One of the biggest secrets to building a successful Nu Skin business is understanding that the Founders of Nu Skin created a compensation plan in which the first step was to maximize RETAIL profit of 30% or more. THEN add overrides on both personally sponsored and downline wholesale volume.
The compensation plan was NOT created to promote the wholesaling of products, skip over more than 30% profit margins and push people into an Executive position just so they can make money.
What some leaders fail to understand and according to Nu Skins financial statements is less than 8% of the entire global distributor base will become Executives. With the 30% retail profit set aside there is nothing to offer in the form of compensation to 92% of the distributor base that do not become an Executive.
Duplication models have been created with only Executives in mind. In my own market there are leaders still doing this with the upcoming launch of AgeLOC ME.
The AgeLOC product line was created with a very high "wholesale" price in mind because establishing a retail price became less important and was no longer promoted or included in some duplication models. Some leaders in essence removed almost a full 1/3 of the compensation plan. I've railed against it for almost 10 years knowing that it was far more important to focus on the other 92% who didn't necessarily want to become an Executive but simply wanted to make a little part time income then the other 8% who will in most cases become Executives anyway.
Today we are seeing enormous success around the world especially online with the teams that are promoting a retail based model focusing on our lower priced products that produce quick results like AP-24 Whitening Toothpaste and Non Surgical Facelift. In essence these teams have brought back the 30% or more retail profit that was originally built into the compensation plan by the founders. These teams are growing exponentially. And the other wholesale based teams are scrambling to catch up. Things are coming full circle. And it's exciting to see happen.
So now you have some understanding that virtually our entire 300+ product portfolio was created with a retail price model in mind. With the exception of AgeLOC products which there is no reasonable retail profit margin.
I'm directing all of my global teams that are focusing on building successful Nu Skin businesses to focus only on those products that support a 30% retail profit or more. It is the real key to success. Bringing in the masses of people who simply want to add a little extra income to their lives.
It is the magic 1/3 of the compensation plan that will change everything for you.
Monte Schumacher is a 31 year Direct Sales industry veteran. He leads one of the largest networks of independent sales reps in the world.
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