So you can accelerate your sales, increase your acquisition rate and expand your retention
When was the last time you took a long, hard look into the software that’s holding your business together? Most would probably say it’s been quite a while, maybe even since it was purchased, but then excuse themselves by saying they’ve just been too busy. While that might be the usual answer, when it comes to your MLM software, it shouldn’t be your excuse. Even though being busy in the direct-selling industry usually means you’re making money, could you be making more?
I get it; you’re busy making money. But you’re not too busy to learn how you could be making more of it with less effort, right? In this three-part blog series, I’ll introduce you to several important questions you should be asking yourself about the software you’re using to build your direct-sales business. In just a few minutes, you’ll better understand how your MLM software should actually be driving your business, not just acting like an uninterested participant in the background.
Generally, when you’re running a business and trying to build it from the ground up, you can’t afford not to take the time to reevaluate the backbone of it every so often. Think of it as the quarterly review you have with your MLM platform to ensure that your software is doing everything possible to maximize your revenue.
The software running your business needs to be the best option that solves all your problems while offering the best customer experience to your users. History has proven time and again that, with all other things being equal, if you offer an inferior customer experience, your customers will likely defect to the competition and your business will immediately suffer.
Who’s Your Customer?
Who is the most important customer in your MLM business? Of course. It’s the distributor. Distributors are the heart and soul of every direct-selling company. If you don’t take care of your distributors, they won’t take care of your company. And the inverse is also true: if you provide your distributors with an amazing experience, they will provide amazing returns to your company. It’s a two-way street and you can’t afford to ignore that relationship.
If that resonates with you, here’s a sobering statistic: Watermark Consulting published a 2019 study that showed that over the past 11 years, companies that were leaders in giving their customers a great customer experience were much more successful than their entire market. In total, they generated a return that was 45 points higher than the S&P 500 Index!*
“This year’s study provides the strongest support yet for why every company should make differentiating their customer experience a top priority.” (Watermark Consulting 2019 Customer Experience ROI Study)
Think about it this way: If your company is a leader in giving your distributors an exceptional customer experience, then they are generating sales bringing you a return that is 45 points higher than the S&P 500 Index!
Now here’s a related statistic from the same study that you don’t want to be a part of: The companies who didn’t give their customers a great customer experience posted a total return that was 76 points lower than that of the larger market they were a part of. That’s a difference of 121 percent between the leaders and the laggards!
Those stats tell a huge story and the lesson I get from them is this: If you want your MLM company to be successful and a leader in your market, you absolutely, positively must provide your customers with the best experience possible. The cost shouldn’t matter because, in the end, your returns will outweigh the cost several times over.
So the question now becomes, how can you know if you’re providing the best possible customer experience to your end users, or in other words, your distributors? First, ask yourself a few soul-searching questions, and answer them honestly; the success of your business depends on it.
Does your MLM software help you or hinder you from making the maximum amount of money you can with your business?
Think of your direct-sales software as your main strategic enabler to grow your business. Is it causing you pain and frustration that you’ve just lived with, or is it your best friend that works for you to promote growth in your company and increase revenue? If it doesn’t allow positive, proactive management of your business from all angles, without the headaches, you need to look elsewhere for a better solution. Again, your MLM software must be your best friend; you should be using it every day to increase your revenue and promote growth.
You started your business to make money. That’s no secret. What’s often the secret is how to use your MLM software to make the most money possible. Employing the 80/20 principle, let’s say that roughly 20 percent of your efforts bring in about 80 percent of your revenue. It’s also been shown that the leaders in best customer experiences bring in 121 percent more revenue. Just marry the two to figure out where you should be spending a chunk of your time. Figure that out and you won’t need an excuse because you’ll know all the answers. Now the secret’s out.
You need the power and functionality that can, and should, be used to maximize your revenue. Several critical tools should be available in the direct-selling software suite that runs your business. The simple trick is taking the time to find out which suite can help you create and deliver the best customer experiences you can provide. That alone could help your business take off.
In the next couple of posts, I’ll propose a few more questions you can ask to evaluate your current MLM software. I’ll explain what you should be able to do with it to give your field users and customers the experiences they want so you get the revenue you deserve.