Today, I’d like to share some of my best cold market prospecting tips. While this advice is geared toward network marketers, it will also benefit anyone in sales or any entrepreneur.
Let’s keep it real for a minute. At some point you are going to work through your warm market and then be stuck with cold market prospecting. Before you do that though, make sure you have put some SERIOUS thought into your warm market.
I’ve heard that the average 18-year-old knows more than 2,000 people by first name, and probably even more than that. If you are in your thirties or forties, that number will be considerably more. Sure, you might not be able to think of everyone at this specific moment in time, but you do know them.
If someone offered you $100 for every name you came up with, of someone you knew, how many names could you think of? Get my point yet? You know a lot of people. Go through a memory jogger to build your list. Keep adding names to it daily. If you are strategic about it, you will come up with a never ending supply of names.
As you do that, you may decide to venture into the cold market. If that’s the case, here are some simple things you can do to find more quality prospects.
My Top 10 Cold Market Prospecting Tips
Before I share my best cold market prospecting tips with you, I have an important point to share. It would be in your best interest to determine your target market before you prospect anyone. Instead of thinking as everyone and anyone as a potential prospect, be strategic and tactical.
Think about what demographics are most important. Who is your ideal customer? Who is most likely to be interested in doing business with you? Don’t skip this step. Once you know the answer to this question you can follow my cold market prospecting tips listed below.
# 1: Hand Out 5-10 Drop Cards Daily
Drop cards are one of the simplest ways to get your name out there. When you meet someone in your target market, or someone who might know someone who is in your target market, you can hand them one of your drop cards. Do this 5-10 times per day and you will meet new people.
Doing drop cards is a very easy skill to master. It doesn’t require talking to anyone and is very low cost. What if you got your entire team to duplicate this process? I am willing to bet that based on the results I have seen that if you get your team of 10-12 or more people doing this tactic, your business will go through the roof and then you get each and every new person to join in on the fun, remember, network marketing is not just about your efforts it is about getting your team to produce as well!
Source: Higdon Group
# 2: Wear a Button
The Herbalife reps do this with much success. Get a button made and wear it when you are out and about living life. For example, if you sell CBD, have a button made that says:
Got CBD? Ask Me for Info!
When you see someone looking at your button (and you will), just hand them a drop card and tell them to check it out when they can. This is a very low key, non threatening way to meet people.
# 3: Make a YouTube video or Facebook Live video Daily
This is one of my favorite cold market prospecting tips. This gets people to come to you. They watch your video and begin to like, know and trust you. When they are ready to get more information they reach out to you. Create videos that are entertaining and educational and solve people’s problem. Make sure your videos are designed for people in your target market.
Your customers and prospects, as well as people everywhere, are actively searching for ways of making human connections. By interacting with your visitors in a personal manner through video, you are increasing the chances of them making a connection with you and engaging with your brand.
The correlation is highlighted in a 2018 survey carried out by Brightcove, which determined 53% of consumers engaged with a brand after watching one of their videos on social media. The figure rose to 66% when millennials were singled out.
# 4: Fish Bowl Strategy
I’ve talked about the Fish Bowl Lead Generation Strategy several times on this website because it works. This is when you team up with a local mom and pop business to do a raffle for some free products. People drop their business card into an empty fish bowl to compete in the contest. You can then pick a winner and follow-up with everyone else. This is a simple way to get a few hundred leads in a week or less.
The obvious benefit of a business-card drawing is using the information you gathered to build your database. You can use the addresses for mailings and the phone number for calling.
# 5: Friends of Friends on Facebook
This is the most untapped gold mine on Facebook. If you have 500 friends and they each have 500 friends, that is 250,000 potential prospects for your business. Think about that for a minute. You could go through one friend per day, and search all of their friends to see who might be a good customer for your business. That will keep you busy for a while, especially if you have a lot of friends and are adding new friends daily.
Leveraging the power of friends of friends is still in its infancy in the social media world, but in real life we’ve been doing this for years. Ask your friends and colleagues to introduce you to second- and third-tier connections.
