Prepaid Legal offers a great product in which you pay a nominal monthly fee and are able to have the advice of an attorney just a phone call away. This is basically like having your own attorney on retainer. There are many options to choose from along with varying monthly fees. Dependent upon the plan you choose will determine exactly which services you would be able to receive. So even though this is a great product, why are so many people failing?
Financial data of Prepaid Legal is released at the end of each quarter seeing as it is a publicly traded company. Some alarming information was released after the third quarter of 2009. They stated that 85% of their sales force either quits or fails to make even one sale. In addition to that, only 2% make ten or more sales per year. Based on those numbers a lot of people are making a lot of money. But why not more? Prepaid Legal has well over one million sales reps, but 980,000 of them will not make more than ten sales this year.
The most popular marketing approach in this business is to create a warm market list. This is where you will write down everyone that you know and try to sell them your product. The big money; however, is earned when you can recruit other people to sell the products as well. So you are now taught to try to sell both the product and the opportunity to your friends and family. This is a proven strategy that has worked time and again except that it is not a approach that is successful for everyone. Your circle of influence is very different than the next person and therefore the results will be different from person to person.
Having said that, this is not to express that because one person’s warm market list is not any good or runs out quickly that they will not succeed in Prepaid Legal. If that warm market list is not effective for you, then you will need to learn another marketing approach. When looking at another another way of marketing you will run into some obstacles because there is not much taughtbeyond the warm market methodology. As stated earlier the warm market strategy works, just not for everyone. Your new marketing tactic will need to consist of a way in which to attract others to yourself. Others will want to learn and achieve success from what you have to offer them; you must become a leader in your own right. Also, in order to succeed you will need to have a system in place in which you are able to generate 50-100 leads per day. These are your own leads in which you can market and sell to at anytime you deem appropriate. You will never run out of people to share your products or business opportunities with when you discover how to generate your own leads.
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