What Does it Take to Succeed in Prepaid Legal?
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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. The services vary, but you can have benefits that range from telephone consultation, IRS audit legal services to even trial defense. So even though this is a great product, why are so many people failing?
Since Prepaid Legal is a publicly traded company, they are required to release data at the end of every quarter. Their third quarter, 2009 number showed some very disturbing facts. 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. Their sales force is well over one million strong, which means there are a lot of people making money hand over fist in this business, but why isn’t everyone?
The primary marketing strategy which has proved successful in the network marketing industry is to make a list of your friends and family and sell them the product. You are also taught to sell the opportunity of becoming a sales rep as well since that is where a lot of the money is made; earning a commission on the sale of the product from those sales reps that you recruited. This method is very effective and has worked for many years and continues to work. The problem lies in the fact that it does not work for everyone. One person’s warm market list and circle of influence is drastically different from that of another.
Now, this is not to say that because someone’s warm market list is not any good or runs out quickly that they will not succeed in Prepaid Legal. It just means that you will need to find a new marketing strategy. The problem lies within the fact that there is not much training given to other marketing strategies. The warm market approach has been proven to work; it just does not work for everyone. Your new marketing strategy will need to include a way in which to attract people to yourself. They will want to learn and achieve success from what you have to offer them; you need to 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. By learning how to create your own leads; you will have much success and will not run out of people to share your product or opportunity with.
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