Project 200 Question

[RyanCO]

I can't help but chuckle when I read the comments of the "experts" in this thread.

Dang, some tough love there. Fair enough, though. This is a tough industry, and if you don't walk into it with your eyes wide open you'll end up with a wallet full of maxed-out credit cards and an ulcer.

There are no short cuts here. There are definitely plenty of marketing programs and strategies, many of them very good - how to network, how to form and nuture strategic partnerships, etc. - but unless you stumble into a dream lead system, you're still going to have to do the dirty work too: talking to friends and family, cold calling, cold walking. At least 50 total hours of work per week for at least the first two years, and much of it getting your hands dirty.

And if you can tell me what happened on Jerry Springer today, you probably won't be in this business for long.

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[Crabcake Johnny]

I'll "refudiate" :-)

Project 200 gives people a false sense of what marketing is in this business and can really lead to financial harm.

Without it, agents would be immediately forced to market...really long-term marketing which as we all know involves cold-calling or spending money.

But what happens is they sign up "uncle Sal" and "cousin Nick" and go "hey, I can do this!!!"

Ah...but the list runs dry and now it's time to actually market. This is why I'm against the list 200. It doesn't teach effective marketing techniques agents will need for longevity and only really serves as a way for someone's "manager" to keep a constant stream of overrides. Hire a slew of people he spammed off Monster.com and hope to hell everyone sells their cousin a policy before they blow out.

 

[moonlightandmargaritas]

Project 200 gives people a false sense of what marketing is in this business and can really lead to financial harm.

You're generalizing about the "this business". Believe me, selling NYL is a LOT different than selling car insurance.

Without it, agents would be immediately forced to market...really long-term marketing which as we all know involves cold-calling or spending money.

Cold calling ain't gonna get it in this genre. You've got to be an EXPERT in networking and generating referrals. There are no "leads" to buy. Spending money - yes - taking CPAs, etc. to breakfast and lunch trying to develop a referral relationship.

But what happens is they sign up "uncle Sal" and "cousin Nick" and go "hey, I can do this!!!"

The idea is to get Uncle Sal and Cousin Nick to introduce you to influential people that they know!

Ah...but the list runs dry and now it's time to actually market.

If you become adept at getting referrals (ESSENTIAL for success) it never runs dry.

This is why I'm against the list 200. It doesn't teach effective marketing techniques agents will need for longevity and only really serves as a way for someone's "manager" to keep a constant stream of overrides.

John, as much as I respect your experience and savoir-faire, you're missin' this one by a country mile! In this game, the Project 100/200 is the only way to succeed.

PS-Managers at NYL, Guardian, Northwestern Mutual, etc. don't get out of bed for less than about 350K a year, so I don't think they're gonna be too concerned about some minimal, puny overrides off a young, failed agent. Not worth their time!

 

[Crabcake Johnny]

I'll defer to you on this then M&M - you have a lot more knowledge in this area than I do.

 

[moonlightandmargaritas]

I'll defer to you on this then M&M - you have a lot more knowledge in this area than I do.

Don't know about that Crabcake, think I just spent longer (as in not too bright) in the school of hard knocks!

 

[Crabcake Johnny]

When will the truth come out that success depends on alcohol and a wife who won't beat the sh*t out of you when 6 weeks goes by and no check.

 

[Josh]

Don't know about that Crabcake, think I just spent longer (as in not too bright) in the school of hard knocks!

You can learn a lot that way.

 

[rousemark]

All those that say don't approach family and friends, how are you going to feel when the husband dies and the wife and kids have to move out of the home because there is no money to pay for it. How are you going to answer when the wife asks, "why didn't you ever mention life insurance to us?..

 

[JimmehBone]

When will the truth come out that success depends on alcohol and a wife who won't beat the sh*t out of you when 6 weeks goes by and no check.

well I do love my alcohol, and I got no wife yet. And a second job after 5 to pay the bills. Success here I come

I'm just gunna use a mailing list and not put one person down I personally know. I already been telling friends and family what im doing, mostly cause excitement. I do it in a non-selling manner though, just catchin up.

 

[DHK]

I've typically been against the "project 200" type of things in the past.

I suppose that's because I was in a new area, with no warm market and I didn't want to be seen as a "Ned Ryerson"-type of insurance agent.

I've been in my new area for 1.5 years. I've been participating in various organizations and volunteer work for over the past year. I have built up a reputation of service and respect.

In 2 weeks, I begin as a new career agent with my local Mutual of Omaha office. My district manager made it clear to me that he can teach me. I can't really explain it, but I have a pretty strong 'bs' meter, and he was completely legit. In fact, he was able to diagnose some reasons why I haven't been as successful as I wanted. I see him as my "Gordon Ramsey" or "Robert Irvine" (think Kitchen Nightmares or Restaurant: Impossible) for the insurance & financial planning business.

He insisted on a project 200 to be completed as part of the interviewing process. If he couldn't convince me that he was a mentor worth working with, I would not have done it.

I do have passion for what we do as insurance agents & financial advisors. However, I've always felt "unequiped" to share it with others without sounding like Ned Ryerson. I'm convinced that my new manager will help me promote myself in a way that brings dignity to the profession and a desire on the part of the other person.

Also, my new manager was clear that the intention was to explode the Project 200 into a ton of referrals. He told me that his agents average 20 referrals per name/appointment! So, if I can take his strategies and make them work for me... I think I'll be sitting pretty for the rest of my career.

So, long story short - I'm not going to knock the Project 200. I WILL knock your training if they can't teach you how to work it effectively and leverage it into a much larger pool of referrals.

If you're not getting referrals & introductions from this list, then your time in this business will be cut drastically short.