Introduction
- Are you unable to evaluate your performance?
- Do know the organizational effectiveness of your company?
A business doesn’t run by creating hullabaloo in the market. It works on proper frameworks and efficient strategies of execution.
The following given tools will help you understand 3 multi-level marketing strategies to evaluate your product, competence and organization’s performance before jumping into a big breakthrough.
1. Product Evaluation
Product evaluation is the first and foremost multi-level marketing strategy to analyze the quality of the product you are planning to launch.
Need and urgency of the product: Many times when any businessman launches a product which has a big margin, but not a big need, while some times their product has the need but their market size is very small.
Until your product is not unique enough to attract customers it is not going to increase your sales in the market. Try to understand the need and urgency of your product in the market.
For Example:
Many MLM companies without understanding market size start selling software and end up being bankrupt, as the software has no need among common customers.
Identify the uniqueness of the envisioned product: You have to make sure that your product is not similar to products already available in the market at a low price. You need to work on the uniqueness of your product, which does not exist in the market.
Repurchase: If a product does not have repurchase value in the market, it will affect your recurring revenue.
If a merchant is selling a product that is not needed by the customer repeatedly in a frequent interval, then your recurring revenue will fluctuate drastically.
For Example:
A merchant selling suit length in India will not have repurchase value as it is not a product that customers need frequently.
All global giants work on Problem Solving Product, the product which solves the burning problem of their customers
If you manufacture a burning problem-solving product, then your product will automatically be repurchased without investing in branding.
Big digital brands like Tesla, Facebook, Apple, IBM, Alibaba, Amazon, work on problem-solving products, hence they hardly need to advertise their product.
Thus, if you don’t evaluate your product properly before launching, then it will be time-consuming, expensive and disruptive for your business.
2. Competence Evaluation
Personal Effectiveness: You should have the strength to deal with failure, negative market feedback, and customer’s backlash. You should have conviction and enthusiasm to work day and night towards the success of your business.
Inter-Personal effectiveness: You need to develop a capability to influence others through interpersonal communication, which helps you handle adverse situations while dealing with people in big size projects.
Organizational effectiveness: Organizational effectiveness is your ability to influence people working with you at the senior and junior levels. This is the most essential quality a leader needs to have to run any organization. The scriptures also said about organizational effectiveness for a leader.
According to the Bhagavad Gita 3.21:
yad yad acarati sresthas
tat tad evetaro janah
sa yat pramanam kurute
lokas tad anuvartate
The above shloka in Bhagavad Gita proclaims, “Whatever action is performed by a great man, common men follow in his footsteps. And whatever standards he sets by exemplary acts, all the world pursues.”
In an organization, a subordinate follows what his leader does, but if a leader only says and doesn’t act, so will do subordinators.
3. Performance Evaluation
You can prepare a worksheet strategy to record and analyze your organization’s performance through below given 5 performance evaluation methods:
The next most important step is performance evaluation. Now you have to analyze your organization’s overall performance on the basis of effort score and result score.
Another most important multi-level marketing strategy is competency evaluation. You need to evaluate your competence to run a business on the below-given parameters:
i. No. of calls made daily
ii. No. of meetings done daily
iii. Repurchase daily
iv. No. of hiring/joining – weekly
v. No. of programs and meetings organized as an up line- monthly
On the basis of these 5 steps, write down your score on the worksheet on a regular basis and analyze your effort and result score.
Evaluate your performance on the basis of events & meetings you conduct for the organization’s effectiveness, product training, motivational training, behavioral training, technical training, soft skill training, and skill / will training for employees.