When network marketing boomed in the economy because of its unique way of getting people to buy products by using other people, economists in the Harvard Business School sat up and took notice. It is no little feat that millions of people are able to network with one another and market a product successfully within the network alone. Actually, it was a social phenomenon, and it was because of this that Harvard Business School decided to offer network marketing as a study course in the school. Today, network marketing is taught in over 200 colleges to business majors who need to brush up on different marketing strategies that people are taking to:
It cannot be denied. With great names like Warren Buffet and Donald Trump who have taken to network marketing and have made even more millions by investing in network marketing ventures of their own, it is a phenomenon that cannot be ignored. Under the course in Harvard Business School, the approach in network marketing was studied and monitored, and soon the school came up with its own criteria as to what the successful indicators are to show that a certain MLM network is a successful one. Here are the three basic criteria:
Company Age
It was discovered that for a network marketing venture to succeed, it would have to be at least one and a half years old to generally display some kind of stability in its foundations. It was also found that more than 90 percent of all networking companies fold, and when they do fold, they do it within the first 18 months of their implementation period.
Company Product
The product that a network marketing company sells should be novel and in great demand. This means that it should be highly consumable. The product should be unique enough so that only your network marketing company can offer to supply that particular product. A good product will attract many repeat customers to come back to purchase the product again and again. Because of this, it means that the product works and it has created a market of demand for it that will only be catered to by your network marketing company.
Company Reach
The last criterion is one that involves reach and influence. The Harvard Business School found that in order for a network marketing company to be successful, the active downline distributors that the company has should reach at least half of one percent of the population of that particular country. So, in terms of the US, of the 300 million American, the network marketing company should have at least 1.5 million actively distributing the company products. Findings also stated however, that if a company were to find its distributorship to be at least half a million in number, then this was a relatively good number for the company to be considered successful and on the verge of having even greater success.
With this criteria, it makes it easy for those who are interested in being a part of network marketing to identify the good network marketing companies to join, and which are not. Because of this criteria, MLM recruits can make better decisions on what company to join and the success rate that they should expect.
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