Today I would like to share a simple formula for qualifying your prospects. Have you heard of M.I.N.T. and have you used it as a prospecting formula?
I am often asked how we should identify prospects for a network marketing business, mostly from people who have failed after using a scatter gun approach to their marketing. People who are throwing links out in Facebook Messenger, email or pasting MLM links straight to their facebook profiles etc., just don’t get it.
To be successful we need to draw people into us. We need to build relationships and fill our network marketing funnel in a way that builds that Like, Know, Trust relationship. There are lots of ways to funnel people into your opportunity. I have shared quite a few in this blog previously.
I would always recommend that you get a wordpress blog. Every top marketer has one and they post regularly. Linking a WordPress blog to Facebook, Twitter, Linkedin etc is just an easy way to create a platform for you business and personal brand.
But, sometimes it takes a direct approach to convert strangers or even family, friends or work colleagues into prospects.
Before you decide to contact someone, either on the phone, email or messaging, you need to qualify your leads. Over the last couple of years my mentor offered me this formula, M.I.N.T for assessing the potential of prospects before I contact them about my opportunity. So I thought I would share that with you today and following that we need to also discuss W.I.I.F.M.
M is for Money
How much does your product or opportunity cost? If it is a high 3 figure to 5 figure sum then have you worked out whether your prospect can afford to get in? Have you got ways and means to help them get started? Finance options, company pay plans. Does your opportunity offer quick start income so that they can see a way of recouping their investment quickly? Are you willing to go all out to help them get going so they don’t take a huge financial hit?
I is for Interest
Have you assessed that you have something that may interest them? Is your product going to appeal to them? Do you really think they would be interested in a secondary or even primary income. This is an important assessment. For example are they open to new health initiatives. Have they previously expressed an interest in overcoming financial hardship or wish to better themselves?
N is for Need
Do you think they NEED your product? Have they got a problem that your product can help overcome? Are they in NEED of extra money? How can you convince them that what you have to offer is a NEED for them?
T is for Trust
Here we go again. Like, Know, Trust. This is a big one for me as you will read later. Have you got a relationship founded upon trust. To be honest, many people have joined my network marketing business on this element of MINT as their main foundation for becoming a team member. They have had a long relationship with me and trust my judgement but to be honest, if they didn’t really NEED my product or opportunity Trust alone isn’t going to cut it.
Now you can manage with just a couple of these things. I know people who never had the money and we started them on a FREE programme because their NEED was huge – a financial need – they TRUSTED me and they definitely had an interest in improving their financial situation.
I know of a millionaire who bought a product on the health NEED basis and TRUSTed my sponsor enought to purchase a product. This guy then found an INTEREST in the business to make even more MONEY and began to do the business to such a level he overtook my sponsor within a couple of years! So it can work in many ways.
But it is a good formula to consider . Before you set it in motion though you need to think through a couple of things. You need to plan ahead and consider the W.I.I.F.M formula.
Everyone who has been offered anything, especially a business opportunity, they always think of WIIFM.
What’s In It For Me?
I often get people saying to me, “well it’s OK for you, you were already in that industry before you started? How do you propose I am going to succeed with no experience?” Or some other such.
They have to weight up their decision making processes to work out what the return is going to be for them in THEIR situation. They aren’t going to buy from you just so you can RANK UP in your organisation are they? They aren’t going to make a decision just so YOU can get a commission are they? They are going to choose to buy or join you because it is an advantage to them in someway. So you need to have something in mind to help them understand that there is a ton of stuff in it for them!
It is going to be a health benefit, a financial benefit, whatever your product and opportunity offers. Because they aren’t going to just buy from you. Be prepared. Have some testimonials you can share on your product and your opportunity. If you aren’t successful yet, have some stories ready from your upline or somebody that will back them up for you.
For me, I am completely averse to being pitched by people into other MLM/Network Marketing Opportunities by people who are constantly switching from one thing to another. I just don’t TRUST their judgement. So to get me to look at something different it needs to come from someone whose judgement I really trust. I know so many people who follow people who have sent them down the wrong path before and follow them into another venture which is just as dodgy. So for me, the TRUST element of M.I.N.T. is the most important thing. This is the reason I am in the business that I am in. I completely trusted the judgement of my sponsor. You may be different. That’s OK. But you can see from my attitude that is one of the things you would need to assess with me before you approached me and many others would stress a different importance to a specific element in the M.I.N.T. formula.
Once you have that all prepared, you are ready to begin speaking to people about your product or network marketing business opportunity. More on that in another post.
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