When trying to decide what Network Marketing MLM product to promote, it can get a little confusing. There are over 900 active companies worldwide and most of those companies have more than one product, so imagine how many products you have to choose from. Again, a person could go crazy analyzing every product. Therefore, I’m going to show you how to use the top 4 components you need to easily identify a product or service that is designed for success!
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· Industry of a Product
· Repeat Sales
· Pricing
· Rights to Product
Industry Of The Product
Products and services are put into Industry Classifications by the Direct Selling Association. Here are some examples of those categories:
· Wellness (vitamins, health shakes, etc)
· Personal Care (Cosmetics, jewelry, skin care)
· Services (cell phones, home security, etc.)
When you’re researching products, a very important aspect to that product is whether or not the industry it belongs to currently growing or declining, and what has the growth pattern been for the last 10 years.
Let’s compare 2 of the Industry categories listed above. According to the Direct Selling Association (DSA.org):
For all Industries combined in 2010, in the United States alone, direct sales were 28.56 BILLION dollars. Wellness accounted for 23% or 6.57 BILLION dollars of those sales. Ten years ago, in 2000, Direct Sales for all industries combined were 25.57 Billion dollars, and Wellness accounted for 16.9 %, or 4.32 billion dollars. That’s a 52% increase in sales in that industry over the last 10 years. Folks, that’s HUGE!
In 2000 the Personal Care Industry accounted for 26.4% of over-all sales, or 7.54 billion dollars, and in 2010 accounted for only 19.4% or 5.54 billion. A decrease of 26.5% decrease in overall sales. That’s also HUGE!
It doesn’t mean Personal Care is a bad industry with bad products, these are all good industries and good products. It just means through the distribution of Network Marketing (Direct Sales), the sales have been steadily declining over the last 10 years.
These are the kinds of things people who have become or people who are millionaires analyze when making decisions. They find out what the demand trend is before they begin to market a product. They don’t base it on whether it’s only a $500 investment or a million dollar investment. Start thinking like a millionaire or you’ll never become one.