What happens when you combine the world’s leading economists with one of the most scenic places in North America? An unparalleled networking opportunity for business executives.
There’s no downplaying the significance of a summit that features high-powered speakers such as David Kotok, Paul McCulley, Charles Plosser and Jim Bullard, but the Rocky Mountain Economic Summit offers something that is often neglected in this technology-savvy world: Good old-fashioned human contact with people who could help your business grow.
In business development, there’s no substitute for personal relationships. Case in point: A survey of 300 business professionals by Reachable found that people are five times more likely to return your call if you have connected with them personally. That’s significant. And when it comes to sales productivity, the closure rate on deals goes up by 243% with that personal touch.
The concept is simple: People do business with people they like. And what better place to start building those connections than in a place like Jackson Hole, where you can replace mirrored skyscapers with snow-capped Tetons.
Here’s another case study for you. We recently came across a study in Forbes conducted by researcher Al Roth. Roth used an experiment called The Ultimatum Game to gauge the outcome of personal interaction on financial deals. The experiment was this: A subject must divide a small amount of money between himself and another subject. If both parties agree to the split, they get the money. If they don’t agree, neither gets paid. What Roth discovered is that the ‘fairness’ of deals increased dramatically when the subjects spent a mere 10 minutes socializing. He reported that 83% of the deals were fair with socializing, compared to 50% without.
Bottom line: Personal relationships matter. And that’s what the Rocky Mountain Economic Summit is all about. It’s a carpe diem event that could propel your business forward.