Compensation plans are important. They motivate and reward specific behaviors. But what if your compensation plan isn’t doing well enough? How do you transition from one compensation plan to another? The short answer is “carefully” but you need to know more than a one-word answer. In this post, you’ll learn what matters most and what…
Ask Victoria: Compensation Plan Or Software First?
You need them both, but if you have neither yet, which should you acquire first? The answer may surprise you. The sequence matters. Important Pieces Compensation plan and software are each important pieces in the jigsaw puzzle you’ll complete as you work to build and launch your network marketing or party plan company. The software…
Direct Selling Edge #5: With Special Additions
Since 2011, MLM Attorney Kevin Thompson and Sylvina Consulting have sponsored the best educational conference for new and young network marketing and party plan direct selling companies. We are pleased to announce the dates for our 5th conference. It will be held in Las Vegas on Thursday and Friday, May 30-31, 2013. This two-day conference…
Product Returns and Commission Adjustments
Upon fully paid orders, commissions and bonuses are paid out. But what happens when a commissioned order is canceled or the product is returned? What should you do? The good news is that you have some good choices. There are four approaches that network marketing and party plan direct selling companies use in responding to…
Ask Victoria: What Are Average Party Retail Sales?
For 90% of party plan companies, average party retail sales range from $300 to $700. The average varies based on the type of products sold, the average price per product, and the average number of items bought by each purchasing guest. The party average is important because it is used to determine several aspects of…
Ask Victoria: How Do I Attract Top Leaders To My Company?
If you have an established party plan or network marketing company with annual sales of $50 million or more, you are likely to attract top leaders because you have a proven track record. But what if you’re new or your annual sales are less than $50 million? To attract top leaders, your track record isn’t…
Good Compensation Plans
A good compensation plan is one of the most important ingredients in the recipe for direct selling success, but what makes a compensation plan good? What are the 12 key behaviors that all direct selling compensation plans should motivate and reward? You can use the list provided in this article to view your compensation plan…
Improve Your Business!
Before you can improve your party plan or network marketing company, you should first assess your business. This first step is very important. Step One: Assessment An assessment is an evaluation. An evaluation includes taking the right measurements. In our work as MLM consultants and party plan consultants, we use a set of Key Operating…
Your Competition: Who Are They?
In life, we all compete to win. In business, winning means getting the sale. As a direct selling company, you are competing with others. You’re competing for independent representatives and you’re competing for customers. The first step in competing well is to identify your competition. Next, you can develop strategies to win.
Ask Victoria: What Is The Golden Rule Of Direct Selling?
Everything worthwhile seems to have a rule attached to it. When I was a child, the golden rule I learned was “Do unto others as you would have them do unto you.” Treat everyone as you would like to be treated. I liked that rule because it felt good to be good. Later, I learned…
All About Fast Start Programs
The success of all direct selling companies depends on the performance of their new independent representatives. What can companies do to help their reps off to a good start? One of the answers is a Fast Start Program. While network marketing and party plan direct selling companies have much in common when it comes to…
Common Compensation Plan Mistakes
At our Direct Selling Edge Conference for new and young network marketing and party plan companies, I present two sessions on compensation plans. Toward the end of the second segment, I shared with the attendees eight common compensation plan design mistakes. These are very important, so I am sharing them with you now. Too High-Rank Qualifications In…