Take Your Business Worldwide with Multi-Currency Feature

currency

Multi-Currency feature of a network marketing software enables you to do business world-wide. We all know that different countries have different currencies. Though the common currency is USD, to tap those markets for your business you have to do business in their currency and allow them the conversion. So, multi-currency features enables you do business in different currencies for the same products or services.

Let us take some examples:

  • Your business is based in India, and you have customer in one of the European countries who wishes to buy your product but can pay in Euro and not in Rs.
  • Your products are say for example health and lifestyle products. These products are high in demand in western countries and are not manufactured there. So you have prospects in various other countries and each can pay in their currency.
  • You are a company based in India selling jewelleries. Your suppliers of say Gold is in Dubai. They insist that you purchase in their currency only.
  • All your competitors have spread their business worldwide by doing business in respective currencies. Would you like to be left out?

If you have taken your MLM business online then would you restrict only to your home currency? If yes, then you would lose out on most of the international clients, as nowadays all clients prefer localisation. They would not prefer to do business with you if they find a foreign currency i.e. your home currency. As they would have to bear foreign transaction fees and thus they would end up paying more from your online store rather than a local online store.

Whether the company is big or small, it depends on the product where it is having huge demand. Many small businesses offer products which are in huge demand overseas.

Thus it is advantageous to switch to multi-currency as either International Government Regulation or business model does not support single home currency and keeping in mind the above examples. Hence your MLM marketing software must support the sales transactions and receivables & payable in multi-currency.

As an Admin of the software, what you need to do is –

  • Select a Primary Currency or the Home Currency for your business
  • Activate a list of other Currencies for your distributors
  • Update Currency Conversion rates at regular intervals

Primary Currency or the Home Currency is the one which your company uses to do its business. The income of the company is calculated in this currency. For an e.g., a MLM company headquartered in India has its distributors in US, UK, Japan and Spain, for this company multi-currency is most relevant. Its financial figure will be reflected in terms of Rupees, so its home currency is Rupees.

As a Distributor, what you need to do is –

  • Use the desired Currency while entering the amount field for a transaction or related purpose
  • Generate sales orders, purchase orders and invoices in that selected currency.
  • View reports in your primary currency.

Let us summarise the advantages of multi-currency:

  • Customer Experience
  • Get more Customers
  • Go Global by getting into international market
  • Payment through Multi-Channels
  • Set Currency as per requirement

Thus the multi-currency feature in Ventaforce gives a competitive edge to seamlessly handle business transaction in the global marketplace. If you have worldwide distributed clients, multi-currency will facilitate international selling.

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Technology and Direct Selling

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Technology is highly impacting direct selling business and its experience. It is a change agent of the practices followed from decades by direct sellers in working and selling – right from businesses projecting their products and spreading the value message to how distributors apply the new tools to the reaction of clients for the service delivery speed.

Technology: Enabler & Challenger

The traditional form of direct selling is person-to-person marketing. That form is getting replaced by internet technologies and exploding social media. Many companies have adapted to the change and many are in the process of accepting the change, however every coin has two sides which implies that technology application have pros and cons both on direct selling.

In few decades there have been tremendous changes in how we access the information and the amount of information we can get. It is a blessing that we have abundant resources of knowledge at our finger tips which removes our confusion and facilitates to take smarter decisions. Today the world has become global community and even bridging the generation gap and for that we are grateful to technology.

For direct selling companies, we are today required to reassess the tradional nature of face-to-face marketing. Businesses need to understand very critically the impact of mobile phones, websites, podcasts, webinars, emails social networking sites and all the other avenues on the internet. As, it is changing the relationships between and within the manufacturers, distributor and consumers.

Mobile phones, say Smartphones or PDAs (Personal Digital Assistant) are powerful tool of networking today in direct sales which has brought the revolution. It has brought the exponential change in the speed and efficiency in communication techniques.

Emails are highly effective in maintaining the relationships which have been once developed, that is for time to time updates like launch of new products, promotions, new outlets, discounts, coupons and follow-up procedures. Emails help in getting in touch with the acquaintances from the yester years also. Thus it helps in maintaining the existing acquaintances.

Websites are easily accessible to mass which provides all the information about the businesses. It also solves their doubts and confusion with relevant source of the business itself. It helps to get in contact with the organisation and get into further communication. It also help the prospects compare the products of one brand to another. Nowadays, website is a must for any kind of business, whether small or an enterprise. It is the identity of company in virtual world.

Podcasts provides information through digital audio about products & services for the mediums like photos, presentation, voice-over presentation etc.

Webinars are very helpful in providing online training or holding an online interactive seminars.

Social Networking sites like Myspace, Facebook, and LinkedIn are helping to adapt from traditional emails into a more socially threaded interaction platforms. When social media sites are used in combination with the traditional form of networking like holding parties, it brings out the best of two. Because, those staying in the approachable vicinity can meet face-to-face but those who are living oceans apart can meet up and socialise regularly through such sites.

