There is only one reason that I go to events and conferences. I want to increase my income.
It's very tempting to lose track of why we go to events when we are caught up in the moment. It feels like vacation, and it's easy to activate the vacation part of your mind.
You spend so much time having fun that you let your emotions run wild.
Most Deals Fall Through
My favorite investing show airs every Friday night.
People come from all over America to get investment for their small business.
They need outside capital and guidance to keep their businesses growing.
I have seen every episode and variation of this show.
I simply can't get enough.
Each season, around 35,000 people apply to be on the show and only 150 actually make it.
Of them, less than half strike a deal for investment.
That's not the end of the story.
About two-thirds of the people who make it through the first two phases have their deals fall apart.
Imagine all of that work to beat out tens of thousands of other contestants.
You get your dream deal on television.
And then the deal comes crashing down.
Diversify Your Risk
At my first conference, nearly a decade ago I made the classic mistake.
I invested all of my efforts into a relationship with one person and then after the conference it just didn't work out.
Now I approach networking with the appropriate mindset.
I get excited about every single contact I make and each potential deal.
I overreact, but I just get so excited.
I love making a great contact and starting a great project together.
Tempering that excitement is critical to avoid making a mistake at this point.
If you get so excited by one deal, you start to count on that deal way too soon.
And you stop networking.
Why do I need to put in any more work when I've already succeeded?
But that's just it.
Most deals fail.
Many people make promises that they can't deliver on.
When you go to a conference, expect ninety percent of your deal to turn into dust.
Be excited by each great opportunity, but realize that you have to set up nine more if you want just ONE to work out.
I set up fourteen new contacts in Bangkok.
So far only one of those deals has put money into my bank account.
Control the Odds and Master Your Destiny.
Imagine if you went to an event and worked your tail off.
You talk to as many people as you can, and you walk away with nine new contacts.
You would feel like a total failure when you got home because all nine faded away.
Right now I'm batting one for fourteen which is actually around seven percent.
I know a few other ones will work out, but that is my ratio today.
You can magnify your success with a few key steps.
- Get high-level contact information
- Follow-up several times over the next few weeks
- Push value before you ask for anything
Networking is a Science
There is very little art or luck when it comes to networking.
Each phrase simply involves planning and structure.
From choosing who you want to talk to before an event to how many contacts you keep after an event.
Having a powerful structure works every single time.
I have spent so long refining my networking process that I don't even worry about it.
I know that I always come home with more money in the bank from every event I go to.