Ryan Napierski, president of Nu Skin, was recently interviewed by Teresa Craighead, publisher at Social Selling News, a premier news and trade publication for the Direct Selling Channel. During their conversation, Ryan and Teresa discussed his dedicated career, turning threats into opportunities, and transformation within the company.
Turning Threats into Opportunities
Ryan has been with Nu Skin his entire career. During his tenure, he’s helped Nu Skin capitalize on trends and turned threats into opportunities. Teresa asked if he saw e-commerce as a threat to the business model of Nu Skin. Ryan answered by explaining there are always threats in the business world. Before e-commerce, Walmart was seen as a threat, then e-commerce became a threat, and now, most recently, social commerce is “the threat.” Ryan said that he thinks the threatening aspect comes in when we look at our ability, or inability, to adjust and adapt to those new forces. What was a threat is now the majority of transactions, in fact, 80 percent flow through e-commerce today.
Ryan continued by explaining how Velocity, Nu Skin’s compensation model, came to be because of “a threat.” Social commerce is a new era of transaction. There are several studies that state people are more likely to purchase products via social media based on a friend’s recommendation. Also, people want to improve their circumstances, flexibility to work when and how they want, and the fulfillment of doing more. That’s where Nu Skin’s Velocity compensation model comes into play. Gig workers that work through Nu Skin can get paid daily, weekly or monthly depending on what they want to focus on and can work where and when they want. For example, sharing bonus is paid daily when someone buys a product via the mobile app, which satisfies a primary need of most gig economy workers, which is to get paid quickly. Most of these transactions are done via social media.
With extensive experience at Nu Skin, Ryan has been able to see the importance of catering to the expectations of both consumer and distributor. He recognizes the interdependence of both and has helped Nu Skin create a platform that is specific to the needs of both types of customers. He’s leading Nu Skin transformation into something that enables the company to create best-in-class brand loyalty that speaks to our ability to innovate. Ryan emphasizes the ability to disrupt your business before being disrupted, and how this has the potential to change threats into opportunities. The ability to transform your business in the wake of new trends and industry changes is key to survival, and as Ryan stated, this is a key part of Nu Skin’s strategy.
Check out the full interview here.