Hi Team,
There was a study done in the insurance industry that showed that if an insurance agent would go to a public place like a mall, and ask everyone that walked past him... "you wouldn't want to buy any life insurance would you?" that 3 people out of 100 would say yes.
So... based on this study... if an agent is willing to ask enough people a very simple pre-qualification question, they can make money.
Now is this the best way to build a business if you are an insurance agent? NO WAY!. But it does show that no matter how bad your approach is, that if you are willing to ask enough people to buy your product, join your Team etc... you will eventually get people to buy / join.
Over the years I have seen some VERY LARGE mlm Teams (and checks) built by using simple pre-qualificaton questions as a major part of their prospecting system. Does it work for everyone? No. Is it the best way to build your business? Not necessarily. But.. if your business is built on quickly contacting a lot of prospects on a regular basis... it could be an option.
If you are not sure what I am talking about when I talk about prequalification questions... let me explain.
Instead of attempting to lead in with a presentation of your company, product, comp plan etc... you ask them questions that qualify their openess to take action and spend a certain amount of money first.
For example.... Joe Prospect... would you be willing to spend $30 a month (whatever your company $ amount is) and 3 hours a week to earn an additional $300, $3,000 a month or a lot more?
If they say yes... you can either pivot into an appointment to share specific your company / product.
Or... you can further qualify the prospect by asking one more question like... do you think you could find at least 3 (or whatever minimum # you need for your comp plan) who would do the same thing?
Then...if they say yes again... set the appointment for your specific company presentation.
Decades ago I saw this used effectively offline in many way. Today I am seeing it used as a screening process for online created prospect leads. In other words... people are sent to a website that ask them the pre-qualification questions and told that if they say yes to all of them, submit their contact info more more details. If they say no... that this opportunity is not for them and to please not request further info etc.
Even though this is a quick / simple way to see if someone is open to what we offer... here is what I want you to consider before you take off and start teaching your Team to build this way...... Most people who join your Team will not contact 100 people like the insurance agent did in the study. In fact.. my personal experience is that many people who join your Team will not even contact 10 people before giving up.
I have lost count of the times I have had Team members come to me saying that they have tried hard to build their business and the way they have been trained, just does not work. The first question I normally ask is... How many people have you made a full presentation to? And most of the time, I am told only between 3 to 5 people.
If the Team member has a job... my second question is... If your boss told you that you had to contact 100 people this week to share your company and your companies products and services with them, or be fired... would you contact 100 people? 90% + I am told that yes they would. I then normally ask them if they really like their current job. And again, the majority of people say... no.
Think about this... many people would contact 100 people to save a job that they do not really want. But will not contact 100 people to build their own home based business that could allow them to create and live the ultimate lifestyle of their choice. We will go into the "why" of this in future training. But for now... just realize that if you do adopt a pre-qualification approach for you and your Team training, you need to make sure that you include training that will get your Team to actually use these questions on a large enough number of people to find their 2, 3, 4 or whatever number they need to get their business started properly. That too will be covered in future training for those of you who want to use this way of prospecting.
In closing, just like the insurance agent I mentioned earlier... if you or your Team members ask enough people a simple pre-qualification question, they will eventually find people who will say yes. The only question is... will you and your Team members ask enough people to make it work? If the answer is yes... this could be for you. If you would not do it, and you don't think you can get your Team Partners to do it... the answer is no, this is not for you. And for those of you who are curious... yes.. there are certain situations and markets where I personally use it successfully.
Blessings, Dr. Reggie Cochran, Ph.D. DCH CPMA DD
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