Also known as Multi-Level Marketing. This is a business model that depends on recruiting representatives. Their job is to market products and services as well as invite more people to join. The business is highly dependent on networking skills. But can be an effective marketing strategy for products when done right. Network marketing, referral marketing, and, more pejoratively, pyramid marketing. All describe multi-level marketing (MLM).
In this arrangement, marketing and sales professionals get the compensation not just for their own sales. But also for the sales created by the salespeople they recruit. Multi-level marketing consultants typically sell items directly to customers. Done either through connections or word of mouth (the network). Almost everybody out of the ten consultants is part-time. And works from home as a distributor of a specific product line. A “party plan” technique used by many multi-level organizations, is the one in which consultants invite friends and other prospective clients to a party.
Many items displayed, everyone having a fantastic time, and the consultant leaving at the conclusion of the party with several sales and a new potential consultant. Although network marketing most frequently links up with direct-selling distributorships and party planning businesses, it also helps in certain big financial/insurance firms, such as World Financial Group (WFG). While party plan consultants will obtain significant ground marketing expertise, college-educated marketers of this field will likely pursue roles within larger financial corporations or at the corporate level of a network marketing firm.
