Prepaid Legal offers a great product in which you pay a nominal monthly fee and are able to have the advice of an attorney just a phone call away. This is basically like having your own attorney on retainer. There are many options to choose from along with varying monthly fees. Dependent upon the plan you choose will determine exactly which services you would be able to receive. So even though this is a great product, why are so many people failing?
Financial data of Prepaid Legal is released at the end of each quarter seeing as it is a publicly traded company. Their third quarter, 2009 numbers revealed some very disturbing details. Many of their sales force has extremely poor results. In one year, only 2% will make more than ten sales. Along with that retention is very poor; where 85% of the sales force will either give up or fail to make even one sale. Their sales force is well over one million strong, which means there are a lot of people making money hand over fist in this business, but why is not everyone?
The primary marketing strategy which has proven to be successful in the network marketing industry is to make a list of your friends and family and sell them the product. You are also taught to sell the opportunity of becoming a sales rep as well, seeing as that is where most of the money is made; earning a commission on the sale of the product from those reps that you recruited. This practice is very effective and has worked for many years and continues to work. The problem lies in the fact that it does not work for everyone. One person’s warm market list and circle of influence is drastically different from that of another.
Having said that, this is not to express that because one person’s warm market list is not any good or runs out quickly that they will not succeed in Prepaid Legal. If that warm market list is not effective for you, then you will need to learn another marketing approach. When looking at another another way of marketing you will run into some obstacles because there is not much taughtbeyond the warm market methodology. As stated earlier the warm market strategy works, just not for everyone. By knowing how to draw people to you, that is the solution to any new marketing strategy you attempt. Becoming a leader is crucial. People want someone that has some value that they can bring to the table. You will also need to learn how to create 50-100 of your own leads on a daily basis. These are your own leads in which you can market and sell to at anytime you deem appropriate. By learning how to create your own leads; you will have a great deal of success and will not run out of people to share your product or opportunity with.
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