A business opportunity is directly impacted by finding the right degree of exposure. Individuals must constantly be seeking out opportunities to get themselves in front of the “right people.” If you can succeed in doing that, the next step is to make the right impressions. In professional services, there is a very long and wide funnel between the number of people you’ll meet and those with whom you’ll actually do business.
For example, in the Mergers and Acquisitions business, bankers say they need to meet 100 people in order to reach 10 companies that could eventually transact over time. Then, once you’ve captured their attention, you’ll then need to compete for their business.
So, in theory, you’ll need to meet at least 100 or “the right people” to potentially attract the attention of about 10 legitimate prospects in order to be able to actually work with 5 or 6 quality companies.
“In the world of Mergers and Acquisitions, that means going to industry events that draw either C-level executives or significant influencers within each industry, and trying to meet and make a good impression on as many as you can.” – Mark Brady, William Blair’s Head of Mergers and Acquisitions.