Review Of Herbalife
Herbalife: Business Opportunity
Herbalife may be the first brand that comes to one's mind when thinking of networking companies. Considering that the business has existed for quite some time already and that numerous people have given positive testimonies about this brand, it gives us more reason to be convinced that Herbalife is a major player in the industry. Being in existence since 1980 and having annual revenues of around $3 billion, a company like Herbalife really grabs some attention since not many companies have managed as well for themselves. Although the image seems promising, like every other big company, Herbalife too has had its share of problems. There have been some glitches in the product area, and more in the people arena. Nevertheless, the company has survived, and is seemingly going strong.
Clouded Image of Herbalife
Many existing Herbalife distributors have already experienced this: presenting the networking opportunity to someone who literally asks if what is being presented is Herbalife; even before the program is discussed, then immediately having no interest. Moreover, the products have also had their share of problems and criticism. Some people perceive the market for Herbalife products as being already heavily saturated thus; they think that the products would be very hard to sell. This issue becomes even more relevant if you are going to operate in places where Herbalife has been operating for a long time and where competition is very visible.
The Industry: Competition
The fact that the wellness industry is growing at a superfast pace cannot be denied. As anticipated, the company's profit runs in more than a trillion dollars owing to the fact that today's generation is willing to look and feel good instantly and does not mind popping a few pills for the purpose.
This kind of growth is followed by hardcore competition and so diet and natural supplements are overflowing in the market. Be it your pharmacists' store, your grocery store or your doorstep they are available everywhere. Now the problem which a company like Herbalife faces in a situation like this is the pricing. All its rival products are available at a lower rate than Herbalife. Though Herbalife is a unique product, the difference between the price of Herbalife and its rivals is something that the market should consider.
Compensation Issues
The typical compensation plan for Herbalife would require you to buy and sell around $2500 personally each month for you to receive your full royalty. With selling becoming increasingly difficult given the product overdose in the market, this pay plan has received a lot of criticism. Moreover, many other networking companies are now offering much better and lucrative pay plans for their members.
The Training Program
It is generally agreed upon that training is the make or break factor for networking companies. The training sessions motivates the trainees and teach them to remain in sync with the business and the team. Through the training programs, the members can acquire business insightfulness and go on helping the company grow and acquire some personal financial goals.
However, it seems that like any other company, Herbalife too has problems with its training process. The earlier door to door method was somewhat successful but the way Herbalife markets and sells its products now is utterly confusing and unsuccessful.
So the key to being part of the Herbalife culture and succeeding in it is discovering HOW to market oneself and not so much the company. With a 30+ yr old company...Herbalife is established. It is each distributor that must be differentiated and that will only come with gaining the proper marketing training that unfortunately is not taught by the company.
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