Network marketing company LifeVantage just announced major transformation initiatives, including a customer loyalty program and a new consultant compensation plan called “Evolve.”
“We call this strategic transformation ‘LV360′ because we looked at not just one aspect of our consultants’ and clients’ experience, but every touchpoint in our model. We have laid the groundwork for this change over the past year with updates to things like our incentive program as well as product differentiation and positioning,” said Steve Fife, President and CEO of LifeVantage.
fife said NutraIngredients-USAthat consumer buying trends paved the way for this revival.
“Every element of this groundbreaking transformation was designed in response to changing consumer trends, while supporting growth opportunities and multiple paths to deserved success for our consultants,”Fife said. “It was important to us to have our Consultants who simply love the product and want to share and build customer loyalty, earn through their efforts while providing a path of earning for Consultants wishing to build a business while developing other managers and leaders. »
Changes to social selling experiences on popular social platforms and the rise of influencer marketing were another major trend inspiring the initiatives included in LV360. “The opportunity to partner with brands and earn commissions on traffic and driving sales is familiar and embraced by consumers, as seen in the growth of influencer marketing over the past few years.”
Fife added that trends reported by the DSA show strong growth in preferred customers in the channel with more than 44.6 million customers buying from direct selling companies. “This is a 7.2% increase from 2020. This figure excludes those who have not signed an agreement with a direct selling company. This is associated with 7.3 million direct sellers (a 5.2% decrease from 2020) who started a full-time (more than 30 hours per week) or part-time (less than 30 hours per week) business. week). This idea showed us that it was necessary to find a way to earn a significant income by sharing products, without necessarily having to create an organization.
On the health front, Fife said the rapid democratization of genomic and other personalized health data is giving rise to a new wave of health-conscious individuals and now, more than ever, education and understanding of own health are more prevalent.
The new initiatives will serve as a model for a more modernized direct selling industry, with the new approach aimed at solving fundamental direct/social selling challenges, including:
- Ensure consultants (no longer called distributors) step into their own “ground floor” with a path to predictable income and a clear, sustained road to success.
- Create clear, structured journeys for “customer collectors” (those who love selling the product, but don’t want to build a business) and engaged business owners (those who want to build their own business beyond the simple management of a sales network) ).
- Reward consultants for the way they want to work and compensate them on more than just sales.
Other initiatives include a revamped e-commerce experience as well as improvements to account and subscription management.
In addition to new leadership training and a new customer loyalty program, other highlights include in-depth mentorship programs, as well as a renewed focus on scientific innovations around cell activation, including the introduction of three activation pathways.
LifeVantage’s products fall into three “Activation Pathways” (Optimize Health, Achieve More, and Look Radiant) to help customers understand what cellular activation can support.
“Activation is the differentiator that sets our products apart from others in the space. Our product line not only focuses on supplementation for nutritional deficiencies, but on activating the body’s natural processes to help it liquid collagen is another great example of cellular activation – its daily collagen boost and exclusive botanicals activate the body’s collagen production, replenish depleted collagen levels (supplementation) and maintain those levels by reducing the enzymes that break down collagen,”Fife explained.
Significant advancements will also be made to LifeVantage’s technology stack, including the use of AI to help consultants identify and invest in talented people.
Fife explained that the new reports and tools built for Evolve will give consultants insight into the activity happening within their company as well as reports that show the key behaviors needed to move up the rankings and increase potential revenue. These tools will provide consultants with specific actions to take as well as how and when those actions should be addressed.
Incubator > commercial organization
Fife said he hopes these changes will lead to an organization that behaves more like an incubator for small businesses, rather than a typical parent sales organization.
“What excites me most about LV360 is that we didn’t approach these initiatives out of necessity. We approached them with a desire to further cement our status as a company to watch in the space,”Fife said.
According to the company, several new promotions and incentives will be rolled out to help consultants prepare for the changes. Over the next few weeks, LifeVantage will host over 50 virtual roadshows and training sessions.
Other LV360 initiatives include a new customer loyalty program called Rewards Circle. Evolve and Rewards Circle are scheduled to launch in the US, Australia, New Zealand and Japan on March 1, 2023.