QNet is a direct selling company with its headquarters in Hong Kong. The company is fully owned by QI Group. It has previously been known by several names including GoldQuest, QI Limited and QuestNet. The company sells a wide variety of products to clients through its network of independent representatives. Most of these products fall under energy, nutrition, weight management, personal care, luxury goods, fashion accessories and home care.
The company was founded in 1998 by Joseph Bismark and Vijay Eswaran in Hong Kong. Joseph Bismark’s talents and versatility enabled the two founders to establish a solid foundation for the company. This has resulted into the rapid expansion of the company. Bismark has been the Managing Director of the company since 2008 and is also a director at QI Group. He also helped to establish RYTHM. RYTHM is the arm of QI Group that deals with corporate social responsibilities.
The marketing strategy used by Qnet is basically a multi level marketing model. The model is made up of thousands of independent representatives arranged in a binary fashion. Every independent representative (IR) is required to recruit new representatives into the systems. All new IRs recruited by an existing IR are part of his or her team. Each new IR should also recruit other individuals. An independent representative is compensated based on the quantity of products sold by him and those sold by his team. The amount received from a product sold by a member of one’s team is usually lower than compensation from a similar product sold by the independent representative. The independent representatives are not employees of QNet, and can work full time or part time.
QNet relies heavily on IRs to do the marketing on its behalf. This helps the company to save millions of dollars. This also increases the profitability of the company. However, the company will at times run newspaper ads to make clarifications on its products.
Apart from its operation in Hong Kong where it is based, the company also has operations in other country. Most of these countries are in Asia. It also operates in a few African and European countries. Countries of operation are Philippines, Indonesia, Thailand, UAE, Vietnam, Rwanda, Sudan, and Taiwan. The company manufactures its products in Turkey and India.
Qnet is QI Group’s main subsidiary. Vijay Eswaran and Joseph Bismark originally named the company Gold Quest. The first major diversification of the company was into vacations and travel. This was in 2002. In 2006, Qnet increased the number of products it markets to include nutritional products, health, energy, and watches branded Bernhard H. Mayer.
The marketing strategy used by Qnet has greatly been successful. The company continues to grow in both the number of IRs and the quantity of products sold. Apart from marketing products, the company is also associated with Qnet Open, which is a tennis tournament for women.