Do you think your Multi Level Startup does not have enough information to think about Big Data?
Does the term “Big Data” sound distant to your business?
Think twice, because Direct Selling Companies of every size can use the information they collect every day from their Consultants / Influencers and their clients to predict behaviors, plan future strategies, measure the impact of communications and increase engagement and performance of their sellers while increasing their return rate.
“Big Data usually includes datasets with sizes beyond the ability of commonly used software tools to capture, curate, manage, and process data within a tolerable elapsed time.” Steve Lohr, The New York Times
It does sound distant, but at the end of the day, in Direct Selling the main asset is the people, all those who participate in your Network, as well as through all the activities, tactics, messaging and rewards are nurtured to keep being a strong part of your brand and help you Grow Sales. With Big Data, your MLM company, big or small, startup or not, starts tracking actions and predicting behaviors based on the analytics of how customers and distributors react to changes in your business model rules and in the marketing and sales tactics used.
What is considered “Big Data” in Direct Selling companies?
All the information collected from Consultants and Clients, even if it feels like is a small amount of data, can determine the success of future Marketing and Sales Campaigns. Without a strong base of sellers and the highest possible return rate, your Direct Sales Business won’t survive the long-term.
Collecting, store and analyse data from your entire operation your company could potentially study variables like the churn rate of distributors compared to their purchases in time, and make conclusions about the timeline of new distributors and in which period of time they start slowing down sales and leaving the company. Based on conclusions like those, actions can be taken to drive behaviors in your Consultants and increase retention rates.
Big Data can be gigabytes of information about Millions of Sellers and years of Sales, or it can be hundreds of bits of data on your Startup operations, but no matter how much or how little it is, this data is the core of the success of future actions.
6 secrets from companies who manage Big Data:
1. Make sure to store information on:
- Network details, characteristics, demographics, locations, preferences, social media profiles, and their actions that include your brand, actions taken on your website and E commerce, payment methods, etc…
- Compensation plan, commissions paid, ranks reached, time to pay commissions, commissions per campaign or catalog, rewards, points, incentives with the best performance.
- Product development, best sellers, trends, kits…
2. Collect data from all the Consultants downline your Network:
Consider all the different approaches distributors have towards your company.
- Those who buy for themselves,
- Those who sign up for auto shipping products or memberships,
- The ones who are ambassadors in their close circle,
- The ones who become distributors and their starting process,
- Those who believe strongly in your brand and your messaging and who build your network up.
3. Connect all the relevant sources of your Direct Sales business data:
- Search engines
- Social Media
- Software that manages your business
- Order processing
- Website sessions
4. Customize strategies to deliver personalized services for Consultants:
- Customer Service CRM (Customer Relationships Management) strategies are transversal to the rest of Marketing and Sales tactics, and therefore require an extra push in data to succeed.
- Big Data in CRM targets customers from their first contact with the brand all the way until they become consultants and grow the business with them, making that experience memorable so they want to share the message and attractive enough to represent a potential way of making money, connecting them with the business.
- Meeting customers’ expectations in product, service and purchase process.
5. Marketing automation tactics to drive actions and generate engagement:
- Targeted messages to each group of clients and Representatives / Consultants have higher response and engagement rates.
- Create automatic emails for your consultants to send campaigns that display products and features determined to be more relevant for each group.
- Identify the motivators of each consultant type and then target communications for each, with the right tools that strengthen their brand loyalty and sales performance.
- Offer Software tools that motivate your consultants to work wherever they are and they feel the tool supports their job, the communications with their downline network, and the communication with other consultants and those under them, as well as live reports of the orders of their clients, commissions, network movements, and campaign sales.
- Implement Social Selling practices.
- Create customized offers, promotions and improve website navigation experience.
- Closer relations with consultants based on the segmentation of their information.
6. Diversify Sales performance rewards and metrics:
- Once you understand the different types of consultants you have and their motivations to be in your network, whether they are their career plan as an independent seller or they are trying to make some extra money or It’s just simple curiosity for your products, that information can be used for personalized messaging for each group of people, turning it into better responses from each campaign.
- Segment your audiences to offer different rewards for their performance and get higher response rates from each resource because the milestones are reachable for each group.
Segment the audience invited to sales party by the characteristics of their purchases, thus ensuring more sales with fewer expenses in planning and reach.
Grow your Direct Sales Business with Big Data monetization
The value of data reflects when running business activities:
- Sharing messages with value to specific customers’ groups to incentivize sales actions.
- Internally sell data with other areas of the business that might need to be understand your customer more in-depth in order to develop a better job in the resources they create for your consultants.
- Upsells and cross-sells with targeted offers.
- Retargeting consumers.
- Build closer relationships with customers and consultants to trigger more purchases.
- Change compensation plan based on the incentives that motivate your consultants the most.
S4DS Software Solutions for Omnichannel enhancing sales
Our Software S4DS is the right tool for managing your Big Data and by using it to generate personalized actions that drive more sales, with our features your company will be able to have:
- Full CRM management integrated to administer Rank advancement requirements and ranking line
- Bulk automated messaging for selected groups of consultants
- Events planning, invitations, and scheduling
- Replicated sited configurable with the information of each consultant
- Personalize reports to show to your consultants to encourage their knowledge and understanding of their sales, the orders from their network and their commissions payments.
- Integrate your Social Media with your E commerce to keep your profiles updated.
- Download reports for data analysis
- Multiple catalogs
- Consultant Back Office to support their job and ease their communication with other consultants and their sales process with the orders management
Track and store information on your consultants and customers.
Having powerful tools to understand and manage data is what makes the true difference for your business. With S4DS, Big Data management is easier and more dynamic, with our MLM Software System your Direct Sales Companies model can manage all the data successfully, check more functionalities of our SaaS here.
Related Content to Big Data management in Direct selling:
Big Data Analytics: Turning Big Data into Big Money. By Frank J. Ohlhorst