In the words of Bob Dylan, “The Times They Are a-Changin.’” The direct selling industry has faced myriad challenges just in the last decade. How people shop for products, how they earn extra money, and how they communicate have all changed rapidly, deeply affecting the industry’s place in consumers’ lives.
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M&As can be exciting as financial institutions have an opportunity to grow and deliver newer, better services to customers. However, they can also be scary for everybody involved. There are two key groups that can easily be overlooked going into M&As: employees and current customers.
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April is National Financial Literacy Month, and we think that’s a great time to remind you that many American adults lag behind on maintaining healthy financial habits. If that sounds harsh, that’s because it is. But it’s also reality.
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In direct selling, your distributors are arguably as important as your products. The types of personal relationships they build with customers and other distributors are critical to the direct selling model and are rare in more traditional retail operations. Your products might be great, but the passion distributors bring to the table is what moves inventory.
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As the scope and ease of digital banking grows, it’s important for banks to foster a relationship with their customers. Effectively communicating with and educating your customers is critical to providing a great experience that helps them make smart financial decisions and continue using your services.
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