Thinking about joining Primerica? But not sure if it is for you? If so, are you ready to do what it takes to be successful in your business? But wait just what kind of business model is it? And what exactly do you need to be successful in this particular business model? Well let’s examine and take a look at this business opportunity.
So What Kind of business model is it?
When you take a closer look you see that Primerica is a multilevel marketing home based business model that delivers a line of financial products to the consumer by direct sales. Over the last 10 years, this company has had an explosive growth and more so in the recent years like most popular network marketing companies have most likely due to the economy and unemployment rates.
So what kind of products do they market?
First off, this home based business opportunity has a myriad of products from insurance to mutual fund investments with its flagship product being term life insurance. It also offers debt consolidation loans, investment and savings products, as well as automobile and long term care insurance.
What is their target market and audience?
The company markets its products to middle-income customers through a network of some 95,000 independent sales representatives running their own home based business. The market is wide open for anyone needing term life insurance. It also brokers debt consolidation loans so anybody with consumer debt would be ideal. And of course anyone ready to start an IRA or Money Market Account. These are just a few.
What kind of marketing strategy do they adhere to?
This home business model uses a word-of-mouth marketing approach to capture new business and recruits. But is this marketing approach enough? It is true that word of mouth is the most effective form of marketing but typically takes longer than other methods advertising. So just as in any business, marketing is a key factor to having success and the same is true for a network marketing business. Therefore a combination of marketing strategies for promoting Primerica Online and offline will be required to maximize your marketing efforts and to increase your sales.
So what does it take to become a representative?
Becoming a Primerica Online representative costs $99 to join and with that buy-in fee you get a series of training for licensing on life insurance, information on how to promote your Primerica Online business and a means of keeping track of your down-line. You then get plugged into the company resources for just $25/month and this covers the standard business website (which has your backoffice),sales tools, and a support system. The website is also for promotional purposes as is with all MLMs. From your replicated Primerica Online website you offer these products mentioned earlier, but it is your responsibility to promote it and get the links to pull it up through the Google rankings.
How Do I make Money with Primerica?
As with any legitimate direct sale home based business, representatives make money from the sale of products to end users. Another great way reps make money in this home business opportunity is by way of commission overrides from sales made by the team. With all MLMs, it is ideal to build a team to have a successful business to allow you the owner the flexibility of time freedom by leveraging other peoples time as well as making commissions on sales overrides within your organization. Unfortunately, there is not a residual income component starting out in this home based business. One needs to get other licenses in the investments product line before the residual component even begins which can take months even years before you start acquiring those customers.
So what will I need to be successful?
Well all is good and the program seems viable. But what will you need to be successful? Well the bottom line isn’t how good of company or program Primerica is… but, rather, what will you do with the opportunity?
Do you have a plan to get your new home business in front of a steady stream of new people on a daily basis? How do you intend to promote your website? How do you plan to maximize your marketing efforts and to increase your sales. Will you use both online and offline marketing strategies for your home based business? Are you willing to invest time, money, and effort to be successful in the home business industry?
Because the name of the game is recruiting and making sales so what’s your plan for making that happen?
In MLMs, the secret to success all boils down to your understanding and willingness to create a sales and marketing machine. You need to first discover how to generate leads via advertising or attraction marketing methods and then convert those leads into product customers and sign ups. Then you must lead your new team into taking the same proven actions.
So how about it… will you allow yourself to be successful and be the next Primerica Icon? Only you and time will tell…