OVERVIEW OF NETWORK MARKETING IN NIGERIA
Recently network marketing in Nigeria has gained king-size popularity. With many becoming millionaires while others have regretted ever putting their money.
One of the most regrettable things about network marketing in Nigeria is the fact that most persons are not honest about how it works and what the business is about.
I could remember my first attempt in network marketing. It was 2018 in Port Harcourt. A client I had worked with called to know if I’m chanced for us to meet. According to him, he has a business to discuss with me. I made myself available and rushed down to meet with him at the location he sent me.
On getting there he told me he wanted us to partner in a business. To cut the story short, he showed me daily alerts he receives from bank ranging from N200, 000 to N500, 000 daily from this network company.
I was shocked! He trickishly made me believe I only had to make a one-time investment. And after that, I will be getting my alert the moment ANYBODY BUYS product from the company after I have bought mine. The idea became very interesting to me that if ANYBODY BUYS from the company even in other states, I will be getting daily alerts.
But it later turns out that his explanations were wrong. I found myself involved in something I have no idea about – no passion. The concept of Network marking wasn’t my ideal thing.
In this publication, I will explain to you everything you need to know about network marketing in Nigeria before you can pull out your hard-earned money to invest. The idea in this publication applies to any network marketing company.
What Is Network Marketing?
Network marketing in Nigeria is becoming more lucrative than many though and that is why you should know the In's and Out of the business.
Before someone will say that I’m becoming academic, let me quickly drop this. Network marketing is also known as Multi-level marketing (MLM) or Pyramid selling. So, the next time you hear any of the names above, know that it refers to network marketing.
Network marketing is a business model that depends on person-to-person sales by individuals that buy into a company product. That’s you buy to become the company product seller.
This kind of business requires you to recruit and build a network of business partners to assist with lead generation and closing sales.
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There are many network marketing companies in Nigeria. They are almost similar except for the commissions earned by different levels of individuals and products they offer.
Before I proceed, here are key factors that are worth noting;
Network marketing appeals to individuals with high energy, good communication skills, and strong sales skills, who can build a profitable business with a modest investment.
A network marketing company can be a single-tier program, whereby you sell the products or multi-tier where you recruit salespeople.
How Network Marketing Works
Remember that network marketing is also called multilevel marketing.
In network marketing companies create tiers of salespeople—that is, you as the salesperson is encouraged to recruit your networks of salespeople. You are known as the "upline". And as an upline, you earn a commission from the company for selling their product, for recruiting new salespeople and on sales made those you recruit to the company known as the "downline".
As time goes on, your downline would need to recruit their salesperson to earn. The more sale and recruit your downline makes, the more commission you will earn.
For example, if Mr. John buys from an MLM company XYZ, he is expected to recruit salespersons, who will buy and recruit more persons. So, assuming Mr. John talked to Fred about the company product and Fred decides to buy the product, Mr. John will earn a percentage from the sale. And if Fred convinces Ada to buy from the company also, both Fred and Mr. John will get a commission from the sale. See the image below for further details.
Hence, your earning depends on the recruitment of other salespeople as well as product sales. Those who have enough downline earn most. And the advice is to be among the early birds to subscribe to the company.
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Network marketing in Nigeria has been painted black due to a lack of appropriate information. Those who involve in it, try to recruit downline by all means. This has made them feed their target audience with the wrong information.
But here is the truth. In network marketing, whether multi-tier or single-tier, two things are a must-do if you must earn from it.
One is that you must recruit distributors who will buy the company product. And it will be much easier; if those you recruit are energetic to recruit others to you can make more money.
Two is that you must sale the company product. You must be able to convince people to buy the product from you.
So, if you can cajole to people to sign up as distributors and you can market the company’s product, then, stay clear of network marketing. This form of business appeals to individuals with a lot of energy and good sales skills.
Factors To Consider In Network Marketing In Nigeria
Sometimes, our emotions may tend to play a trick on us. But with adequate information, you can easily detect when you are acting under emotion or reasoning.
Before you pull out your hard-earned money for any form of network business, here are important factors you must consider.
Before you make money from the business, what is required of you; is it to sell a product or to recruit a salesperson? Once you have understood that, you will then position your mind for the task ahead.
You have to research the track record of the company's founders. How long have they been in business, the award and recognitions they have received over the years.
You also need to consider whether you are personally enthusiastic about the company’s product. This will boost your confidence when you are talking to someone about the product.
The people you know, would they be enthusiastic about the products? Would they like to buy the product; what is the market value of the product?
Who are those that will need the product? What problem is the product solving – is it urgent or future need?
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Price is an important factor in network marketing. You don’t want to become a network marketer for a product that the target audience can’t afford. How much is the product, is it affordable?
Is there a good marketing strategy to promote the product? Or can you craft a good strategy to promote the product?
Once you have properly considered these options, you will know whether or not the company is a good one.
Conclusively, learn to leverage social media to promote your product. You can check out the best social media to advertise your products in Nigeria: Best social media advertising platform in Nigeria
I hope this publication is helpful? If you have further question on how network marketing in Nigeria works, Leave a comment below and i will attend to you.