The basic rule of any business is to manufacture/ procure and sell the products or services in the market to make money. This includes a lot of factors ranging from production to quality control to packaging, accounting, HR, marketing, and more. Each business follows a different model, based on the kind of industry it belongs to and the core aim of the business.
One such business model which is popular in various parts of the world is the network marketing model. The enterprise doesn’t use the usual marketing and advertising strategies to attract customers to purchase the products.
What is Network Marketing?
Network marketing is a model in which the business uses agents (as opposed to employees) to take the products directly to the customers instead of going through a lengthy distribution channel. This allows enterprises to spend money only where it is required, thereby decreasing the investment. The main aim of network marketing is to increase profits and expand the market base.
An enterprise recruits agents who will sell the products among their circle and hire new agents to sell more products. Agents will be paid a commission for each sale they generate. The enterprise offers them additional benefits and awards as an incentive to increases sales. The more they sell, the more they earn. But keeping track of the agents is not easy. So they are arranged into a network based on various factors such as sales performance, the number of new agents recruited, and so on.
Multi-Level Marketing Software
As the network grows and the business expands, it can get tough for the enterprise to handle the network, the payouts, referrals, and commissions. To manage the business and bring all aspects together on a single platform, enterprises use network marketing software. It is also known as MLM (Multi-Level Marketing) software or direct selling software.
The software easily available in the market and is sold/ leased by many companies. Enterprises can install the software and use it to streamline the business with the help of a multitude of features. The ability to customize the software and integrate it with numerous other software solutions makes it a complete package.
Take a look at the Features of Network Marketing Software to understand how the software works and helps enterprises to give competitors a tough fight in the market.
- Multicurrency Module: This module converts the price of the products to the national currency of the customers, allowing them to buy the products online from any part of the world. Enterprises can easily venture into new markets and generate sales.
- Multilingual Module: Similar to multiple currencies, the software can translate the website pages to multiple languages for user convenience. Employees can access and view their profiles and the dashboard in a language they are comfortable with.
- Ecommerce Integrations: The software can be integrated with various e-commerce platforms and payment gateways. Customers can pay through any of the payment modes.
- eWallet: This is used to store money electronically and transfer it to the agents (as a commission) or to the bank account of the enterprise (amount from sales).
- Compensation Plans: The compensation plans decide the way to calculate the commission for the agents. These plans can be customized to suit the network model of the enterprise.
- Ticket Generation: Customer queries and complaints can be provided with tickets which make it easier to track if the complaint has been resolved or not.
- Auto Response: Admins can send automated responses to users and customers. They can also schedule and send emails and messages to agents (users) about meetings, rewards, etc.
- Interactive Dashboard: The interactive dashboard makes it easy for the admins and users to keep track of the sales, referrals, payouts, network status, and more. The navigation is simple and easy to follow. There is no duplication of pages and this makes it easy for users to find the information they want.
- Data Back up and Security: Data security is very crucial for enterprises. The software ensures that the data is safely stored and allows only authorized access. The data is encrypted to prevent it from being misused.
- SMS and Email Integrations: The software can be used to send messages to users and customers to keep them updated about the latest developments.
- Multiple Themes and Layouts: One of the best Features Of Network Marketing Software is the ability changes the layouts, themes, and interface as much as the enterprise wants.
Enterprises should choose a company that provides 24*7 technical support during and after the installation. Maintaining the software, upgrading it regularly, ensuring that there are no errors, etc. is handled by the company that provides the software. Some companies also host the software on their cloud and provide training to the employees of the enterprise to use the network marketing software with ease.
Originally posted 2020-03-17 19:08:13. Republished by Blog Post Promoter