Idea: 63
Wednesday, 04 March 2015
By. Francis Pedraza
DoubleOptIn
Pay for thoughtful, qualified, and warm business introductions. Transparent pricing ranging from $10 to $1,000, with an average of $50 to $100 per intro.
Ready to start:
An experienced networker could start this business with no upfront capital and a Google Spreadsheet. Over time, build software and use cheap labor to scale the business.
Etiquette:
The etiquette of business introductions has shifted towards double opt-ins. To make an introduction, the broker needs three things:
1) a list — such as a wishlist of people that my client wants to meet. Customers, talent, investors, reporters, etc.
2) a general reason to meet — “we’re hiring!”, “we’re fundraising!”, etc. This is best supported by some materials.
3) and one or more specific reasons to meet. “You studied math too?” “I read your blog”, “We went to the same college”, “I love hockey too!”, “Small world! You know Sarah Leifson?”
The specific reasons are what make an introduction compelling, legitimate, and valuable to both sides.
Process:
— Filter prospective clients, only take ones you personally believe in
— Ask them for their wishlists, “general reasons” and materials. Make sure their materials are strong.
— Show them a list of targets with a price per name.
— Select the ones they want. Provide “specific reasons”.
— Ping the target the request… (Or ask for a 2nd degree connection)
— If the target is interested, make the introduction.
First year objectives:
— 10,000 intros = 100 clients @ 100 per client
— $1M — 500K in revenue @ average cost per intro of $50 — $100
— 1–3 team members
+ Grow proprietary lists in various sectors, measuring responsiveness rates, etc.
+ Design and build a brand
Second year objectives:
— 100,000 intros = 1,000 clients @ 100 per client
— average cost per intro of $100
— $5–10M in revenue @ average cost per intro of $50 — $100
— 1–10 team members
+ Start monetizing BOTH sides
+ Build software to automate things
+ Higher quality clientele
Questions:
— Who would you pay for an introduction to, and how much would you pay?
— For second degree introductions, should the second degree connection get a small cut?
