There are many different MLM companies which are pitching their model these days. They vary from one another only in the smaller details.
The problem is that most of the business models do not work. That is why it is essential to choose the MLM Company carefully. It is worth it to put your time and effort in the MLM model of a company which does not have a proper business model.
One such company is known as myEcon. It is important to check our myEcon review before you enroll for the MLM business model. Only when you do so, you can take an informed decision.
What is myEcon?
myEcon has been around since 2006. Two entrepreneurs launched it by the name of Ivey Stokes and Alvin Curry. The unique feature of this MLM Company is that the product is the financial services which it provides.
The financial services are on offer to help you manage your finances in a much better way. Rather than selling digital or physical products, it sells financial products. myEcon is thus unique in this way.
The gist of myEcon is that you can invest in its product to save money. It is true that the business model gets a bit confusing with the model revolving around saving money.
That is why; you have to read our myEcon review further to understand what it has on offer.
What are the products on offer by myEcon?
Let us first delve into the details of the products. Most of the products are digital products or software or tools. There involve helping you reduce your debt. We will go into the product details below.
• ID defender:
This tool aims to protect your credit and identity. It will protect you against identity theft. It will alert you in-case; someone uses your identity. It will help you protect your credit report against the hacking.
• Smart credit repair system:
It allows you to recover your credit score. There are many different video training modules which you can follow. If you think that you need the help of the credit repair agency, there are e-mail templates which you can directly send to the agency.
• Cash flow manager:
With the help of cash flow manager, you can track your expenses with the help of your smartphone. You can also upload the images of the physical receipts to track those expenses as well.
• Health and nutrition:
The health and nutrition portal allows you to access three different nutritional software and tools of myEcon.
• Cashback mail:
It offers you affiliate links to various products which you can promote. You will gain a small commission when someone purchases that product.
• Road Assure:
It offers you roadside assistance in case you require it. It is a monthly subscription.
• Credit monitoring:
It will allow you to monitor your credit score. It charges you a six-month subscription fee for the same.
If you have gone through the products above, one thing which you might have instantly noticed is that the products are all over the place. It is a big problem.
When you’re promoting the products, you do not know which product works the best. Moreover, you cannot give your leads or prospective customers multiple options. You need to promote a single product which is most targeted. That is why; it is difficult to promote these MLM products.
If you think that you can opt for them yourself, the effectiveness is pretty limited. That is why that is not a good idea either. Besides that, the business model to spend money in an MLM program to save money is not viable.
How does the myEcon mobile app work?
The myEcon mobile app provides you with four different services. These are:
• Credit monitoring
• Credit score tracker
• Detailed credit report
• Real-time credit score
All of these services are about your credit score. There are a few other services which are on offer by the app. These are:
• Tax advice
• Preparing your IT returns
• Identity theft protection
• Legal services at a discount
• Personal finance training
• Credit recovery
The app offers you a wide range of services which allows you to get your finances in order. The only bit of problem is that the app and the products are not that effective. Making any use of them is tough.
Do the products work?
The problem is that financial services products are not universal. Moreover, the same financial services products are not viable for every individual. When you search for myEcon reviews online, you will find only a handful of reviews.
That is because; the products are not suitable for every individual. Moreover, the myEcon reviews available are not that positive either. It indicates that myEcon is not as effective as it seems.
How to make money with myEcon?
MyEcon is an MLM company. It allows you to make money through 2 different business models. These are:
• Earning commission from sales
• Residual commissions from your referrals
You can use various marketing techniques to drive sales and referrals. The methods which you can use include:
• Word of mouth
• Print media
• Direct to home marketing
• Social media marketing
• Email marketing
The options which you have to market myEcon are virtually unlimited. The only bit of problem is that the products are a bit difficult to understand and not that effective. That is why; the conversion rate which you get is on the lower side.
What do you need to do to get started with myEcon?
You have to sign up through the referral link of someone else. You can also apply as a marketing director to sign up without the referral link. The enrolment is not free. You have two options to gain your first payment through the MLM program. These are:
• You have to pay one single time setup fee of $19.95.
• You need to pay a monthly price of $ 34.95.
You need to choose any of these options to get your first payment.
What can you get for the amount you pay?
myEcon will provide you with the replicated website with your products. The products will have your referral links. There will also be training videos which you can promote. There are a few other perks which you will get if you sign up as a marketing director. These systems include:
• Legal services at a discount
• Identity theft protection
• Corporate perks
• Discount travel vouchers
• And some more
When you look at these perks, they do add some value to the upfront cost which you pay.
Compensation plan of myEcon:
The compensation plan of myEcon is a bit complicated. We will make it simple for you.
1. Recruitment commission:
When you’re a marketing director and when you refer someone, you will get $25 for every affiliate. As your rank increases, you can also earn more. You can receive up to $50 per affiliate.
2. Direct commissions:
When you sell any product, you will get 15% of the total sale amount. Similarly, if your referral sells the product, you will get 15% of the total amount as well. When you rank increases, the commission can increase to 25% on direct sales and 10% on downlines.
Thus, because you are selling digital products, the commissions are not that great.
What should you know about myEcon?
There are a few other drawbacks of myEcon. You have to take these drawbacks into account before making a decision.
1. Recruitment-based model:
myEcon mostly focuses on recruiting new members. It will encourage you to get more and more affiliates. The commission structure also provides you with more when you get affiliates and referrals.
2. Membership fee does not provide you with access to the products:
The membership fee will enroll you into the MLM program. It will not provide you access to the products. You need to buy the product separately.
3. Affordable alternatives:
Whether you’re looking for a credit repair tool or a debt management tool or income Tracker tool, there are many free apps which are available these days. You need to spend such a significant amount of money to gain access to these tools and software.
When it comes to the effectiveness of myEcon tools as well as the business model, it is severely lacking. It is better if you stay away from it as far as possible.
• Offers tools and software
• Tools not effective
• Membership only for MLM business model
• Separate cost of products
• Difficult to convert
• Focuses heavily on gaining referrals
MyEcon is not a scam. The only problem with myEcon is that the products are not strong enough. They are downright ineffective which means that it is tough to convert. There are much more affordable and free products available in the personal finance niche.
They will provide you with more features. If you’re looking for a legit business model to make money online, there are plenty of other courses and programs in which you can sign up for.
You don’t have to recruit any friends or family or anyone to make money
You have the freedom to promote any products you wish and not being restricted to only promote the products from one company
And It’s Free to get started