Do you know the 3 different types of MLM market? Chances are you've heard of your warm market, you've heard of your cold market, but have you heard of the third type of market? In this post, I'll explain what each one is, and also why and how you should approach them differently.
The 3 types of MLM market are your cold market, your warm market, and your hot market. Hot market may just sound like an extension of warm market, but I'll get into that in a minute.
These are the 3 types of MLM market, and the way that you should approach these groups is very different.
Typically, your network marketing company or your upline will tell you to make a list of all the people you know, which is your warm market, and your cold market is everyone else who you don't know. The standard procedure is to go through your warm market, and then when you've talked to all of them, start approaching cold market.
These are the correct definitions, but there's also a third type, your hot market. Your hot market are the people who you know even better than your warm market. Let me make a distinction here, your warm market are friends and colleagues, your hot market are your family members and best friends.
How to Approach the 3 Types of MLM Market
In my opinion, you shouldn't just put all those people on your list and try to get them into your network marketing opportunity. You may think, why is that?
Some of these people will be great product users, but they won't take you seriously in business. It's a sad fact, but if you don't have a business degree or an MBA, your hot market will just look at you and think ‘wait a minute, he/she has just got involved one day ago, and now he's/she's a business expert all of a sudden…'
It's unfortunate, but you can maybe see where they're coming from.
Your hot market typically haven't seen what you've seen, and don't have the same vision as you, so they won't understand.
Your hot market should be your cheerleaders, they're supposed to be there for support and for you to practise on.
Fair warning: When you achieve some success, these people will come to you down the line to find out about “that thing” you're doing…
Your warm market are people you know on a first name basis, such as coworkers, friends from the gym, friends from the pub etc. These are good prospects but the mistake many people make is trying to close them, instead you want to see if they're open to checking out your opportunity. Don't have any emotional attachment to the outcome.
DO NOT call these people up, and proceed to tell them all about your opportunity. You know the script “I've just joined this ground floor company, I really need you to take a look at this…” This will repel people faster than you can microwave popcorn. Many companies actually teach this as a marketing strategy!
Instead, relate it back to a need that they previously expressed. eg. “Remember how you said you wanted to create an extra income,” and then proceed to see if they're open to taking a look. You can read more on that here, how you can use this strategy to add a lot more people into your business.
Your cold market will not buy from you right away. We're not selling a Playstation here, we're selling a business opportunity, so we need to warm them up to us. These people have to get to know, like and trust you first. So even though they're your cold market, your job is to turn them into your warm market.
You do this by forming a relationship, and you can also do this online with great success through video marketing and blogging. You have to turn these people into your warm market before presenting to them, otherwise it just seems like you're trying to get something from them. People will see right through this so you have to warm them up to you, and you also have to find a need like we talked about above.
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