There is no question that your success in this industry has a direct correlation to the size of your MLM Prospect List.
Big list, many prospects, results in a big income.
Small list, not a lot of prospects, results in a small income. (Starting out).
Today I am going to share with you not only how to build your prospect list but I am also going to share with you a secret strategy I learned years ago on how to build an ever expanding list; which will pay you for years and years to come if you do it right!
Your Life Before MLM
There is no question that what you did prior to joining the MLM industry in the way of developing relationships and expanding your network of people; plays an important role in how fast and how much success you are going to have when you first launch your business.
As some of you know I worked very closely and was trained by Eric Worre when I first got into the MLM industry.
I can remember him always saying how when you are starting out, this industry either rewards you or punishes you for the life you led prior to becoming involved.
If you are someone who has focused on developing your network by meeting people and building relationships with them over the years there is a great chance you are going to have an extremely large and profitable prospecting list starting out.
Which is where you are going to focus the majority of your prospecting efforts for the first while in your business.
Why You Should Recruit Up
This is why you will hear leaders recommend that you recruit up. Which means target successful people.
Targeting successful people is smart because they have a large network or list of people who know them and respect them. When they approach them about their business a significant percentage sign up.
On the other hand, if you are someone who has not spent much time or energy making many friends over the years your original list is not going to be as large.
And that is OK because I have tons and tons of prospecting and recruiting training on this blog to show you how to meet and prospect new people.
And here is the stone-cold truth of MLM.
I don’t care how big or how profitable your original list is, eventually you will run out of people on it.
When that happens you must switch to prospecting people you do not know. This is called cold market prospecting. Everyone has to eventually do it.
If you do not switch to cold market prospecting you will end up failing regardless of how much success you had starting out with your original list.
And the opposite is also true. If you had no success going to your original list when you started don’t worry about it, many top leaders did not either. Move onto cold marketing prospecting and focus on getting good at it.
MLM is Prospecting.
You should get your head around the fact that this is what we do here. For the rest of your career you will be prospecting, if not your business will be going backwards.
So regardless of whether you have a good list starting out or no list in the end it really does not matter because everyone eventually has to move to prospecting strangers.
So the moral of the story is do not beat yourself up if your list starting out is not huge, it is going to be OK.
Start with what you got and then move into cold market prospecting. In the end, it is the exact same path everyone has to take.
Now one of the key strategies when recruiting that you should implement immediately is…
The Ever Expanding MLM Prospect List
This is a concept I once again learned from Mr. Eric Worre.
It is a strategy that separates the amateurs from the professionals in our industry. Professionals create an ever-expanding list, amateurs do not.
Here is how it works…
Ask yourself, what do most network marketers do when they have a prospect tell them the opportunity is not for them?
Yup… they SCRATCH them off their list. They are gone forever!
This is a HUGE mistake and one made by amateurs.
It is a stone-cold fact that just because your MLM business is not for someone right now does not mean it will not be for them later on.
People’s Lives Are Like Hands on a Clock
Our lives are like the hands of the clock. The hands like our lives are always moving. Things are changing.
When you first reached out to your prospect perhaps everything was going along tickety-boo in their lives. Life was going great for them at the time.
Maybe they got a new job or a raise. They did not see the need for an additional income. Things were good. Their hand on the clock was at 1 o’clock.
But again one thing that is for sure in life is that things happen:
- Maybe someone loses their job.
- Perhaps they end up hating their new job and cannot imagine doing it forever.
- Maybe they have a growing family, expenses are starting to rise, and an extra $1000 per month might make all the difference in the world to them.
- With that growing family, they might end up needing a bigger house or car.
- It might be time to take their family on the big vacation they have been promising.
- Maybe they are getting close to wanting to retire and realize they do not have enough money saved.
You just never know what is going on in someone’s life.
When something is going on financially, they are at 12 o’clock. Which is prime prospecting time. And you want to be the person who sponsors them when they are ready.
One of the worse things that can happen to you in this business is when you show up at a company event and there is your prospect from 6 months ago all signed up in the business by someone else. Someone else reached out to them and caught them at a time when they were ready to create a second income. You missed out on them because you had scratched their name off your list and never followed up with them again.
Don’t let that happen to you, it is not a fun experience!
Instead, Develop an Ever Expanding Prospect List!
It is a simple but powerful concept.
All that is involved is that you never ever scratch anyone off your list unless they specifically tell you to never ever contact them again.
In all other cases when someone tells you no, you need to realize that really means not now.
You need to save notes about your conversation with this person that you can then reference right before you call them again in 3 – 6 months time!
As soon as you get off the phone with a prospect put them in your calendar for a follow up call 3 – 6 months later.
The follow up call is simple; you can take one of two approaches.
#1 – Literally just, tell them you are following up.
“Hey Pete, I know that 3 months ago you said you were too busy to do a part-time internet business, but business has been booming for me, going really great and I thought I would check in to see how things are with you these days and if you would be open to taking another look”?
#2 – Find a reason for following up.
Something the company has or is doing always works well. New product launches, a contest they launched or an improvement to the compensation plan, expanding into a new country, etc.
“Hey Pete, how’s things? Just wanted to touch base about that opportunity I shared with you a few months back, things have been going really great. The company just launched a new product and I thought it might be something you would be interested in and wanted to see if you would be open to taking a look?”
That is it my friend. It is just a numbers game. Some will be open some will not be that is A-ok as your job is just to ask and see if they are.
Prospecting Becomes a Simple Process
When you have an ever-expanding list of people to follow up with prospecting becomes a very simple process. When you always have people to prospect, this business becomes easy.
The people who have a hard time in MLM are those who do not have people to prospect. They are always asking and wondering where they can find people to share their business with.
When you never scratch a person off your list, and you are always meeting new people, your list is always going to be growing.
Every single day you are going to have people to speak to about your business. Eventually you will have so many that you will not be able to keep up with them all. Which is a great problem to have.
Start With the People That You Know
OK the best way to start your prospecting list is most definitely with the people that you know. This is called your warm market, and it will be made up of friends, family and associates.
The warm market has and will be the cornerstone and foundation of every successful MLM business that has ever been built. It is crucial to your success.
You will want to eventually come up with a method to manage all of your contacts information to include their contact info and any details of conversations you have had with them in the past. Name of their kids, etc.
Microsoft outlook works great for me. But I started out with cue cards and built a 6 figure income using them. So don’t over think it, just get started!
In fact, just grab a piece of paper and start writing down names.
I have a great memory jogger / blog post you can check out to help you build your prospect list. Once you go through it you will literally have hundreds of names on your paper.
Check it out here:
And here is some training how to crush it with your warm market:
When and How to Move to the Cold Market
When and only when you have literally shared your opportunity with everyone that you know is it time to move to cold market prospecting.
I have tons of training on this blog to show you how to prospect from the cold market successfully. And I will share some links below to posts to help you get started mastering this skill.
However regardless of which cold method you choose to use the process is as follows:
- Meet new people
- Develop some rapport with them (become friends!)
- Ask them if they are open to looking at an opportunity
- If they are open provide them with information (if they are not open check back 3 – 6 months)
- Follow up and collect a decision
- Rinse & Repeat over and over again!
It is a straightforward process, and one that works very well especially when you act like a professional and use the strategy of the ever expanding MLM prospect list!
Here is a good training to help you get started in the cold market:
Let me know in the comment section under this blog post if I can help you out with any of this.
Cheers to YOUR Success
P.S. Do you need help recruiting? Are you struggling to sign people up into your business? If so I recommend you sign up for my FREE prospecting boot camp on the side of the blog. Let me help you become a top recruiter starting today!