Business News
Is Your Agency Still Using Project 200?
Project 200: The Shortcut That Cuts You Short
Written by: Paul Bloodsworth
October 11, 2024
[5 minute read]
Summary
Let’s be honest—Project 200 is long past its prime. Designed to give new life insurance agents a quick start by prospecting within their personal network, it encourages agents to pull together a list of 200 friends, family, and acquaintances.
While it might seem like an easy way to get your foot in the door, continuing to rely on Project 200 as your primary method of prospecting is a recipe for burnout, strained relationships, and, ultimately, limited success.
STOP PITCHING YOUR FRIENDS: It's time to move on to strategies that work.
In this article, we will:
- list 2 reasons Project 200 may have some use.
- highlight 7 major reasons why Project 200 is pretty much dead.
"You can only move ahead by letting go of old ideas."
Bob Proctor
From Friends to Fails: Why Project 200 is Holding You Back
Why Project 200 Might Be Used...
1. Quick Start for New Agents:
Project 200 helps new agents ease into the industry by reaching out to people they know, allowing them to practice sales conversations and build confidence.
It’s a good way to break the ice in the first few months.
Well.... maybe.
2. Leverages Existing Trust:
Personal connections offer a level of trust that helps with early sales or referrals.
People are generally more open to hearing a financial pitch from someone they already know, making initial conversations smoother.
Again... maybe.
Why Project 200 Is a Fast Track to Nowhere...
1. Exhausts Your Network Quickly:
Once you’ve tapped out your 200 contacts, you’re left with no new prospects.
This method doesn’t provide a long-term pipeline, leaving agents scrambling for leads later on.
Plus, have you ever attempted to write down 200 people you know? Not to mention, these are people you must soon call and ask them to share their private financial information with you...
2. Strains Relationships:
Reaching out to friends and family for business can put unnecessary strain on personal relationships.
No one wants to feel like they’re being sold to every time they meet up.
Trust me, your friends and family are ALWAYS dishonest about their finances. They don't want you to uncover the truth.
The fastest way to ruin a friendship is to enter "money" into the relationship.
Project 200 is a sure-fire way to drive off your peers...
3. Limited Skill Growth:
Over-reliance on warm leads means agents don’t develop essential skills like cold-calling, networking, or online marketing.
This leads to a false sense of competence that falls apart when you have to sell to strangers.
Although we do not advocate random cold-calling, we do promote contacting ex-clients for a "customer service" approach.
Our Excel Blue Ocean Strategy teaches the professional techniques required to reconnect with ex-policyholders for successful rehabilitation into new business.
4. False Sense of Success:
Early wins with personal contacts may inflate your confidence, but that success doesn’t translate to cold markets or first-time professional introductions.
Once you step outside your network, the challenge becomes much greater.
Trust me, the Real World will come crashing in...
5. Not All Contacts Are Qualified:
Just because you know someone doesn’t mean they’re a good prospect.
Many may not have the need or financial capability for life insurance, wasting valuable time on leads that won’t convert.
Your time is valuable, and time equals money..
6. Damages Credibility:
Constantly pitching to friends and family can make you appear desperate.
Over time, this could harm your personal and professional reputation.
Credibility is everything in this industry.
Aren't there enough thirsty agents and telemarketers out there with obvious commission-breath fogging up the room?
7. Lack of Sustainability:
Project 200 doesn’t offer a sustainable way to grow your business.
It’s a one-time boost, not a long-term strategy, leaving agents stuck once their initial list is tapped out.
And let's be frank, this list probably wasn't much of a boost anyways. If anything, the Project 200 most likely caused more harm than any benefit that was received...
CONCLUSION
A Better Path to Success
The financial services industry has evolved, and so should your approach to prospecting. Instead of relying on a limited personal network, agents should embrace strategies like:
- digital marketing,
- transparent compliant niche-based lead generation,
- professional strategy-based seminars,
- and targeted outreach.
These approaches not only build a scalable, sustainable pipeline but also protect personal relationships and reduce burnout. In today’s world, there are better ways to succeed without leaning on outdated methods like Project 200. It’s time to move forward.