Entrepreneurial Partner's Party Gets Boffo Results

Cocktail parties make for great networkingRemember the entrepreneurial partner at the megafirm who wantedth to throw a networking cocktail party, but got no support from his partners or marketing department? 

He proceeded on his own and got great results:

  • Number of attendees: 100 out of an invitation list of 450.
  • Out of pocket costs: $7500 including invitations and gift bags.
  • Hours spent in preparation: About 25 hours over 3 months.  "10 to scrub my contacts and flag all the right people to invite, then check and recheck.  5 for the gift bags.  5 for invitations.  5 for miscellaneous. The next time I do this, it should take much less time.  I might do four smaller parties instead of one big one," he said.

He wrote me:

The party was a huge success. The head of my group was quite impressed with the turnout and the schmoozing opportunities.  Our associates loved it, because they got social time with people who they’ve only met on the phone.   That turned out to be an unexpected but really significant benefit.  I will not be surprised if we do some department cocktail parties going forward, though no one is really talking about it yet.

I spoke with just about every guest at least briefly, and 50 (in groups or individually) more in depth.  Of those 50, I’d say 10 or 20 were clients and the same number were referral sources.

We had a good turnout of clients and client types.  A few too many broker, consultant and vendor types, but that’s the price of the invitation list I used.  Even those relationships are important and I value them, though.

Lots of people made great connections and reconnections.  For example, one guy I invited turned out to have gone to nursery school with another guest.  Everyone had an incredibly warm feeling about the whole thing, and there was a buzz at the party talking about me, which was great.  Lots of follow-through thank yous and calls, etc.  Quite a few people thanked me for having had the brilliant insight that one could do a party like this during a month other than December.

The next question is: what’s the best way to follow through, stay in touch, and keep building the 100 relationships that I’ve just built a little bit through my party?  I suppose one could set up a lot of lunches, but one of the goals of the party was to take the place of a lot of lunches (which I find very tedious to set up and then reschedule 17 times).  But if not lunches, then what?

 

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Thom Singer - April 29, 2007 5:46 PM

Larry-

I have enjoyed following the posts that lead up to your friend's party. I knew all along that it would be a HUGE success and that those from his firm would love the event. These types of client/referral source get togethers always have long term benefits. Shame on his firm for not picking up the tab (it is not too late, the head of his section could still do the classy thing and give him $7500 with a strong public "THANK YOU" for his efforts to promote the image of their law practice!!!)

To Larry's secret friend - Your are in a class above many in your profession. I praise and admire you for having the gumption to host the party on your own. One day your firm will scratch their head when you get a big offer from a competitor and move your practice to a firm that understands the importance of touching clients with more than just a bill.

As for follow up, you need to reach out differently to each of your guests, based on your existing relationships. With some you can send an email, others a hand written note, some a phone call and others still with a lunch. In each case, let them know that you appreciate them coming to the party and that you appreciate having them as part of your life. Yes, that is 100 people you need to reach out to...but they were the 100 out of 450 who showed they value you by attending your party.

Keep up the good work.

thom

Bill Crooks - April 30, 2007 9:37 AM

great follow up to this would be how your partner friend plans on specifically following up to the individuals at the event. How will he utilize the touch points and select key conversation points made with a few of his top clients during the event? Will he send a card with the paintings on it and a hand written note specifically asking for an opportunity to have a discussion about a key trend or topic that they might have discussed? Will he then track the results of the opportunities uncovered with additional billing figures in the months ahead and then send those same "skeptical" partners and marketing department members a report tracking the additional business? It would be interesting to check in for their response to his report a few months from now


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