No doubt, technology is advantageous but should be carefully treaded. Businesses can be fast and easily connect with the global community but the negative information about their businesses can easily divert the consumers to the other companies than it happened in the past. Hence we can say, it is a double edged sword which needs to strategically manage to leverage the most out of it. Google and Bing have changed most of the equations, infact redefined the equations. Businesses can easily positions their brands and voice it out to the public but simultaneously the same public can be diverted by criticisms or negativities voice out for the same brand. Thus it adds to the existing threats or challenges of the businesses.

In addition to above challenges faced, are e- commerce and m-commerce (mobile commerce) which have redefined buying culture worldwide giving utmost consumer satisfaction. But this challenge should not considered as a threat, it should be integrated with direct sales which will augment the sales of the products and services.

The business model of the direct sales is redefined because technology has shifted the powers from businesses to consumers. Consumers are the king as they have access to all the information and cannot be easily lured away. If taken positively, it gives a competitive advantage by sharing valuable personal information. In addition to that, even customer service is the topmost priority of the businesses. It incorporates use of high-end technology to get that personalised feeling of actual interaction.

Technology is an enabler and a challenger. But a challenger can be a good enabler if taken constructively and competitively by having a flexible and adaptable attitude. Change is inevitable in tech-era and that change has to be incorporated fast. More the businesses are fast, more they are ahead. Leaders are those who transforms the challenges to agent of change fast!

Internet And Network Marketing, Can They Blend?

network marketing

In Network Marketing today, you receive a glossy distributor’s handbook, there is the company website as well a specific distributor page. Earlier, the blending of the internet with network marketing was considered more of an oil and water mix; however, it is a very different mix today.

The antiquated tactics of harassing friends and family, approaching uninterested strangers, and distributing flyers, business cards and brochures will not do much for you in today’s internet world.

The advent of social media has made the internet a perfect platform for network marketers to exchange their views and ideas, along with information that can allow a relationship to thrive.
Now, you need not be a computer expert, even an average person with limited computer skills can give value, exchange information and ideas, share videos, articles, and have the opportunity to reach out to more number of people at practically no cost.

With so much power at your fingertips and with the free flowing exchange of ideas and views, the internet is now become a hot bed for network marketers to attract interested prospects to them.

Network Marketing is a business involving people, even though the email is a great way to communicate, it does not provide the same quality of interaction you can get by talking on the phone, however the email works as an advantage, for when you want to call prospects in different countries.

The internet is also perfect for lead generation in network marketing. You now have a huge database of information where you can capture names and email addresses.

Social Media on the internet has become the perfect platform to make new friends, advertise your products as well as recommend products

Connecting with people is the base on which network marketing functions, when combined with the internet it works as a perfect marriage, between two well-matched aspects and can only work in your favor. However while using the internet you need not forget even the conventional methods, it is up to you how best you maintain a balance between them to your advantage.

Direct Sales and Multi-Level Marketing; Is There a Difference?

Do you want to start a new venture? However, do not have the capital for it, then direct sales as well as multi-level marketing is the best option for you. No doubt, both these business models work on parallel lines; they differ in product type, organizational structure, costs etc.

While the product range of direct sales companies, mainly include a range of durable products, products that have a substantial cost and generally have a single sale. In contrast, multilevel marketing companies generally offer consumable products, which have a lower cost and can be sold repeatedly.

Direct selling generally operates with a centralized manufacturer who manufactures the product, the business then contracts out the sales jobs to people who then go about selling the product door-to-door. They generally receive commissions on the volume of sales done by them. The model followed by multi-level marketing companies are almost similar but not without a twist. In this model, the salesperson can appoint other people into the company, which also forms their down line. This down line becomes the selling team as well as the income source for the recruiter. In multilevel marketing, the recruiter becomes eligible to collect a percentage of revenue from the people in the down line and as long as the members of the down line continue to sell and recruit more people the entire chain will earn income in addition to revenue from their own sales.

The startup costs can differ from company to company, however multilevel marketing companies have low startup costs. The low costs of products contribute to the low investment costs at the initial stages. As people are constantly being recruited, no inventory needs to be maintained, however, in direct sales, as the sellers need to maintain a stock of their products, the level of investment at the initial stages automatically increases.

Their sale territories, time and physical availability often bind direct salespeople. The most successful direct salespeople only earn money on their personal sales. Growing a sales force of other salespeople is generally reserved for sales managers. However, in multilevel marketing distributors are customers who also recruit more distributors, they are generally not bound by any territories.

A multilevel marketing often is compared to pyramid frauds, as the payment structure is almost similar but genuine and legitimate Multilevel marketing programs set a limit on the level of up lines that can collect an income.

The difference between direct sales and multi-level-marketing is very few, but both of them are part of selling a product to earn an income.