The new Nu Skin compensation strategyPosted 24 Sep 2018 Nu Skin, which sells skin care and nutrition products, has aligned its sales compensation strategy with the gig economy
Nu Skin has responded to the global gig economy trend by announcing a new sales compensation strategy.
Already launched in the USA and Asia Pacific regions, the new compensation plan - called Velocity - will start in the EMEA region soon. Russia and Ukraine are scheduled for September of this year, while the rest of the region will launch from early 2019.
Velocity targets millennials in particular and those aiming to create new income opportunities. Michiel Sinot, VP sales of Nu Skin Enterprises in EMEA, confirmed that the new compensation plan would build on the company’s vision and push the organisation forward with its ‘3P strategy’.
Nu Skin has already adjusted its marketing plan to include the launch of new products, the continued marketing support of daily use products and the expansion of its online marketing platform to boost the company’s customer base and introduce new products online.
Compared to the old compensation plan, Velocity is faster and much more flexible. It’s therefore expected to further attract this key audience to the business.
The main reason for the sales compensation plan adjustment is that as the world has entered the digital era and trends and lifestyles of customers have changed, social media now plays a central role in people’s daily lives.
It’s clear too that members of the millennial generation (Generation M), who are now 18-34 years old, are influential in propelling the world forward, since they’re both familiar with technology and capable of adjusting to new challenges.
For millennials, the gig economy has become a popular working style in which a worker, who either works as a freelancer, part-timer or full-timer, has multiple channels of income.
Velocity has been designed to fit the lifestyle of each new member. The result is that each member will be able to live their life on their own terms either by generating additional income or running a full-time business.
Share, build and lead
The structure of the Velocity plan consists of three steps: Share, Build and Lead.
First, by becoming a member and introducing products to customers, an individual can make immediate income. Second, by building a group of consumers and other members, they can earn a steady income. Third, by leading and mentoring a group of sales leaders to work as a team and reaching sales milestones, they’re able to achieve a further increase in income.
Michiel says: “Velocity is a new sales compensation plan designed as a response to the lifestyle of the new generation, as well as those who are looking for part-time jobs or extra income.
“It will help people who are entirely responsible for their cost of living and other expenses. Indeed, we believe the plan is suitable for both those who are seeking long-term flexibility and those who want to become business owners without having to invest a large amount of money.
“Individuals can be certain that the products are quality certified and there is a complete supporting system to facilitate selling products and generating income.” Read more like this< Back