Selecting unique products for Direct selling or Multilevel Marketing mlm can be key to success for all involved, and over time matures as a recognized international brand.
If not in safe hands, there is the risk of it turning into highly expensive and damaging exercise.
Many crucial elements need a minute scrutinization, along with comes the choice of product.
Points to keep in mind while choosing a product
- A significant profit margin is the first point to consider, so it will be cheap enough to compete in price, yet a high-profit margin can be anchored to spread in between the compensation plan and earnings.
- Visualizing the value purpose of a product for consultants and detailed study of market size for the product to project the growth of your business is essential.
- Sales strategies to be observed for the chosen products, gift vouchers, kits, maximum discount, bonuses, sales channels and sampling are some of the weapons to accelerate the marketing of the products.
- points to be analyzed:
- The need that the product needs to fulfil.
- The product should be evaluated from the customer’s point of view.
- The product already exists in the market or not.
- Evaluation of the expected margin.
- Foresee the competition in the market.
- The product is worthwhile for the customer.
- The uniqueness of the product.
- What resources do we need to develop this product?
- Product prioritization as compared to other products in the pipeline.
Points to be considered while selecting the product for Direct selling
- Demand, potential and Brand storytelling through products.
- Buyback value of the product. (Dynamic products)
- Success rate.
- Recurring demand for the product.
- Absolute sale.
Let us now learn more about Importance of training in Direct selling: How training is important in direct selling?