You contacted all your family and friends and talked about your products or business opportunity with them. Some signed up and other didn’t. You realize that soon you will run out of people to talk to!
What to do now, when your warm market is worked up and you don’t have more people to talk to?
Many Network Marketers belief that when they have spoken to all their family and friends as well as people they know (Warm Market) that the game is over and there are no more people they could possibly speak to about their products or opportunity. What about the Cold Market?
The cold market is endless and you will never run out of people. Every day you are meeting new people in a bar or restaurant, at a shopping mall, your local grocery store and anywhere else you are during your normal day. The problem could be that you never thought about working with your cold market or you don’t have the confidence and knowledge of how to approach your cold market prospects.
What is Cold Market?
In sales in general and also in Network Marketing Cold Market refers to a sales person’s future or potential customers. In other words all people we don’t know yet or don’t have any relation to today.
Cold comes from the fact that you don’t have any connection or relation yet with the person you will possibly prospect.
The opposite of cold market is warm market. This refers to all people you
know already like friends, family and relatives, as well as referrals or existing customers. These are all people you have a close relation to already.
I have to admit that when I first got involved in Network Marketing I was quickly kind of overfed from all the new information and impressions that came to me from all sides. I worked my warm market list down, did lots of presentations and meetings and realized very soon that if I wanted to have success in Network Marketing like all my team mates who started at the same time than me, I had to work with my Cold Market sooner or later. For a while I avoided reaching out to my cold market. The effect was that I didn’t move forward at all and my business was stagnating.
One thing was clear to me that I had to overcome that fear of talking to strangers. I had to work out how to get out of my comfort zone and learn how to talk to my cold market.
Thinking about it I have found some good reasons why to speak to my cold market:
- There are more people in the world that I don’t know than I know – the cold market is endless
- I am out anyway, why not talking to people and possibly change their life to the better – I love helping others
- Strangers don’t know me, my CV and/or my history – if it doesn’t work out with them I don’t have to see them ever again (and vice versa)
Examples of How to Approach Your Cold Market
I am out in a shopping mall buying a pair of sneakers. There is such a big selection available for all kinds of different sports; therefore I approach the sales person in charge asking for help. He starts explaining which model of shoe is appropriate for which use and it turns out that we are having a good conversation about many things.
I am asking all kinds of questions and let him talk – questions like what he does in his spare time, what hobbies he has, if he is happy with his job, if his salary is big enough to pay all the bills etc.
At the end of our conversation we exchange contact details and agreed to meet up for a coffee to continue our chat.
Another example: I am out buying charcoal for our BBQ on Saturday, enter the shop and can’t find the charcoal anywhere. I approach one of the sales persons telling her my problem. She said that they moved the charcoal to a different area in the shop and offers to go and get it for me. When she comes back with it I start a conversation about her working hours, asking her many different questions.
She tells me that the shop is open 7 days a week for more than 12 hours daily and that the staff has to work in different shifts which could mean that one day she has to work in the afternoons and evenings and the next day in the morning. She complains a little bit about it, saying that it’s hard for her to have a social life and that she has very little time for her child and that it’s hard to organize the child care around her changing working hours .
Before I left I just asked her if I could show her a way where she could take care of her working times and spend more time with her kid, if she would be open to hearing about it. She said yes, she would. We exchange contact details and I promise her to give her a call the next days to arrange a meeting.
Do not sell anything to a new contact
As you can see in the two examples I never tried to prospect any of them in the first contact. I did not tell them anything about my business opportunity or products. The only thing I did is starting a normal conversation with the aim to get their contact details and to arrange another meeting.
We all know how uncomfortable it feels when we get approached from a sales person in a shopping mall. You enter the mall and you get immediately approached from a sales person coming straight to you asking you … why you don’t get your eyes lasered to continue living without glasses. It’s cheap, is quickly done, has little risk …
No one wants a stranger come to you telling you what you should do to improve your life. We don’t have any relation to these people; why should we do business together?
Success in Network Marketing is a numbers game
You might have heard the saying that Network Marketing is a numbers game and this is true. It’s your decision if you go for the “slow and painful” way or “fast and successful”. You need to speak to as many people as possible if you want to move forward quickly.
What is better and will bring quicker results? Assuming that you are working 6 days a week… speaking to 6 people per week over the course of 10 weeks or speaking to 6 people per day for less than 2 weeks (10 days) to reach the same number of people to speak to?
The number of people you will speak to is in both examples the same – 60 people. In the first example it took you 10 weeks to achieve this. To how many people would you speak in 10 weeks if you spoke to 6 per day? To 360 people!
To speak to the same amount of people the Network Marketer who decides to go slow and painful would need almost 2 years to speak to 360 people!
A really good book which introduces you to this concept and philosophy is “Go for No” written by Richard Fenton and Andrea Waltz and “Go for No! for Network Marketing” from the same authors and Ray Higdon for the expertise in the field of Network Marketing.
How to Approach Your Cold Market
The only thing you really have to do to meet more people in your life is to “Talk to people”. The more the better.
This is easier than you think. You are out doing things anyway. Just speak to anyone you meet. You are meeting people anywhere, when you are out shopping, sitting in a bus, train or plane, having a coffee at Starbucks or another coffee shop. Speak to the one that is sitting next to you.
Look up and around yourself – don’t play games or check your emails or WhatsApp on your smartphone for the 50th time today. We are surrounded by other people all the time.
We just need to do the first move and start a normal conversation, a small talk. Don’t be weird. You have nothing to lose. You can only win! You can win another person on your list of people to speak to.
If our pipeline is always full, we never run out of people to talk to!