How can founders maximize business return on investment when attending industry conferences?

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Accepted Answer

Events are rarely direct-revenue machines. They’re just ways to try and increase your surface area for luck. Mitch Lowe was certainly worth the trip - but there were other reasons.

But don’t go “networking.” Go hunting - and know exactly what you're going to be hunting for.

If you don't know who you're hunting for, find yourself a "jungle guide"; someone who does know the landscape and the players who can help you navigate to the right people.

Before Cannes, make a list of 10 specific people you need to meet and why. Get warm intros now. Book meetings before you land. Make sure you know what you're going to ask and what you're going to offer. Skip panels unless you’re speaking or learning something tactical. Host a tiny dinner; that beats wandering the floor randomly.

You're ROI isn’t based on what deal you may have been able to close. It’s going to be based on whether you gained access, learning, or leverage that you couldn’t get from your desk at home.

So don't go looking for general "opportunity." Go with a highly specific, non-revenue goal. Maybe it's getting feedback on your CRM from five specific creators, or meeting specific target partners.

In my case, my first show was all about learning the business (meeting Mitch was luck). For the next show, my target was to find a single DVD manufacturer that would insert our coupon into their box. So I had set meetings with as many DVD manufacturers that I could.

Basically it's all about focus. If you can't name that one thing you need to do before you buy your ticket, stay home. But if you do go, focus on that single objective and ignore the rest of the noise.