A prominent theme echoing all along through the current market scenario is the pertinent role played by customers in the success of any business as per the changing technological standards. The digital transformation that affected the overall operational process in the direct selling industry bears testimony to this. It is astonishing to witness how the MLM industry was reconstructed from the outside, by the customers, according to their taste. The direct selling companies should fashion a reformative clause that could keep the customers at the apex of the business as the market is undergoing a revolution, similar to the Industrial Revolution in the economic circle, which is now powered by digital disruption. MLM companies thrive on customer networking and customers are the key factor that determines the success of the business. Studies have laid out a clear-cut route to achieve success through rock-solid principles and strategies.
We could identify 3 main principles that encourage customer economy. They are:
- Customers hold the control
- Customer relationships are paramount
- Customer experience is the deciding factor
Customers hold the control
Ever since the digital revolution and globalization, the world has shrunk into customer’s fingertips. They do not lack the resources to compare products before they buy. They go through multiple websites of product companies that offer them similar products. To summarize, customers can't be fooled as they are informed better and know about all aspects of the product they want to buy. They know their needs exactly and just don't take the products that they are offered by the companies. In short, they are in control and they have the means to reshape your business. When a distributor approaches their customers, chances are that they have already been exposed to the same products through multiple means and only a salesperson who could convince the customer amidst all this could bag the sale.
Given the circumstances, a smart business organization should transform its business strategy to accommodate the needs of the customers. Their demands must be met and some of such demands include:
- Option to try before they buy
- Option to buy by the piece
- Option to mix and match
- Option to reshape and repurpose
- Option to share with others
- Option to publish their own customized products
- Option to co-brand your material
A customer takes a decision only after carefully scrutinizing your product and in this era of technological advancement, their right to information must be addressed to maintain a successful business. The customers should be duly informed regarding prices, stocks, inventory, research, and electronic resources. Please keep in mind that maintaining transparency in the processes and logistics always pays off.
Customer relationships are paramount
Anyone associated with the MLM industry knows how important customer relationships and its retention is. People go a really long way to keep their customers happy and maintain a warm relationship. In the customer economy, the value of your business is calibrated with regard to the value of your customer relationship. The value of the customer relationship is the value of revenue generated from an existing customer in a lifetime (lifetime value of customers). Investors are keen to look at the customer value of a business before making a decision and this shows the value of customer relationships in running a successful direct selling business.
Customer experience matters
The loyalty of the customers is dependent on the experience that they receive while interacting with the brand. If you are able to provide them a memorable experience, then your job is half done. Direct selling businesses thrive on emotional connection and long-lasting relationships across all distribution channels and interaction touchpoints in the right and consistent way. If you continue this connection, your customer is ought to generate loyalty with your brand, an emotional connection that's hard to defy. This is extended to other products and people who represent the brand. You can achieve this through flawless customer service, expert advice, and reliable delivery and support through multi-touch, multi-channel experience. In order to sustain the loyalty that you have earned, it is important to create a brand identity , build strong customer relationships with individual customers, establish trust by delivering products at the right time, and being available for the customers whenever, wherever and however possible.
Direct selling businesses have been in the industry for a long while now and they rely hugely on the customer economy. The analysis and experimentation in the direct selling market have paved novel ways to approach, attain and retain customers through ways that resonate with the modern industry, embraced by digitalization. Only a business that could transform their policies and keep updated with modern trends in the industry can bring success to their way.