Discover how B.A.N.K.’s sales methodology can increase direct selling sales conversions by 86% and boost recruitment by 192%
Codebreaker Labs conducted five online surveys of 2,386 U.S. adults to gauge how utilizing the B.A.N.K. sales methodology could help develop best practices for direct sellers looking to grow their businesses.
We found that by crafting sales pitches based on the triggers that appealed to each BANKCODE, respondents’ likelihood of buying DS products increased by 86% and the likelihood of signing on as a DS distributor increased by 192%. In fact, the B.A.N.K.-specific triggers actually outperformed the individually tailored sales pitches we tested using respondents’ stated preferences.
This report details the purpose, methods, and results of the study and proposes several next-step opportunities for DS companies and DS representatives to partner in future research.
The results presented here show huge promise for B.A.N.K. to maximize the 4 R’s of direct selling—Revenue, Recruiting, Rank, and Retention—and bring transformational success to direct sellers.
In 2018, 6.2 million people were working full- or part-time as direct sellers in the U.S. and total retail sales for direct-selling companies hit $35.4 billion
As an industry that stretches across every demographic, geographic, and product or service category, direct selling offers a low-risk, flexible, and potentially lucrative entrepreneurial opportunity for anyone willing to work hard.
Yet, many who put in long hours, invest their own money, host parties, attend business seminars, and do everything “right,” become disappointed and discouraged by the lack of results. In 2018, for example, direct sellers working either full- or part-time averaged just $5,702 in retail sales per year; of that total, take-home income was a fraction.
In terms of the 4 R’s that are key to success, nothing seems to line up easily for the vast majority of direct sellers:
Revenues are low; recruitment is a struggle; rank advancement feels unachievable; and efforts toward long-term retention of customers and downline representatives have proven futile.
Several recent industry research reports bear out this harsh reality with hard data and testimonials from embittered and disillusioned direct sellers. While some studies have concluded from these results that the direct-selling model is inherently flawed–designed to benefit only the tiny fraction at the elite levels–we propose another explanation for why most direct-selling representatives are not thriving.
Simply put, most people’s instinctive approach to selling is ineffective as a sales strategy.
In addition, because direct sellers must sell on multiple levels (e.g., themselves, the product line, the company, the network, etc.) their misguided intuition about how to sell essentially doubles and triples down on their inability to succeed.
For example, a very common selling mistake among all salespeople (not just direct sellers) is the failure to recognize the critical importance of a customer’s personality.
Personality affects not only how a potential customer perceives a salesperson, but also influences their preferences for certain qualities or attributes (i.e., features and benefits) that may exist within a product or service.
Salespeople who deliver sales presentations based on their own personality types instead of adjusting their pitches to match their customers’ personality types will communicate ineffectively about 75% of the time and, hence, will likely lose most sales.
The Chally Group, a Growth Play Company, found that as few as 9% of buyers will buy from a salesperson who does not match the buyer’s personality type, compared to up to 89% when personality types are aligned.
This lack of appreciation for the importance of catering to a customer’s personality explains the fact that 67% of all sales professionals fall short of sales goals and 66% of customers say they are turned off by sales presentations, according to salesforce.com.
Note that these are the statistics for professional salespeople. Given that an estimated 75% of direct sellers have no prior experience in commission-based sales, their lack of success and high rate of attrition is not only unsurprising, but it’s also predictable.
These circumstances, however, present the enormous and intriguing possibility that by simply learning and practicing a proven personality-based sales technique, direct sellers have the potential to accelerate their achievements in the 4 R’s–Revenue, Recruiting, Rank, Retention–and reach those milestones for success that, to this point, have seemed so elusive.
To that end, Codebreaker Labs has initiated a research program dedicated to understanding how the B.A.N.K. system could be used to develop best practices for direct sellers looking to grow their businesses. B.A.N.K. is a scientifically validated personality typing methodology designed to predict an individual’s buying behavior based on sets of stated values and preferences.
For the purpose of the current study, we are specifically interested in those attributes of DS products and DS business opportunities that different BANKCODES find most appealing (Triggers) and which are likely to be deal-breakers (Tripwires).
George Madiou and The Network Marketing Magazine have teamed up with Cheri Tree and Code Breaker Technologies to offer significant solutions for real success in your direct sales business.
There is a real pathway to success for those in this profession, who are willing to learn and put into practice what the experts have discovered and proven to be the “secret” of this discovery. Success is achievable by simply learning to “Crack The Code.”
The August 2023 issue of The Network Marketing Magazine will continue this series of DIRECT SELLING WITH B.A.N.K. White Paper Part 2. In the meantime, take advantage of the FREE offer in the paragraph below to crack your own code as the first step to your continued success!
As a reader of The Network Marketing Magazine, we offer you the opportunity to crack your code and take the BANKCODE assessment for FREE. This will take you less than 90 seconds to complete, and you will receive a custom BANKCODE Personality Report as our gift to you ($99 value). To crack your code for free, GO HERE
Codebreaker Technologies is the world leader in Personality Coding Technology with clients in more than 100+ different countries.
BANK™ is a reverse-engineered personality profiling system designed to dramatically increase your sales velocity in less than 90 seconds!
Preview with Cheri by discovering your TRUE personality… Here is the free link to Codebreaker Personality test https://crackmycode.com/ghazalajabeen
- DIRECT SELLING WITH B.A.N.K. White Paper Part 1 By Cheri Tree - June 30, 2023
- SALES IS NOT A NUMBER’S GAME – IT’S A PEOPLE’S GAME! By Cheri Tree - June 29, 2023
