There are techniques with better payoff and retention. Check the memory systems advocated by David Roth or Harry Lorayne, or the locus method (https://en.m.wikipedia.org/wiki/Method_of_loci)
They've got many great, practical articles on mnemonics and other memorization techniques.
You can develop/discover and consciously apply mnemonic techniques for each situation (eg remembering names at a party by associating the name with prominent features of the face or funny analogies) but if you don't use them they'll be of little help.
Bill Clinton (or was it JFK??) is said to have all his life kept a notebook with him and scribbled down any personal facts revealed in a situation - name, alma mater, etc - and was then able to recall them when meeting the same person years later. He must have had an impressive system and much dedication - but also must have been a bit awkward to talk to when everything you say is recorded (apparently a good listener though).