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To conduct an effective meeting, four essential elements must be in place; lacking these can lead to issues such as customers not recognizing value in the discussion, unclear direction, and prolonged sales cycles. This can result in difficulties in follow-up, with prospects not responding to calls or emails. Preparation is crucial and involves researching the individual or company through platforms like Facebook, LinkedIn, and Google to gather necessary information. These steps are foundational for ensuring productive conversations and successful outcomes in meetings.