Cold Market Prospecting – One Skill To Rule Them All
If you’ve run out of people to speak to in your warm market and you either can’t or don’t want to go online, then cold market prospecting is going to be a skill you need to learn.
And even if you haven’t burnt out your warm market or if you are able to generate leads online, cold market prospecting is still a skill that you will want to learn.
When you learn cold market prospecting, you become the type of Network Marketer who can be dropped anywhere in the world and, within a year, generate a 6 figure income.
Cold Market Prospecting – Why Go After Your Cold Market?
Now, I’m not saying that you shouldn’t present to your warm market – you definitely should. But what I am saying is that there are some advantages to cold market prospecting that you should definitely consider.
For one, they don’t know your history…if you’ve failed in a bunch of other MLMs, if you haven’t had a lot of success yet in your current MLM, if you aren’t exactly known to be good with money, etc.
You’re basically starting over with your cold market with a blank slate. They don’t hold your past against you like your warm market sometimes can.
And for two, there is a virtually never-ending supply of cold market prospects.
Now, the downside to cold market prospecting is that they don’t necessarily know, like, or trust you. And people only buy from and join those that they know, like and trust. So part of being successful at cold market prospecting is being able to build that know, like, trust factor quickly.
Cold Market Prospecting – Where To Prospect
In reality, you can do cold market prospecting anywhere…at the mall, gas station, post office, book store, furniture store, parking lot, museum, zoo, etc.
And if you’re in those places already, then why not do some prospecting, right?
But if you’re actively going out to prospect, you will want to target places where the highest-quality prospects will most likely be hanging out.
So to figure that out, you need to know who would be most interested in your opportunity either from a product standpoint or from a business standpoint.
So, for example, if you are in a health and nutrition company, you might do your cold market prospecting at a natural grocers store, at the gym, or maybe at the local GNC or Vitamin Shoppe.
You will also want to target business and sales-minded people because they already have the mindset and even some of the skills you need to be successful in Network Marketing. So you may want to check out the local car dealership, furniture store, jewelry store, etc. Think about places where people work on commission and/or have to generate their own business and leads.
Cold Market Prospecting – Who To Prospect
It’s very easy and tempting to prospect down. But what you want to do is prospect up. And here’s what I mean by that…
Prospecting down means that you’re targeting people who are generally less successful than you in life. So this may mean you’re prospecting the cashier at GNC who is making just above minimum wage or the waiter at the restaurant.
Prospecting up means that you’re targeting people who are generally more successful in life. For example, prospecting the manager at GNC or at the restaurant. This would also be prospecting the mom in the brand new SUV at the gas station rather than the dude in gym shorts in a beat-up, old Ford Escort.
While prospecting down is easier, prospecting up is what will get you the highest-quality prospects – people who will have the highest chance of success in your Network Marketing business.
Cold Market Prospecting – How To Break The Ice
So how do you approach a prospect and start a conversation?
There are many ways you can do this, but two easy ways are to either give a compliment or to make an observation.
When giving a compliment, make sure it’s a genuine compliment. Don’t compliment someone on their t-shirt when they’re wearing a plain white, stained shirt with holes in it.
Here are some examples of compliments that would work…
“Hey! Love that hat! I’ve been a Packers fan all my life! Did you grow up in Wisconsin too?”
“Oh, those are beautiful earrings? Where did you get them?”
“Hey, I really like your SUV. I’ve been thinking about getting one. How do you like it?”
Making an observation is sometimes much easier. If you’re at the gas station pumping gas, you might just turn to the person next to you and say, “I never thought I’d see gas prices this low again” (it’s currently $1.33 around Tulsa at the time I’m writing this article).
If you’re at the museum and someone is looking at the same painting as you, you can say something as simple as, “now that’s an interesting painting!”
When breaking the ice, pay attention to how people respond. If they seem open to having a conversation, then you can follow up with a question. If they don’t respond, or if they respond in a way that indicates they aren’t interested in talking, then you can move on to someone else.
Cold Market Prospecting – How To Generate The Lead
So you’ve successfully targeted your ideal prospect, you’ve broken the ice, you’ve had a little conversation, built up some trust and rapport…now how do you get their contact information so you can present your opportunity to them?
There are two critical parts to this.
A BIC is something that allows you to leave the conversation. So for example, you might say, “Hey, I’ve got to jump on this conference call in a few minutes…” or “Hey, I gotta go pick up my kids”
Number two is to ask the question…either “would you be open to a side project if it didn’t interfere with (whatever it is they do for a living)?” or “do you keep your options open when it comes to making any money outside of (whatever it is they do for a living)?”
So put those two things together, and you get something like, “Hey, I’ve gotta jump on this conference call, but I’m just curious, do you keep your options open to making any money outside of what you do as a computer analyst?”
If they say yes, then just say, “Alright, well let’s exchange contact information and I promise I’ll follow up with you.”
If they say no, then just say, “Hey alright, no big deal. It was nice talking to you. Take care!”
Simple as that!
Cold Market Prospecting – What If They Ask What It Is?
You obviously don’t want to get in a situation where you have to try and sell them on your opportunity right then and there. If you get in a situation where you start telling them about your opportunity, you’ll never get them in front of your full presentation and it’s game over.
So what do you do when they ask what it is?
This is why your BIC is so important. You just refer back to the BIC and say, “but I promise I’ll follow up with you”.
So the full script would go something like this:
“I wish I had time to explain it to you, but I’m sorry, I’m really going to be late picking up my kids, but I promise I’ll follow up with you. Let me get your information and I promise I’ll follow up.”
Cold Market Prospecting vs Online Lead Generation
Like I say in the title of this article, I consider Cold Market Prospecting to be the one skill to rule them all. It is a skill that will always be foundational to Network Marketing.
That being said, I also consider online lead generation to be an essential Network Marketing skill for the 21st century because it is so incredibly leveraged.
I hope you got some useful information out of this post on Cold Market Prospecting. If so, can you do me a quick favor? Like, share, and comment below. It’d be great if you’d give me some feedback!
Todd A. Getts