How Fortune 100 Companies Sign $10M Deals
True story posted on Reddit about Fortune 100 Companies:
A friend of mine, now Head of Sales at a major tech services company based in NYC, shared how they close
massive deals in the U.S. Here's the 5-step playbook:
1. Initial Contacts: Build relationships with 20-30 VP-level decision-makers who control big budgets.
2. Private Dinner: Invite 10 of them to an upscale dinner focused on industry trends. It's framed as a valuable
networking event with peers.
3. VIP Experience: After dinner, offer front-row tickets to a major basketball game a big deal in the U.S.
4. Afterparty: The remaining 2-3 execs are invited to a top strip club in NYC.
5. Closed Deal: One of them usually signs a $10M+ contract within a month. ~10% conversion rate.
Cost? Around $50K-$100K per event - but one deal pays for it all.
Image Description
A Reddit post titled "How Fortune 100 Companies Sign $10M Deals - A True Story" outlining a 5-step playbook shared by a Head of Sales at a major tech services company in NYC.
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This image captures the essence of the blog post by visually displaying the 5-step playbook used by major companies to close large deals. It enhances the content by providing a real-world example, making the strategy more relatable and credible.
Key Takeaways
- Relationship Building: Engage with 20-30 VP-level decision-makers who have control over significant budgets.
- Networking Events: Host upscale dinners to discuss industry trends and facilitate peer networking.
- Exclusive Experiences: Offer premium experiences like front-row tickets to major events.
- Final Touches: Use intimate settings for further relationship building.
- High ROI: Despite high costs, the strategy has a strong return on investment with a ~10% conversion rate.
Additional Insights
This playbook highlights the power of building strong personal connections in business. It's a clever mix of social engineering and strategic investment. The process may seem extravagant, but it underscores the value of creating memorable experiences to foster business relationships.
The cost might be hefty, but the potential for closing multi-million dollar deals makes it a worthwhile gamble. It’s all about understanding that in high-stakes deals, it's not just about the product but also the experience and relationships.
