The Four Essentials
There are 4 essential elements of every successful marketing company, and all elements must be present if the company is to succeed.
We suggest you consider these essentials to evaluate any company you might be researching.
1. The Company
The company must have strong corporate ethos. It must be well managed and ethically run, and all company policies and procedures should administered fairly.
In our experience, the "get rich quick" companies or the "get in now" companies will always fail. These types of companies rarely have an objective of longevity or long term success.
Therefore, you should ensure you choose a company that is highly ethical, operates with integrity and has sound corporate management.
2. The Products
The company’s products need to be excellent and provide value for money.
Your evaluation of a company’s products should be rational and objective and not clouded by glamorous advertising or flashy sales claims.
Perhaps the easiest way to evaluate a company’s products is by asking yourself the question:
Would I be comfortable recommending these products to someone I know?
3. The Compensation Plan
The Compensation Plan:
- Must provide a fair reward for reasonable effort – if it does not, the company will fail
- Should pay about 50% of the company’s monthly revenue from product sales to its Members.
In our experience, the 3 main types of compensation plans all have their drawbacks:
- Unilevel plans pay Members well in the early stages but generally fail to provide adequate income levels long term.
- Binary plans tend to not pay Members fair reward for effort and tend to be difficult to work efficiently and effectively.
- Breakaway plans tend to pay Members well later in their careers but pay poorly in the early stages.
To overcome the drawbacks MiVeda has created a special Hybrid Plan (ie a unique combination of plans) that incorporates the best features. It provides fair and generous rewards for all Members at all levels.
4. The Training and Marketing System
It is critical for a company to have a good training and marketing system and to deliver it effectively.
A good company will have:
- A professional, effective training system that allows a Member to get training independently of other Members
- A business culture that ensures all Members help and coach other Members and interact freely
- Its entire training system provided on a completely not for profit basis
It is essential that training be provided ‘at cost’ and be not for profit.
Historically, a major deficiency has been the industry’s requirement that Members are expected to make a dramatic personal change in their lives if they want to be successful. This is unreasonable and unwarranted.
Rather than a Member being required to change to suit the marketing system, the marketing system should suit a new Member. Otherwise, it is highly likely that a Member will be unsuccessful if they find it difficult to change.
It is therefore critical that the company’s marketing plan be flexible enough to suit its Members.