Back in the day when Erik ran a software development company, it was just him and a couple of employees and the company was flush with cash. We still do very well for ourselves at Array Digital, but we do have more employees and more obligations, leaving less excess cash. In episode 238 of Journey to $100 Million, listen in to Erik as he explains how he threw business parties with his previous company’s extra cash, which ended up gaining him a very lucrative deal.
Erik found a local event coordinator that educated him on a very useful approach to correctly utilize these business parties. The goal was to have a strategic approach, plan who was going to be there and follow up with the attendees. He also spoke to another friend of his, who was also a business owner, who explained to Erik how he should ask everyone invited to invite one other person that they feel would be a good fit to use his company’s services.
Erik found that only about 25% of individuals brought someone else with them, but one of those individuals that showed up to one of these events had a need for Erik’s services. Erik talked to this individual at the event, got his contact info, and followed up the next day. This ended up being a $20k software project – which would not have happened without this event and a strategy!
These events are not that expensive, only around $500. It is a low investment, gets people to your office, and can have a big return on investment. Erik plans to implement this strategy here at Array Digital so we can start landing more, and bigger, deals!