During a recent staff meeting, Mark
Dollinger, president of Trendlines America, gave us his perspective
on how to turn an “okay” meeting into a “meaningful” event. To get his
point across, he and Todd
Dollinger, CEO of T.I.F. Ventures and Trendlines chairman, role-played
potential partners and investors while Trendlines consultants and managers
were the CEOs and entrepreneurs “pitching” opportunities.
Here are some of the highlights.
Building a Relationship
Todd
started the exercise with a question: “What
is your objective in the meeting?”
The general response was something along these lines: "To
gain traction on a deal."
"Wrong. Your objective in this initial meeting," he reminded, "is
to develop a relationship."
All meetings – and especially first meetings – represent
an opportunity to connect with the potential partner on a different level
and to build on the foundation.
What are the pieces that go into building a successful relationship? Todd
singled out three critical things.
Getting the Word Out
Why do you need to make a presentation even if the potential partner
has received background material?
Quite often, you will be presenting to a larger
group. It’s
probable that some in this group are not familiar with you or your
technology.
Everyone is busy. Assume that some meeting participants did not
read the background information that was sent, or maybe they read it
but forgot it. If you are in a meeting where everyone should know
your company, you can always begin your presentation by saying, “Let
me review … .” This brief review will get everyone in
the meeting on the same page.
There is a difference between what people read (and
how they read it) and what/how you present. You will
be making different points when you present. Your presentation and the
Q&A
will go a long way toward clarifying the potential partner's understanding.
Preparation Review all your relevant e-mails, notes, and correspondence.
Know who you are meeting with.
Review the company’s team members on their website. Search for them
in Google or Yahoo!. Find out about their previous experience.
Know what the company is doing and where they are going.
Read their site’s News page. Read about them in industry magazines or
on other business sites.
Put together a list of items you "must talk about."
This is simply a list of bullets for your own use to keep you focused and take
the meeting where you want it to go. This list can include questions you want
to ask and what you want to “leave with” at the end of the meeting.
Presentation
The purpose of your presentation: To clearly explain the problem/challenge
(the market need) and how your solution solves that problem.
Make a good impression.
Your presentation helps establish your credibility. More than your presentation,
you must impress them.
Remember there are two different parts
to the presentation: (1) how you present (your presentation
style), and (2) what
you present, the actual content. Todd stressed that even before
you begin speaking, you
make an impression.
Listen and learn; do not confront and argue.
If you listen, you will gain valuable insights into how the company likes to
work. You will also be exposed to their “vocabulary.”
Follow-up
Make a phone call or send a thank-you e-mail "within 48 hours of the meeting,"
Tina Ornstein, managing director, added. This is expected in the United States,
and it gives you another opportunity to connect and advance the process.
It’s not unusual in the States to attend a meeting in the morning and
see a “thank-you
for the meeting” e-mail the same afternoon.
Aligning Expectations
Mark commented that as you are building this relationship,
aligning expectations can lead to greater success.
He looked at three things
that may occur during the
meeting:
The
presenting company can teach something.
”However,” Mark warned, “if you act like you know better than
they do, it’s a deal breaker.” You are there to teach something about
why your product uniquely solves a real market need (its value proposition).
There is a chance to look for opportunities.
The meeting represents a way that both sides can explore ways to work together.
Barriers to entry are identified. The potential partner
may raise a number of issues based on experience in the sector or market.
Listen well and take notes.
At the end of the meeting, it is “acceptable to ask about the
level of interest and discuss ways to move forward.”
Mark told the group “a quick positive response
during or right after a meeting is an indication that the meeting went well. Realizing
that you have started a process goes a long way toward aligning expectations.”
He
explained that “business development ‘guys’ in
U.S. companies are very busy. In addition to learning about your technology,
they may have six meetings the same day to learn about other technologies.
Moving forward does occur, but takes time.”
Mark also stressed how important it is to follow
up. In your thank-you e-mail you can indicate
any next steps (and possible timeline) that were agreed upon during the meeting.
Making Your 60 Minutes Count
“Americans typically block out 60 minutes for a meeting. It’s
very rare,” Mark noted, “that a meeting will be scheduled for
two hours.” Todd pointed out, though, that “if you are
coming from abroad, two hours is more likely. When you set the meeting,
don't be afraid to ask – or
request – the
amount of time to be scheduled (and who will be in the meeting).”
Assuming a 60-minute meeting, the critical hour breaks down as follows:
30 minutes: Q+A
Q&A tends to be informal with a lot of give and
take. You can learn a lot about how the company works and the language
they are speaking (their “vocabulary”).
Be prepared to answer all types of questions.
“If the meeting goes past the hour, this is yet another indication
that things are going well,” according
to Mark.
Todd
started the exercise with a question: “What
is your objective in the meeting?”
At the end of the meeting, it is “acceptable to ask about the
level of interest and discuss ways to move forward.”