For more than 60 years, network marketing has helped produce more millionaires than probably any other industry. It allows ordinary people to create wealth, regardless of their background, education, race or how much money they have in their bank account.
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Thousands of people have become millionaires without the normal costs of setting up and starting their own business.
The introduction of the Internet was once hailed as the perfect network marketing tool, it has changed the way businesses are run, managed and grown. Before the Internet, people built their businesses locally and then worked hard to build them nationally. The Internet has allowed them to build faster nationally and ultimately globally.
With the growth of many businesses worldwide, this in itself has brought many more problems. Business registration in foreign countries and, of course, product registration. Some companies lagged behind and saw their turnover decline. Others stick to the challenge and create huge companies.
Today, millions of people around the world are involved in network marketing, but how will it change and evolve in the coming years?
Since the early 2000s, we have seen a huge growth in companies offering natural health products. Wave after wave of new, healthier, life-changing products have flooded the market. Many of them were very good and extremely effective, but some new companies just jumped in and took advantage of the tidal wave of health interests.
Since the late 2000s, we have seen an increase in the number of companies selling cosmetics and once again, although many products were of high quality, others simply took advantage of the growing trend.
Today, many health and cosmetics companies are seeing a decline in the number of people joining and an increase in the number of people leaving. Many trading companies and corporations have developed products cheaper and just as effective. Many companies have also noticed a huge drop in the number of visitors to their websites. Is Network Marketing Depressed?
Baby boomers have had a huge impact on network marketing. Many of the products and companies were tailored to their needs. Now that baby boomers are retiring, the industry is facing a new challenge. Are we just satisfying baby boomers or are we starting to focus on the younger market and run the business with technology?
I believe that the next two or three years will be very important for all companies in this industry. Last year we saw the closure of a company worth billions of dollars a year. The reasons for the closure are not fully disclosed, although some rumors are that the company relies mostly on its distributors to purchase products each month and insufficient focus on new customers? If this is true, then a whole new box of worms has been opened and many companies will panic, making sure they have enough new customers each month to distract the authorities.
Another rumor is that the authorities are seriously trying to prevent companies from automatically charging their distributors every month for product qualification and income. The car ship, as it is known in the industry, can become a thing of the past. This alone will have a huge impact not only on the company but also on the income of many distributors. I emphasize again that for now this is just a rumor.
So where will the industry go and how badly is it dealing with new laws or coercive changes that it will have to make?
No matter what you think, the industry is still very popular and will remain the best option for anyone who wants to move away from corporate business and work for themselves, but not alone. To date, there is no other way for someone to create wealth without huge start-up costs.
The Internet has opened new doors for people and given them the opportunity to study and start an online business. The failure rate for people starting an affiliate or online business is far higher than for people leaving network marketing.
However, network marketing must change over time and use the huge potential of today’s technology world. Mobile phones are expected to account for over 70% of Internet visitors over the next five years worldwide. In many third world countries, this figure is even higher now!
In five years, more than 5 billion people will have access to the Internet. Today, that figure is 2.8 billion, so each company’s potential to thrive must be able to meet the needs of its market.
We are also seeing a slow but sure decline in the need for money. The UK had fewer people spending cash last year than those paying with cards or mobile phones. Some financial experts predict that the UK will become one of the first Western countries to eliminate the need for money within five years!
Kenya introduced mobile payments a few years ago and today the majority of its population uses them for almost all purchases. It’s weird to think that people don’t have cash, but everyone has cell phones!
Apple Pay, PayPal and other forms of payment are becoming the norm today and contribute to the slow but secure elimination of cash.
But how will this affect the network marketing industry and why is it important?
I believe that it will have the greatest impact on distributors. Many people strive to build a global business, and the simple truth is that if a company only has health products or cosmetics, the opportunity to build a business worldwide is limited. In my opinion, this can have a negative effect on anyone who wants to build globally and convince them to move to a business that has global opportunities.
In addition, the younger generation is more skeptical about so-called “miracle products” today, and we have noticed a significant improvement in normal retail products, which offer the same for a much lower price.
The area in which the industry will notice huge growth and potential is in the world of digital currency. As we move more and more towards a cashless society, it makes sense that digital currency will eventually become the way most people pay for goods and services.
We have already seen a huge increase in the number of businesses that accept bitcoin, and this trend will only increase over time. The main product that companies can offer in the digital world, of course, is education. Technology education, digital currency and investment. I believe that this is an area where network marketing has the potential to thrive and is currently making tremendous progress in this market.
There will always be an atmosphere of skepticism around network marketing, although most people do it every day of their lives. Whenever we recommend something or somewhere to a friend or colleague, we are actually network marketing. Word of mouth has been the best form of advertising for many years, and even with all the different ways companies can promote their business today, word of mouth and testimonials will always be the first choice for most people.
If you are involved in network marketing or are thinking of joining a company, then do the necessary check. Don’t go for a company that limits your potential. There will be some big changes over the next five years, and every company you choose to work with should be able to not only give you the tools, but also an opportunity that will eventually be attractive to everyone, not just those you want to start a business from home.