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Network Marketing Tips

NETWORK MARKETING PROSPECTS: MLM TIPS TO TURN YOUR COLD MARKET FLAMING HOT

What Is Network Marketing Prospecting?

Network marketing prospects is not a new phrase.  Simply put, ‘searching’ is what ‘prospecting’ refers to in its basic form. The word ‘prospect’ originated as miner slang for the search for gold.

In marketing, seeking out prospective new customers is what the term prospecting means. Like gold miners, marketers are plowing through their lists, networks or contacts, constantly searching for customers to make a purchase.

If you are in this industry long enough you will notice that direct sellers and network marketers face the ongoing challenge of finding new customers.

It is such a huge challenge this tends to be the number one reason why people quit this business.   The overall effort or process network marketers take in locating and developing relationships with potential new customers in a bid to make a sale to them is referred to as network marketing prospecting.

 

 

There are two main types of prospects. They are cold prospects and hot prospects.

Cold Prospects: Potential customers who are cold prospects need to gain more familiarity with me, my business, or my product or service offerings. I’m not trying to close the deal at this point in the prospecting process; rather, I’m just trying to pique their interest in me and what I offer. This could involve several first encounters, where the person is still getting to know me.

Warm Prospects: These are prospects who you already know and who have demonstrated an interest in my offerings. You don’t need to bypass the “know, like and trust” when it comes to these group of people.

The relationship is already developed. They are on the cusp of becoming paying customers immediately and all it takes is the right offer or message at the right time to push them to convert to paying customers.

Your warm market is who your sponsors suggests to add to your list of 100 family and friends.  I know you’re thinking, why ask them first.  Well, it’s because there is little to no selling involved with them.

Your warm market prospect often will join you purely based on them the value of the relationship.  However, on the other hand the cold market does not work the same.

This is the best resource for building your MLM list!!

 

The Importance of Prospecting in Network Marketing

There was a time when I doubted the significance of prospecting to the overall success of my company and team. I learned that prospecting wasn’t an option if I wanted to hit the highest rank in my company.

Opportunity can always be increased, which is why prospecting is crucial to success. Consider it this way: converting a lead into a sale can be challenging and time-consuming, especially when recruiting in network marketing.

You must start early and frequently add (prospects) to your sales pipeline if you want to maximize your assets and achieve your marketing goal or objective.

There are two types of prospecting. They are prospecting to build a client base for retail sales, and prospecting to build a team of business partners.

While seeking clients refers to actively trying to increase your customer base for (retail) sales, the latter is geared towards increasing partners and growing profitable networks for your business.

How To Turn Cold Network Marketing Prospects Into Hot Ones

Turning cold network marketing leads into hot leads is not an easy task. However, it’s very possible if you know the right steps to take.  So, let’s talk about it.

Warm marketing network marketing prospects

1. Know Your Ideal MLM Prospect

Instead of randomly contacting everyone you know, it’s best to take some time to define the ideal MLM prospect. The first step is to know who your ideal customer is.

You can do this by creating an “avatar”.  An image and characteristics of your potential customers.

I usually determine this by gathering data on important questions like, “are they married or single?” “Do they have kids, how old are they, what’s their income range, and level of education?” etc.

All of this is important data so that you know exactly who you are looking for.  You see, you don’t want to focus on everyone.  Whether you are marketing online or offline you need to have a target marketing if you want to convert more sales.

These questions help me fit a prospect into an ideal customer, meaning someone who’s suitable for my service, and can pay for it.
There is a saying “if you market to everyone you market to no one”.

Knowing who my clients are is important because it gives me an edge while prospecting. It helps pre-qualify leads, saves money that’d have been wasted trying to convert prospects who can’t afford or don’t need the product, and helps arm me with information I can use for targeted messaging in ad and sales copy.

2. Find Your Ideal NWM Prospect

To find your ideal network marketing prospect, you have to know where they hang out online. Typically I determine this by identifying what social media platforms and sites they frequent, what online and offline communities they belong to, what events they follow, etc.

This is all done with a little bit of research of course.  Social media platform such as Facebook, collect so much information on their user that is used to help market to the highest quality of customers.

If you are like networking face to face you can do this the same way.  You must sort through all the rubble before you gain clients.

