What Is MLM Software?
MLM software is a multilevel marketing management tool for the effective monitoring and organization of an affiliate or e-commerce network, the users, and commission plans. It grants the ability to track your program’s status, income and expenses, and referral rewards. Several integrations improve the system functions, streamlining and automating processes to save you time and money.
The system also has the clients in mind. It lets them browse and purchase products easily, providing an elegant interface uncluttered with images and product descriptions. You can customize both the front- and back-end sections of the software, making it more accessible and user-friendly for your team and customers. You’ll also be able to update your catalog with a few simple clicks of a button.
Of course, the MLM package must be tailored to your business needs. Where there is a linear compensation flow, new members will automatically join under an existing partner. It creates a hierarchy trail for more effective commission tracking.
The system also caters to uni-level compensation plans, in which members have a limited number of downline partners they can manage and receive a commission for, making it more restrictive. Finally, you have the binary option that caters to networks where each sponsor may hold two members under them in the genealogy tree.
Benefits of MLM Software
There are several benefits to employing this type of system for your business. Here are a few:
- Improved sales. The structure allows for several promotional methods, from word-of-mouth to online campaigns. You’ll see traffic growth and increased product sales while you comfortably manage the system with your team.
- Remote accessibility. Since most of the platforms are web-based or on the cloud, you can monitor your network’s performance from anywhere in the world. Simply open your device, access your account and review the day’s activities.
- E-commerce integrations. One of the top benefits is that MLM software can integrate with e-commerce sites and platforms. You can develop personalized shopping carts or adjust any of the templates available for a better user experience.
- Customized support for compensation plans. It doesn’t matter what commission structure you’re working from since MLM caters to several of them. The expert support teams will assist you with development and installation to suit your business needs.
- Increased transparency. You’ll have a complete consolidation of your network’s members in a single platform. Every partner will have access to the same features, improving productivity among the team.
Must-have Features of MLM Software
When selecting the best MLM software of 2021, there are few features you need to evaluate:
- Onboarding platform. When new members join your network, it shouldn’t be a complicated affair. The system should allow for easy onboarding to make your partners feel at home with simplicity.
- Graphical reports and presentations. Insights into your business performance are essential for monitoring your network’s success rate. You’ll want visual representations of the details in clear dashboards, showing charts and graphs.
- Commission tracking. One feature all MLM products must have is commission tracking. You can set how much each member can earn per sale while ensuring that everyone receives fair treatment.
- Payment processing. The platform should enable you to accept payment requests and approve them. While you can automate some of these functions, it’s best if you delegate it to your admin team.
- Support with industry experience. The last thing you want is to install a complicated software package without understanding how it works. To guide you through the processes, it helps if there’s a team of experts behind the wheel to show you how the tools work.
The Cost of MLM Software
In most situations, the MLM companies provide a vast array of plans. The multi-level marketing aspect may only be one component of their entire service delivery model. More often than not, you’ll have to request a quote for the features that meet your requirements.
It’s rare to pay a subscription fee for these platforms. You’ll spend between $99 and $2,500, depending on how many integrations you install. Some providers offer free support for the first few months, after which you may need to cough up monthly expenses to keep the team’s assistance.