use the software to streamline their MLM-based business model.
• Advanced MLM Approach
Why stick to the age-old methods of network marketing when you can do better? Would it not be easier to get the job done in a simpler manner?
Traditionally, the agent had to visit the home/ office of every customer to pitch the brand and sell the product. Making calls, sending emails, fixing appointments, etc. were a part of the job.
But with network marketing software, agents don’t need to exert as much energy for every customer. Every agent is provided with a replicated website that is their own. The sales generated through the website will be credited to the agent’s account.
This allows agents to reach out to more customers and venture deeper into the market. They can also sell products across boundaries in other countries.
• Recruitment and Training
Though agents are not employees, they will still need to be hired. It is the agents themselves who hire other agents, thereby expanding the network of the brand.
Just as with sales, even recruiting new agents and training them can be handled online using the software. It allows newer agents to get started with the job almost immediately. All files will be available in the software. With a single click, they can be shared with the required person.
• Schedule Orders and Meetings
Whether it is tracking accounts, reminding customers to renew subscriptions, sending orders, generating reports, or planning meetings, the software can be used to schedule a multitude of tasks for later. This makes it easy to manage leads and targets, without having to stress too much about it.
• Analytics and Reports
One of the biggest Benefits of Network Marketing Software is the ability to collect, process, and analyze raw data and generate various reports.
The reports can have text, graphs, pies, and charts to help the enterprise understand the current position of the business.
Assessing which products are performing well and which need to be boosted will help brands in making decisions with regards to production, inventory, and marketing.
• Software Customization
MLM software or the network marketing software can be customized to a great extent. In fact, there is no limit to the number of customizations and changes an enterprise can make.
Be it the layout, theme, language, navigation, or compensation plans, other software integrations, etc. brands only have to ask the software providers for what they want.
eCommerce integrations, additional data security, e-wallets, ticket system to handle customer queries, SMS/ email integration, auto-responding, multicurrency, multilingual module, etc. are some of the most preferred customizations.
Apart from the above-mentioned benefits, network marketing software also saves time and money for the enterprise. With high-speed and reliable advanced features, the software can help enterprises achieve their business goals in less time. To know more about network marketing software, contact the software providers.