3. Ask Your Prospects The Right Questions

When prospecting, I never assume to know my prospects, so I stay away from asking close-ended questions. I ask open-ended questions instead and create the right physical, and psychological atmosphere for the prospect to express him or here self freely, and give as much details as possible.

Questions like “what did you like best about what you saw?” or “What did you like best about the product or service?” are great to have in your arsenal while prospecting.

4. Understand What Motivates Your Network Marketing Prospect

This is one of the most important network marketing recruitment tips. In my experience, I have learned never to underestimate the power of motivation!

To understand this you have to first understand that statistically, over 90% of our buying decisions are not based on logic. This means that 90% of the time, when we take out our hard-earned dollar to make a purchase, it’s not based on rational thinking.

There are motivations that appeal to your target audience as well. For instance, if your ideal customer profile is a college graduate, between the age of 25-35, who is single and earns between $100,000-$150,000, a possible motivation for a person in this category is upward mobility, career advancement and high income.

Leveraging this motivation will be more effective than reeling off the features and benefits of your product.

 

Build rapport with your customers

5. Get To Know Your Prospect

Now that you can reach potential clients, you can focus on their wants. Use your relationship to discover their concerns. Understanding their concerns helps you help them.

“Oh, we went to the same university!” is as annoying as describing an ‘amazing’ item that you think they’ll love in the name of conversation.

“I was genuinely impressed with how you overcame your health crisis” or “I connected with everything you said; I’ve been there myself” are the kind of conversations that prospects respond to.

Remember, trust and bonding are mutual. As your rapport improves, so does your bond and the prospect’s confidence in you, influencing his perception of your product.

6. Send Relevant Content to Prospects – Via Email Campaigns or Blog Content Or Podcast

Once you’ve connected with your prospects, compiled a list of how to reach them, and learned their challenges, the next step is to identify strategies to keep them interested in what you offer.

Communicate with potential customers by providing them with useful information that will assist them in resolving issues they are experiencing. In addition to maintaining the interest of your potential customers, this also aids in establishing your reputation (and winning their loyalty).

Sending blog posts, social media updates, or other content relating to your product or service is a great way to strengthen your connection with customers.

In due time, you may inform leads about the items you offer and how they can help them with the issues you know they’re facing since you’ve already spent time getting to know them.

7. Use Network Marketing Tools to Automate Your Business

Websites given by MLM company, A sales funnel, email marketing, or “Done for you” systems are just a few home business tools that will grow your business.

Using automation is crucial to the success of any network marketing venture. Suppose you can find ways to automate and streamline your process. In that case, you’ll be able to reach more potential new contacts and expand your network more quickly.

However, keep in mind that leads are people, not statistics. You don’t need any software to send useless sales pitches to those who aren’t interested.

Instead, seek methods to expand your genuine connections with others who share your interests.

 

8. Offer Something of Value: Ex. Free e-book, free download and discount on products or services

Add value! That’s the golden rule. Regardless of what you’re sending to the prospect, whether it’s an email, e-book or even a simple social media post, ensure that it adds value to the prospect.

9. Personalize Your Approach

Some may respond better with a text, a phone call, or email. Many professionals respond to a direct message via social media. So it is advisable to use their preferred means of communication to reach out to them. Avoid using a one-size-fits-all approach.

10. Pay Attention To Their Needs

You must not just pay attention to their needs, the prospect has to be sure that you are listening to them. It should be obvious to them that they matter to you as people, not just as an extra link in your downline.

Final Note

To effectively reach out and convert your network marketing prospects, you have to go the extra mile in ensuring that these tips are part of your strategy. Do them effectively and you’ll find your network marketing prospects converting in no time.

You can learn more about network marketing through my blogs. You can also learn how to generate leads online on Autopilot without paying for ads on my blog. And guess what? The training is free! What are you waiting for? Hop in before it is too late!

2 Comments

  • Nabanita Dutta
    July 29, 2023 at 9:36 am

    Prospecting is a fundamental and critical activity in network marketing. It involves identifying and reaching out to potential customers or distributors who may be interested in the products or business opportunities offered by a network marketing company. The importance of prospecting in network marketing cannot be overstated.

    Reply
    • Tamil
      July 21, 2024 at 5:00 am

      Nabanita, you are absolutely correct. Prospecting is the backbone to growing this business. It is often pushed the wrong way but with the right guidance and training prospecting can be a profitable skillset. Thanks for the response.

      Reply

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