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5 Tips To Develop A Binary Compensation Plan For Your MLM Business! info@dnb-ma.com www.dnbmlm.com
Binary MLM Plan Binary MLM plan is the most simple and successful of the network marketing plans in the network marketing industry. As the name indicates, every member can add only two members in the first level of the plan. However, there is no limit to the depth of a network that a distributor can develop. Once you sponsor two people to your business organization, you have filled your front line, and set yourself up for viral growth that is typical of these compensation structures. There are several benefits of the binary compensation model.
Define your objectives It’s a good idea to make a list of your priorities. What does success appear like to you, and what do you want the plan to accomplish. There can be several objectives such as: • Drawing new distributors with excellent commission opportunities • Retaining market builders with long-term growth potential • Inspiring expert distributors to keep at their job • Offering good compensation without overpaying
2. Focus on growth While short-term commission checks will draw new distributors, it is the long-term rewards and growth possibility that will ensure that the business builders stay on. Both of these are required for the growth of the company. It is important to ensure that every decision you take will be good for the growth of both new as well as veteran distributors.
3. Decide on a structure There are 4 major network marketing compensation structures: uni-level, breakaway, binary and forced matrix. Each of these has their own advantages and disadvantages. It is, therefore, crucial to understand them all before you take a decision. While zeroing down on the right plan for your company, it’s good to keep in mind that these structures are just general outlines and you must think outside the box too. Analyze carefully and see what works for your business. Do not be afraid to innovate. All it sometimes takes is one idea to make a difference. Do not hesitate to brainstorm and think of doing something totally different.
4. Consistent compensation You want to offer consistent compensation through the challenging as well as the profitable years. A proper profit sharing program in place will provide extra incentives during the high revenue years and encourage your sales force to continue with their hard work.
5. Seek expert advice It is a good idea to consider hiring an expert to help you in deciding on the best compensation plan. The agency will help you identify the requirements of your company, how you can face the challenges that other companies have faced and help you frame a complete campaign for a memorable business model.
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