There are 3 Markets in your Business that you have to differentiate. No I am not talking about Spaces like Health & Wellness, Skincare etc. I am talking about the 3 Markets in your Business:
- Hot Market
- Cold Market
- Warm Market
Lets talk about all 3 so you understand on which one you should be focusing the most on in your Home Base Business.
I am sure that you have been encouraged from your Company to make a List of all the People you know including your Family and Friends. See your Hot Market are those People that know you, that are or have been in your Life, People that you have worked with or went to School with.
Sometimes when you try to solicit them you will be the Topic at your next Family Dinner. I don’t want to say that you should not approach them and I think it all depends on the Relationship you have and the understanding from those People for your Products or Business. In fact I had the pleasure the other Day to talk to a amazing Lady on Facebook that told me that she and her Daughter were both in a Direct Sales Company and are teamed up which is amazing but does not happen all the time. So I think it all depends on the Relationship.
Your Hot Market can be skeptical because they know you.
Note: Approaching Family and Friends and asking for Referrals is something you should be doing to expand your List on People that you could potentially talk to.
Cold Market are those that do not know you at all. See sometimes when People start to get frustrated talking to their Hot Market because they are being rejected, People turn to Cold Market. Which is even worse then talking to your Hot Market. It is a Challenge and takes a high Skill set that most Marketers don’t have in the Beginning. In fact there are probably not that many out there that have such a huge Skill set.
Being able to Market to Cold Market you have to be a Master of Advertising which is difficult and expensive. See if you want to Market to your Cold Market you have to be able to create Funnels and Sales Pages, learn Copy-writing, have a great Appearance and Graphics in Place that will convert in to Sales and Sign-Ups. Which is a huge Skill Set to learn and frankly time and Money consuming.
So for most this can be a dead end… Cold Market is brutal.
Your Warm market consists of People that know you or People that feel that they know you.
In the World today with Social Media it is easy to start building a massive Warm Market and start building trust with them. You simply have to build a Relationship. If you solicit them from the get go when you meet them they will stay Cold Market!!! So if you invest some time in getting to know People and establish the know, like and trust Factor it will be more likely that they will buy or maybe Sign – Up with you when the Time is right.
Simple Ways to establish the know, like and trust Factor is by simply talking to them, commenting on Posts and doing Video’s that show them who you are and what you are about. With Video’s you can also run Penny Ads and you don’t need to be skilled to do that.
The 3 Markets In Your Business
So from those 3 Markets in your Business you should be working on building your Warm Market because those are the ones that will lead to Sales and Sign – Ups when the Time is right for them.
Did you miss yesterday’s Blog Post where I talked about Going from Simple Promoter to Network Marketing Rockstar?
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