You might have heard of similar terms like Multi-level marketing(MLM), Single level marketing or Pyramid Marketing. Network Marketing is a general term and refers to marketing of goods and services directly to customers through word of mouth and relationship referrals. The referrer are then paid a commission or referral fees for every sale done.
MLM, SLM, Pyramid are all forms of network marketing. Pyramid marketing is banned in most countries and is seen as an outright scam. MLM, SLM are legal and is allowed to operate in Singapore. There could be other forms and names but the essence is the same.
Before you decide to join an network marketing company, check out the following 12 criteria needed for MLM success.
1. Track record
2. Financial soundness
3. Strong Management
4. Unique consumable products
5. Competitively priced
6. Low Personal production requirement
7. High Reorder rate
8. Low Attrition
9. Low initial investment($50-$300 is an acceptable range)
10. No breakways
11. No risk of losing money for someone you recruit
12. Training and support
Before you start, be sure to check out this website: www.dsas.org.sg
Also visit www. dsa.org, the website of direct selling assocation in the USA and find out more about the top US MLM companies.
One book to get you started: "Your First Year in Network Marketing"
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