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Are you intelligently leveraging your “warm markets”?

welcome to gano Are you intelligently leveraging your warm markets?

Is marketing to “strangers” always the best way to build a < business? Marketing expert Seth Godin and networking marketing spets Mark and Rene Yarnell say, "Not always!"
On the subject of marketing to strangers - a costly, difficult, and often tricky process - Seth Godin writes, "More strangers means more upside and not so much downside. It means growth...[but] the problem is that strangers are difficult to convert. And the other problem is that they're expensive to reach."

Difficult to convert, expensive to reach - sounds pretty daunting, right? But if marketing to complete strangers - or "cold markets" -- isn't the best way to build a business, then what is? Let's look to the Yarnells, authors of Your First Year in Network Marketing (an industry classic and essential reading for anyone serious about making the most of social marketing opportunities), for guidance:

"Warm market prospecting is much easier than the cold, cruel world of trying to persuade people you've never me to quite their jobs and join you," the Yarnells write. "You will talk to a greater number of people in cold marketing than in warm in order to generate the same favorable responses."
Seth Godin calls these "warm markets" True Fans, the core base of people who are primed to join your organization and help you build it.

“Consider a non-profit looking to generate more donations,” Godin writes. “Is it better to embrace the core donor base and work with them to host small parties with their friends to spread the word, or would hiring a PR firm to get a bunch of articles placed pay off more efficiently?”

What are the advantages of “warm markets” and True Fans?
Warm markets return more favorable responses through less contacts.
Warm markets are generally more tolerant of people who are “learning the ropes” in business.
Warm markets cost a whole lot less to reach.
Warm markets help you to find other warm markets.
Warm markets usually become the most devoted “True Fans” in your organization!

Let’s explore the Yarnells’ and Mr. Godin’s idea through an easy scenario about two Gano Excellers, Mr. C(old) and Mrs. W(arm). Mr. C spends all day sending out emails and paying for expensive “leads” discs. He sends out, say, 1,000 emails and pays thousands of dollars for prospecting tools on the Internet in order to get 20 new recruits in his organization. Mrs. W, on the other hand, reaches out to those people in her immediate vicinity – friends, relatives, coffee drinkers, and members of her local community – to build her team. She holds Coffee Parties, reaches out to people face-to-face, and engages in good, old-fashioned bellybutton-to-bellybutton marketing!

Chances are, there are 20 people in Mrs. W’s circle of friends, co-workers, fellow churchgoers, and etc. that will join her team – and it costs a whole lot less than trying to crack the “cold markets” Mr. C is going for!