What is MLM Prospecting

MLM prospecting is the process of sorting through people to find new customers or business partners for your opportunity. The lifeblood of any of the MLM company is the ability to acquire prospects.

Because of this, prospecting is a very important part of growing your business. An example of this would be the actions of a waitress or waiter in a restaurant. Whenever you go to a sit down restaurant and order a meal, when you're finished they ask if you want desert.  You either say yes or no, then they go on to the next customer.

Just like they are sifting through customers trying to find people who want dessert, you are sifting through people trying to find leads who want to buy your product.

However before you prospect, it would benefit you to be able to know who is your hot market, warm market and cold market

Your Hot Market are the people who are closest to you

These are the people who you know you could count on for help if you had a flat tire on any given day and your battery level was down to one bar on your cell phone.

Your Warm Market are people that know you or those that you have known for a while

They do not go the extra mile for you like your hot market but if you were to call them, they would immediately recognize your voice and know who you are.

Your Cold Market are people that you don't know and they don't know you

You may have seen each other before but have never made contact officially.

MLM Prospecting more Effectively

The purpose of mlm prospecting is to find leads. Then eventually qualify those leads to determine if they are ready to buy your product or become part of your business opportunity.

Once you start prospecting, you may find that your average is 1 out of every 10 people or 1 out of 5 people.  

MLM Product Knowledge

Either way, two main factors that will help you prospect more effectively is knowing your product and knowing your market.

It will benefit you to know your product better than anyone else knows the product. That is why you see most representatives become customers themselves. This helps to know the pros and cons of the product.  You also get to know the different departments of the customer service and representative help line.

The first benefit of doing this is when your leads turn into prospects, they may start to ask questions.  If they sense that you may not know much about the product or company, they may lose interest and turn their back on the opportunity all together.

As a disclaimer, I must say you aren’t becoming an expert in the company to answer all of their questions and do all their work for them and their downline.  You are becoming an expert to increase your confidence of the product and company.

There is a saying that people buy YOU before they buy the product.  When you are knowledgeable about what you represent, people feel comfortable doing business with you.

People do business with those who they like and trust

In most cases, it will help you if you know how to use your product.  Even though you may not see it as mandatory, it will also help raise your belief.  In addition, intimate knowledge of your product and opportunity will help you think about who else can benefit from your product.

MLM Prospect Knowledge

Another aspect of MLM prospecting that will help you is knowledge of your ideal customer or business partner.  You can do this though the F.O.R.M. method of prospecting.

If it is a potential customer, you have to think about gathering their persona (qualities that make up their personality).

From this you can quickly identify their needs, wants or desires.  Then you can properly pinpoint how your product will be beneficial to them.

If it is a potential business partner, you gather information about them in their life that is bothering them that your opportunity may improve.

For example:

  • Who's in debt
  • Who hates their job
  • Who hates working for people
  • Who needs more money

So as you’re prospecting, you will see where the people on your list stands on benefiting from your products or opportunity.

However, as you’re doing it, don’t focus on your product.  Focus on the problem that your product solves for your prospect.  Those who prospect on a daily basis are proven to perform better than those who prospect every once in a while.

Restaurant Analogy

Now let’s go back to the waitress in the restaurant.  She isn’t leaving the restaurant to go out into the street to ask who wants desert.  She waits for us to come into the restaurant.  

By doing that she sees that the customers qualified themselves by having a need that needed to be met (they felt the NEED to have food in that particular restaurant). By coming into the restaurant, we became leads.

She knows that everyone in the restaurant won’t feel like having desert so she has to sort through them to see who does.  When people are finished eating, she goes to their table and asks if they want desert.  Some may say, "No Thank You", but then some say "Yes Thank You".  Those that they "Yes" become a prospect.

The waitress then directs them to the desert menu and explain what they have.  At this point the customer makes a buying decision.

MLM prospecting is an overlooked aspect in MLM.  People in this world have a need, want or desire for your products.  You may be struggling in MLM with finding people to talk to.  However, if you look at your company’s (or teams) statistics you’ll see that people are signing up everyday.

There is nothing wrong with your product, however, the MLM prospecting aspect of your business may need some improving if you aren’t exposing a certain quota per day.

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