# 6: LinkedIn
One of the best places for cold market prospecting is LinkedIn. There are millions of people on LinkedIn looking to expand their network, advance their career, or find a new job. I suggest you start by having a good, professional profile that explains what you do. From there, form new connections daily. Private message people. Participate in groups and post relevant things on your timeline.
The prospects you’ve engaged with through connections and groups will most likely seek out your profile to learn more about you (Information flows both ways on LinkedIn!). So it only makes sense to optimize your profile to drive sales.
Make sure you have current links to your company site, your Twitter account, and your Facebook page. Include some high-quality recommendations from existing happy customers – think quality, not quantity.
This can give visitors a better idea of who you are and what you’re all about. Remember, effective sales is all about building trust and relationships!
# 7: Local Events
Attending local networking events is one of my best cold market prospecting tips. Find groups and events where people in your target market hang out and attend those events. Get to know people. Make new friends. Let people know what you do for a living without pressuring them or sounding like an amateur salesperson.
When you participate in local events and groups, your prospects can put a face to the product or solution they are considering. You’ll be able to build trust more quickly and also potentially gain more insights into what your audience wants through in-person conversations.
At the same time, you can qualify prospects and move them to the sales lead funnel.
Source: the blueprint
# 8: Classified Ads
Classified ads are still alive and well. Consider placing some small classified ads in different publications in your local area. Test and experiment different headlines and words. See what performs the best. This will make it so people contact you first, which is exactly what you want to happen.
No matter what media classified ads are viewed through, these small text ads are a significant source of customers for many home-based and small businesses. An inexpensive three-line ad placed in print, in an online yellow pages ad, or through search engines can deliver customers who need your product or service now. More importantly, if the ad is run regularly, it builds future business by making your name familiar and establishing your credibility.
Source: business know-how
# 9: Referrals
Referrals are a great way to grow any business. Whenever you talk with a customer or anyone you come in contact with, make it a point to get at least one referral from them. If you do that with everyone you meet, you will have a never ending supply of new prospects.
Make existing customers your brand ambassadors! The cost of retaining a customer is much lower than that of acquiring a new one, loyal customers tend to buy more and spend more. So treat them well and they will recommend you. Word-of-mouth is undoubtedly one of the most powerful tools any business can employ to attract prospects, so make sure your clients have something good to say about you.
# 10: Collect Business Cards
When you visit grocery stores, churches, libraries and gas stations, take a minute and browse the bulletin board. They are normally located in the front of the store or near the restrooms. Look for business cards of people in your target market. Collect them and contact them when you get home. Tell them where you found their business card and what you have to offer them.
The broadest purpose of business cards is simply to connect with others and start a relationship. These relationships hopefully develop into new customers and vendors.
Source: Small Business Rainmaker
My Best Tips for Network Marketers
If you’re in network marketing, the best thing you can do is help your team recruit their warm market. If you have 10 team members, and they each have a list of 100 names, that is 1,000 potential prospects you can work with. This will keep you busy and it’s much easier to recruit a friend of a friend then go and recruit someone you don’t even know yet.
Cold Market Prospecting Scripts
To keep this article interesting, here are a few cold market prospecting scripts you can use. Feel free to modify or edit them to fit your business.
Someone You Meet While Out and About
It was a pleasure meeting you today, Joe. You seem like a great people person. If you’re ever looking for a new career, check this out when you can (hand them your drop card). Have a great day!
Hi Mike. Lunch was great and so was the service you provided. If you’re ever looking for a good side hustle or new career, check this out when you can (hand them your drop card). Have a great day (make sure you tip them well).
Someone at the Gas Station
I’m in a contest to hand out 100 of these free cards. Would you be willing to take one? (hand them your drop card and say thanks).
In conclusion, these are my top 10 cold market prospect tips. None of this is rocket science, but it does work. What do you think? What are your favorite cold market prospecting tips? Leave a comment below to let me know what you think. I look forward to hearing from you.