Primerica Financial Services (PFS) is a subsidiary of CitiGroup corporation and a direct marketing platform for CitiGroup. Primerica has over 100,000 independent representatives mainly in the US but have recently expanded into South America and Europe. However if you’re thinking of becoming a Distributor for Primerica then this article will tell you the truth about Primerica and why 97% fail.
As you all know Primerica is owned by Citigroup and is essentially a marketing arm of select products mainly life insurance, mutual funds, loans etc.
Primerica is not a scam and this is proven by the fact that Primerica is still around. The ”Primerica scam” is usually held up by people who after joining Primerica found that they could not run a business.
People’s lack of personal responsibility coupled with their ignorance has given the MLM industry a bad reputation but I digress.
The business opportunity is really two fold. You sell financial products and services and you recruit people into the business so you can have an army of people selling so you can bring in more lush commissions.
This sounds simple on the surface but once inside you’ll realize that it takes more than a simple concept to make things work. Most people quit after their first few months simply because they aren’t willing to do what the 3% do to become successful.
My only gripe with Primerica is the products. It all sounds great and generous on the surface. The idea to help people save money and get out of debt is a noble one but a bit misguided.
These kinds of products have been around for years yet everyone is still in debt. Why is that?
Do people really think that things like debt consolidation will help? It might help at first you have all your debts in one place you get a clearer picture and you aren’t overloaded.
But it’s still debt and let’s add to this the average number of ads that a person sees on a daily basis:3000.
We respond to at least 1 of these every day and we can’t help it and we end up spending more money. More debt won’t help at this point. It would be like trying to cure a heroin addict of heroin by prescribing more heroin.
The only thing that will help people now is financial education. Primerica is great to get people looking and focusing on their finances but that’s it. It will get people interested in how money works.
What You Could Do To Help
The only Truth about Primerica is that it has products and services that are in demand you could be the one to make hefty dividends.
Since Primerica is a Network Marketing company you’ll have to remember the ‘Network’ in Network Marketing. You’re in business for yourself but not by yourself.
When you recruit you have to stop focusing on the fees that are paid to you. Focus on your downline being able to duplicate your results.
Now here is another problem how does your downline duplicate you? The answer is they can’t, this is a world full of unique people and you will not find your doppelganger.
Let me throw you a double whammy, what if all your downline were great recruiters like you? They went out and started to plug Primerica Life Insurance and started to recruit people into the business then what? People start leaving your downline and they start dropping off like flies.
Know this: no matter how hard you try the only thing that will help your Primerica business is a SYSTEM.
The Much Loved System
In the old days people had to prospect people in the streets and every other public place on the local map.
As time went by they started to get more creative and started posting flyers, holding meetings and the like.
But with the advent of technology prospecting has become easier. If you want your downline to be attrition proof then create and provide a system that your downline can plug into and start seeing results from day one.
You can’t do 100 presentations a day but your streamlined lead generation and prospecting system can.
One of the other problems that you will encounter is volume……or lack thereof. To get the best out of your business then you will need to create volume. A large volume of visitors to your websites will create a large volume of leads, which will in turn create a large volume of sales.
It’s that Mickey Mouse Simple.
We’ve already established that you need a sales funnel now we need to fill that funnel with leads.
The only way to achieve this is to learn how to market. Period
Once you learn how to market and get people into your sales funnel(lead generation and prospecting system) then you will be on the road to saying goodbye to your job.