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Working Smart
Working Smart articles are written by a supplier company, contributor or consultant, these thought leadership pieces highlight the expertise and experience of the author.
In this highly competitive, oversaturated marketplace, establishing and maintaining brand equity is crucial to differentiating your products from the pack and ultimately assuming a leadership position. According to businessdictionary.com, “brand equity” is defined as “a brand’s power derived from the goodwill and name recognition it has earned over time, which translates into higher sales volume and higher profit margins against competing brands.” In other words, it’s a company’s value based on consumer perception. In the world of direct selling, brand equity not only lets consumers know what a brand stands for and what they can expect, but can also instantly open doors and start conversations for the salesforce with potential customers and prospects.
In my travels of working with clients and discussing dietary supplement product development and bringing these new products to market, I often encounter a multitude of questions. Most of these are common questions or concerns about the product itself, such as: “What new and unique ingredients are available?” “Will this item create excitement in the field?” “How will this product benefit our distributors and end users?”
Shipping costs continue to be a major cost component in a company’s overall supply chain costs. Furthermore, shipping rules and regulations continue to increase in complexity, and costs continue to increase every year. Oftentimes, companies either absorb these costs or pass them on to distributors who are struggling to manage expenses while building a business. In addition, shipping policies and costs may directly impact a company’s sales and its ability to recruit and retain distributors.
There’s nothing like the fresh enthusiasm and energy new distributors bring to the business. Besides the fact that their sales and recruiting efforts create growth, their mere presence inspires and re-energizes those around them to do more as well. Needless to say, new people are truly the lifeblood of the business.
The creators of direct selling companies and their CEOs and executive teams who lead them hold the key to the resurgence of capitalism in America and beyond. Those who have invested in the enterprise of direct selling must always be reminded what an important contribution they make as they teach the free-enterprise system and individual personal development.
Great customer service is one of the hallmarks of any successful company. The one aspect of customer service that can break a company is not delivering product in a timely and cost-efficient manner. Many companies have experienced challenges with this in the wake of a growth spurt or while facing business decline as the economic climate changes. The trick is to stay in front of the changing landscape—plan for the future, and fit your operations to handle growth and the cycles of the future.
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