Prepaid Legal offers a great product in which you pay a nominal monthly fee and are able to have the suggestion of an attorney just a telephone call away. This is basically like having your own lawyer on retainer. The services are different, but you can have benefits that vary from phone consultation, IRS audit legal services to even trial defense. So even though this is a great product, why are so many people failing?
In view of the fact that Prepaid Legal is a publicly traded company, they are required to publish data at the end of each quarter. Some worrying stats was released after the third quarter of 2009. They stated that 85% of their sales force either gives up or fails to make even one sale. Adding on to that, only 2% make ten or more sales per year. Their sales force is well over one million, which means there are a lot of people making money hand over fist in this opportunity, but why is not each person?
The most popular marketing strategy in this industry is to compose a warm market list. This is where you will jot down every person that you are acquainted with and try to sell them your product. You are also trained to sell the opportunity becoming a distributor as well, because that is where a lot of the money is made; receiving a commission on the retailing of the product from those distributors that you recruited. This style is very effective and has produced results for countless years and continues to work. The obstacle lies in the actuality that it does not work for each person. One person’s warm market list and circle of influence is drastically assorted from that of a different.
Having said that, this is not to express that because someone’s warm market list is not any good or runs out quickly that they will not be successful in Prepaid Legal. It merely means that you will want to discover a new marketing plan. The predicament lies in the fact that there is not a lot of training given to other marketing tactics. As said previously the warm market strategy works, just not for all. Your new marketing strategy will need to incorporate a way in which to attract others to yourself. Becoming a leader is important. Others want someone that has some help that they can bring to the table.
You will also need to become skilled at how to produce 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 suitable. You will never run out of people to show products or business opportunities with when you learn how to make your own leads.
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