Network marketing is an age old method of marketing which determines your ability and skill to identify and target potential customers from within your circle of influence who would be interested in the products or services that you or your company has to offer. Its primary purpose is to approach individual customers, usually in person, with the help of independent representatives of the company which would otherwise be missed through traditional methods of marketing like advertisements and print media. This word-of-mouth marketing becomes more effective and powerful when message coming from someone is familiar and who you can easily trust. This type of marketing strategy is also known by the name of multi-level marketing or MLM and referral marketing.
Although, in this era of media and advancement, network marketing might not be considered as an effective and efficient way of marketing and communicating with prospective customers for big businesses yet it is safe to say that for relatively small entrepreneurial ventures, Network marketing is a vital tool for success. In particular, when the business is new and one is in the process of launching it, good network marketing strategies helps tremendously in the initial success, promotion and the establishment of the business.
Network Marketing – Entrepreneur Business Opportunity
Contrary to the popular belief, network marketing for entrepreneur businesses is no longer limited to meeting people in person. Due to advancement in technology, it has now expanded to online network marketing also. Social networking websites like Facebook, Twitter, LinkedIn, etc have become extremely popular and profitable platforms for not only marketing but also for increasing one’s network. They allow you to connect to millions of people from all walks of lives in an instant. So, if one knows how to optimally utilize the potential power of social networking sites, it opens the door to many opportunities but one can understand these unlimited possibilities only after firsthand experience. In recent times, many businesses and entrepreneurial ventures have become renowned and have gained popularity among general people with the sole help of these social networking websites. In fact, the presence of a company whether it is small or big on the social networking websites has become so vital for execution of successful marketing strategies that there are hardly any companies remaining who do not remain engaged with their customers through social networking websites all the time.
Network marketing has lots of prospects. It is a career choice and a profession for many. The best thing about this kind of profession is that you work in your own time frame and you are accountable to only yourself mainly. It is a job that you can do forever without getting retired and also while staying at home. However, not everyone can be hired as a representative for a company. You need to have a vast knowledge about the business and its products and a highly appealing personality in order cajole people that the product you are promoting is the best for them and the best in the market. Some companies require their representatives to go through proper training before they can start promoting their products. Network marketing strategy is very cheap compare to marketing through advertisements and so even with meager funds any business can devise a network marketing plan to sale its products. Even though it is cheaper to adopt network marketing method but such a strategy can still attract a wide range of people.
Entrepreneurial ventures adopting network marketing strategies range from nutritional and weight loss products to financial programs and communication services. So, it does not matter what your business is about as network marketing is applicable for any kind of business. Moreover, the scale of the business also does not matter as it can be a small home-based entrepreneur venture or a big investment but good network marketing strategies will work for both of them. Even some of the big established companies use network marketing strategies to promote their businesses and to gain more customers. In this regard, insurance companies across the globe are popular. Their representatives convince the people to buy the policies of the company.
Just like every other marketing strategy comes with pros as well as cons, same is the case with network marketing strategy. An entrepreneurial venture cannot rely on building its business completely through its network marketing representatives. The representatives can only promote the business or expand it and that too to a certain extent only. Also, it is not a well proven system for the establishment of a business and word-of-mouth approach can be less efficient too. Then, the limitations of network marketing method are not just limited to entrepreneur business only as it can have some adverse affects on the people involved in this profession also. For example, it can quite easily become a disheartening experience to chase people and persuade them all the time to obtain your services and products. Also, it can become monotonous if you are promoting same products and services and targeting same class of people. Moreover, since the profession is unpredictable due to ever changing interests and demands of people so the prospects of growth and development in this profession are slim as compare to other traditional careers.
In the end we can say that after the above detail analyses of the network marketing strategies for entrepreneurial business opportunities, it is a vital strategy for marketing and the emergence of online network marketing has increased its importance manifold in current times. So, new and emerging businesses should definitely adopt this strategy tactfully in order to launch and establish themselves in the market. However, as we saw above that, although it is still considered a valuable business strategy but it also has some drawbacks and it is not so profitable and beneficial to go in this profession in order to promote other businesses.