Cold Market Prospecting | Network Marketers
I made a decision to master cold market prospecting. When my family and I lived in Texas about 5 years ago, I was driving back and forth to Houston every week (5 hours away), work for 6 days straight, drive back home and only be able to return home for one day. To see this lil’ beauty stand there waiting for me to come home broke my heart. I missed my wife. I missed my daughter. The precious moments I was missing with both of them killed me. What I was doing wasn’t working, I needed to do something about it.
Although we also had a network marketing business, it simply wasn’t working. Our warm market list didn’t want to hear from us about it anymore, and offline prospecting was taking even more time away from home and my family – I made a decision to master cold market prospecting. This is when I knew social media was going to be my ticket to spending more time with my wife and daughter, and I needed to master this, and quickly.
I dove in online from YouTube to Google, making lists and reaching out to people who were doing it. It wasn’t a walk in the park that’s for sure, but what it was, was a short term sacrifice for long term gain.
My wife and I went on to sponsor more than 200 personal reps in our previous company, 180 of which were a direct result of cold market prospecting. We achieved the number two position for most personally enrolled representatives (sales team) and in the top 5 income earners. We were beginning to reap the rewards of our short term sacrifices, the learning curve if you will. So when I moved on from that company and shifted my focus to coaching and helping others in the profession, I knew a priority was to shorten the learning curve – your learning curve.
What Is Cold Market Prospecting Anyways?
Definition: “Cold market” refers to a sales person’s future or prospective customers. The opposite of cold market is warm market. In sales and direct marketing, warm market is said to be marketing to people you know like friends/ relatives/referrals or existing customers.
Basically what that says to me in strangers, or friends we haven’t met yet. So I wanted to share with you some of my top tips on how to master cold market prospecting and I am confident you will understand why this is among the skills you want to learn, and implement sooner than later.
Cold Market Prospecting Tips
#1 Twenty Year High School Reunion. Now, given that we’re already defined that cold market prospecting is actually people we do not know, I don’t mean the high school part literally – what I mean is, treat a cold market prospect like you would an old high school friend you haven’t seen in twenty years. What would that look like? Some small talk, asking what they’ve been up to, what they’re doing now, married, children, and so on.
Seeing this prospect in a different light than as a stranger will not only help remove the nervous or awkward type feelings, and create a conversation for fluid, one that you are genuinely interested in who they are and what they have going on in their life, and ultimately – where or how can you help.
Similar to what we’ve spoken about in past, especially in the post about Building Relationships in Network Marketing – you want to establish that connection, that trust, that commonality between the two of you. Generate real dialogue. Sure there’s some small talk, but once you create a reciprocal interest and conversation, the rest of the skills you have learned (or are learning in our community) will come into play, because YOU, just turned this cold market prospect into someone relatively lukewarm.
#2 Listen More And Talk Less. Needless to say, this is a pretty transferable skill inside the network marketing and direct sales communities. Remember, when you are cold market prospecting, these people do not know you, and probably weren’t looking for you. They’re probably not very interested in what you have to say … yet. The conversation should be about them. Compliment their profile, or perhaps the positive reason you reached out to them, but outside of that, this conversation – especially the first one – is not about you at all.
The more the prospect talks and/or answers some of your open ended questions, the more you will be able to relate. The more you listen and listen actively, the more like you are to hear that void you can later fill, or that problem they’re having that you can later offer a solution. When we listen only to reply, we often miss the most pertinent information.
#3 Establish A Common Ground, Something In Common. This may or may not be evident right away depending on where you met this cold market prospect. Say for example, you were in a Facebook Group for mom’s who work from home – and you are a work from home mom – the commonality is far more evident than that if you came across someone randomly through being ‘click happy’ on Facebook for example. More times than not, the people who you will best connect with will have some ‘clues’ on their profile page – look for pictures, or check in locations, even their interests or pages they’ve liked.
Finding things in common isn’t only a great ice breaker in a cold market conversation, but will also help carry the conversation as it continues. Remember, people will always remember how you make them feel, and feeling safe will open a lot of doors in your relationship moving forward.
The Truth About Cold Market Prospecting Revealed!
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