Network Marketing is a smart business opportunity that one can venture into a profitable revenue stream. In today’s environment, it provides an opportunity to make money and expand yourself exponentially. It is the fastest growing business worldwide.
Why Network Marketing is Important?
Network marketing is important as it is easy to enter the industry and gives you the chance to earn more money by working less. It is a tactic to deliver any services or products from the company to consumers. It connects the consumer directly with the company and can purchase the products easily.
“Network Marketing is all about word of mouth advertisement”. When you join an MLM (Multi-Level Marketing) company, you promote the product or service of that company. Network marketing in simple terms is whereby a company wants to sell its products or services through independent distributors. To qualify for a legal entity, you must be selling a legitimate valued product.
The present turnover in the world from the network marketing company is 7.5 lac crores and in India, its turnover is approx Rs14000 crores. Therefore, huge prospects and opportunities are there in Network Marketing Business. It is simply a direct selling platform that provides an opportunity to enhance your selling skills. Also, it helps in increasing financial, emotional, and mental skills.
What is good about Network Marketing? Advantages of Network Marketing
Network Marketing is good as it provides you with the following benefits:
1. Opportunity to earn extra cash: Every individual has a desire to earn extra cash and wants to achieve financial freedom. Here the network marketing comes in and provides an opportunity to generate income. With the help of this marketing, you don’t need to quit your day job and can do network marketing as a side hustle.
2. Residual income: Residual income depends on sales, products, and services. It means if your network continues to generate repeated sales then you will get paid for that into the future. Network Marketing is important as it enables you to earn money and work less by building your passive income sources.
3. High demand for excellent products: Network Marketing companies are famous for creating revolutionary products and hit the market by storm. Highly-demand products are easier to sell. It enables the brand to grow in multi-billion companies via endless chains of agents. It also ensures that multiple levels of products keep on growing and advancing progressively.
4. Live a rewarding life: The most important reason that makes network marketing important is the personal development that comes from helping other people. It is very rewarding to lift other people and watch them grow better day by day. With network marketing, you grow as your business starts growing. Moreover, your skill, strengths are also rewarded with handsome payouts. Thus, it is very important for full-time and part-time business distributors to enhance network marketing strategies well.
5. Chance to work from anywhere: Network marketing gives you the chance to work from anywhere in the world. You just need a laptop with an internet connection to run this network marketing business. Since your business is portable, any change in location will not affect your business.
6. Set your own schedule for work: Another good thing about network marketing is that you can schedule your own time for work. You do not need to worry about time off from work, unlike a regular job. However, you need to be disciplined as well as put effort to grow this business. There is less investment risk than the traditional business.
7. Entry cost is less: The cost of entry into the network marketing business is less. You just need a computer with an internet connection along with some investment to get started. You have to put in time and effort in the beginning in order to get a steady flow of income in the future.
8. No commuting: You will work in your home so there is no tension of commuting. You will save a lot of time and money by not having to commute. The time that you could have spent on traveling can be put to use for some good use.
9. Job Security: Unlike office jobs, there is job security with network marketing when the business is established. As said earlier, you have to put in time and effort in the beginning so that you can get a steady flow of income later on.
10. Early Profits: Unlike traditional businesses, you will see returns quickly with a network marketing business. It all depends upon your time and effort.
What are the types of network marketing?
Single-Tier Network Marketing – It is a type of network marketing in which a company’s products or services are promoted via an affiliate program. You will get a commission for selling the products of the company. Many popular brands are using single-tier network marketing for promoting their products.
Two-Tier Network Marketing – Two-Tier network marketing is a type of marketing in which some recruitment is involved. In this type of marketing, the payment is for direct sales and direct traffic sent to the website.
Multi-Level Marketing – It is a type of network marketing that is a combination of two or more tiers. The other two types of network marketing strategies are marketing-driven networks and name-driven network marketing.
How do you make money in network marketing?
Network marketing, also known as multi-level marketing, is a strategy of earning money by becoming an affiliate marketer for a company. The affiliate marketers are paid a commission for selling the products. The commission is different for different companies.
For entering into network marketing and start making money with it, you first need to find a company that offers an affiliate program. There are a lot of companies that offer affiliate marketing programs. Choose the company whose products you have some knowledge of and can market those products.
Network marketing is not a one-day game. You have to put in a lot of time and effort to start seeing results with it. Once you are able to set up the business, you will see a steady flow of income.
Also Read: Affiliate Marketing Guide for Beginners