Lead or Prospect – Basis Expressions of lead generation.
Hello Network Marketing Pros, I would like to make sure that people who is building a Network Marketing (MLM) business know what is the difference between these words and how to use them correctly when it comes to generate leads in MLM. Let’s jump into the details and see the most important basic expressions to generate leads in MLM and also how to use them correctly.
First is LEAD and the second one is PROSPECT. These two used interchangeably and even modern dictionaries do not differentiate between these two words and people say these words mean the same. That does not help you and me, so let’s see what they really mean.
Name or Contact is some who has never wanted to know any details about your business or products. The word is that one name can be more qualified then the other, for example a person who never been in network marketing and states never will be is less qualified than the one who knows and likes MLM. Regardless of qualification they are still only a name.
A Lead is a person who has responded to a promotion. The word “promote” means to make known. So lead can come from a name you call and showing interest or you are advertising somewhere and that person respond requesting information.
Let’s say you advertise looking for people who want to work from home and someone respond requesting more information. They are not necessarily requesting more information about your primary business, so that what makes them a Lead not a Prospect.
A Prospect who has seen something about your primary business and requesting more details, information. They might have seen a video and they have questions and want to learn more about it. In short a Prospect who shows great potential in joining you to build business with you or become a customer.
A Customer who has purchased products. A Representative (rep, distributor, etc) who has signed up to build business with you.
If someone says that one of my advertisements got 23 people interested in the business that does not really define what the outcome was, does not it? But if they say that one of my promotion generated 23 leads, so now you understand that means 23 leads who requested information, and they are not prospects, customers, reps, leaders.
Why so important to use these words correctly when it comes to generate leads in MLM? If you execute the same campaign as your leader does you will be able to compare your exact results to his or hers.
Now I will use again the same words using a funnel, so you will have a clear picture about the basic expressions to generate leads in MLM.
The top wide part of the sales funnel you have names. As you are using the Inviting and Presenting Formula with the 10 Communication Qualities, you show your primary business and products to them and some of them will become Leads who want more information and details. And some of the Leads will convert to Prospects, and some Prospects will convert to Reps and Customers and finally will convert to become Leaders by you training them effectively.
How many people you convert from one section to another that called Conversion. I you talk 100 people and 50 want more information that means you have 50% conversion rate. You can take out the middle section and see you conversion rate form Name to Leaders. The reason? Because Leaders that you really want to create in Network Marketing or MLM.
Lets say you talk 100 people and 1 becomes Leader, so your Name to Leader conversion rate is 1%. If you think it is low that 1% can make you over $100,000.00 / year.
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Take Care and develop everyday!
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Lead or Prospect – Basis Expressions of lead generation