Friday, February 8, 2008

Cold Market vs. Warm Market Prospecting; why the Silly Debate?

As I have networked with MLM distributors, network and affiliate marketers; I have become increasingly aware that an unnecessary debate quietly rages within many down lines concerning “warm market” vs. “cold market” prospecting. This week I had a fairly spirited conversation of my own with a fellow marketer whom I have a tremendous amount of respect for and my conclusion is that this debate is just plain silly.

Two of the most powerful principles of the “prosperity mindset” when applied to network marketing are 1.) Perspective 2.) Empathy.

1.) Perspective = A.) Understanding the unique value of both warm and cold market prospecting strategies. B.) Understanding the perspective of both warm and cold prospects by standing in their shoes for a moment.

2.) Empathy = A.) Understanding how the prospect will view your approach to them when presenting your opportunity. B.) How are they going to feel 90 days after they join your program? This is a test to determine if your commitment is to succeed by helping others succeed; the opposite would be your desire to succeed by recruiting others with the mindset that some will make it and some will not, so I am going to throw as much mud against the wall as I can and hope enough sticks.

So here is a question for you: “Why wouldn’t you approach your prospecting efforts in the same manner as you would any other business?”

DUPLICATION IS THE KEY!

So what does a solid "Warm Market" and "Cold Market" strategy look like when working in unison?

With both strategies you need to adopt a “burn the boats” mindset. In other words; I have burned the boats that brought me here, so I have no other choice than to keep moving forward.

Develop a “big business” mindset. Many people make the mistake of thinking small business or retail in their MLM. Not many of your friends and family members want to play store and earn small in MLM. Most would rather not bother. There is no doubt that you can grind and earn a few extra hundred dollars per month in MLM, but why not play big? It takes the same energy.
Playing “big” means that you will develop a down line filled with leaders. Leaders = leverage and leverage results in massive amounts of residual income.

I. Warm Market Prospecting:

Here are 7 actions you should take to grow through warm market.

1. Complete a major blast – Massive action to pour prospects into your funnel. Immediate action would be creating a list of 50 people you would like to evaluate your opportunity and expose them all to your program and then work through them one on one to reach decisions.

2. Remember that when dealing with your warm market your posture is critical. You must convey the confidence that you are serious about building a successful team and that they can really succeed with you.

3. Develop the internal mindset that you have a “gift” to offer them, not that you are begging them to join your team.

4. Learn not to become emotionally tied to the decision the prospect makes to join you or not. “Many people fail because they become discouraged when their friends and family say no to their opportunity.

5. Here is a tip – Often when your friends and family say no, they really mean no for now. They know that they will see you in a few months at Thanksgiving dinner and they will be interested to see if you are still in your program? Are you driving that new car you talked about? Did you go on that cruise that you promoted to them?

6. Be willing to cycle warm prospects through your list until they truly say “no,” you may find that as your story gets better “more success,” their interest level may increases.

7. Be sensitive and connect to where your warm prospect is mentally and try to expose gaps in their lives that your opportunity can bridge. You must be willing to recruit based on shared mindset and not on emotion. People will stick with you and build a business over time if they know why they are doing it. “No empty get rich quick promises.”

If you would like to receive a free copy of my book “Three Simple Questions” send me an email at and I will send you a copy.

james@supermindsuccess.com

II. Cold Market Prospecting:

Here are 7 actions you should take to grow through cold market.

1. Make a decision about the components you will need to create 100-200 cold market prospects per month. Social network marketing, Web 2.0, blogging, websites, buying a pre-qualified list, etc.

2. Recognize that you can attract people that are looking for an opportunity, so this is very fertile ground to farm.

3. In the beginning avoid the temptation to measure result, instead measure activity and let the natural ratios play into your favor.

4. Create a duplicate-able system that you can teach you’re down line team and leverage into consistent growth.

5. Recognize that a solid cold market strategy can “save” members of your down line team who are not succeeding with the warm market friends and family approach.

6. Recognize that you will need to create a support system for your cold market as many who join your team will not be in your local market. So, you will need to help them plug into your companies leadership structure in their local market. Use technology to bridge this gap.

7. As with warm market, be prepared to cycle your cold market prospects through your list and seek ways to add value for them, even if they do not join you right away. They may likewise be watching you to see if you are going to be around in 6 months.

Regardless if you decide to build a successful network marketing business using warm market, cold market or both; you have an obligation to be a leader and help those who trusted you enough to give you their credit card and invest many of their dreams into what you presented to them. They joined you for a reason. The network marketing business is not a numbers business it is a people business and when people are committed to your business and are being properly lead, the numbers needed to allow everyone to succeed will follow.

I want to share with you the simple and effective system that I use as part of the dual strategy (warm market and cold market) I am using to build my team.

1.) I use a pre-qualified list of 100 leads each month.
2.) I practice and coach my team to implement a 5+5+5 system 20 days of each month. This is an easily duplicate-able system that anyone can implement.

5 Outbound Phone Calls
5 Follow Up Emails
5 Mailings


If you would like to receive my free 25 page training guide on this “cold market system,” send an email to me at james@supermindsuccess.com

“In the beginning avoid the tendency to measure results….measure activities”

(c) Copyright 2008 James A. Holmes. All Rights Reserved.

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James Holmes, Global Team Builder, Coach and Trainer, combining online and offline techniques to help you grow your business. To request a free 30 minute consultation contact James by phone at 303-523-9503 or email at james@AskJamesHolmes.com
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Note: If you’d like to reprint this article on your blog or in your newsletter you have permission to do so as long as the copyright information and the resource box above remains with the article.

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Please feel free to leave your comments below. I’d love to read your thoughts on this article, as well as what tips and strategies YOU would most like to learn.

Saturday, February 2, 2008

MLM Cold Market Success Using the MLM Master Mind System

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(c) Copyright 2008 James A. Holmes. All Rights Reserved.

*************************

James Holmes, Global Team Builder, Coach and Trainer, combining online and offline techniques to help you grow your business. To request a free 30 minute consultation contact James by phone at 303-523-9503 or email at james@AskJamesHolmes.com
*************************

Note: If you’d like to reprint this article on your blog or in your newsletter you have permission to do so as long as the copyright information and the resource box above remains with the article.

*************************

Please feel free to leave your comments below. I’d love to read your thoughts on this article, as well as what tips and strategies YOU would most like to learn.