Oct 27, 2014
I recently wrote a blog about Keith Ferrazzi’s relationship building tips from his book “Never Eat Alone and Other Secrets to Success One Relationship at a Time.” Another great take away from this book was a unique way to negotiate with someone important.
Toward the end of the book, Ferrazzi was trying to decide between joining two large consulting firms. Days before a big interview with his first choice, market leader McKinsey & Company, Ferrazzi received a phone call from Deloitte CEO Pat Loconto. Loconto invited Ferrazzi to a dinner in New York with himself and some of the firm’s partners. At the end of the dinner, Loconto pushed Ferrazzi to join the firm, accusing McKinsey & Company of a culture of exclusion and promising that Deloitte had a culture where he would be heard and empowered.
After considering both options carefully, Ferrazzi thought of something that I hope I am able to use one day. He agreed to accept the position at Deloitte with one condition: Loconto would commit to similar dinners with Ferrazzi three times per year as long as he remained an employee. Loconto accepted the terms and Ferrazzi went on to become a long-time employee, eventually earning the title of CMO. This is a prime example of someone that values long-term relationships more than short-term cash.
I have never thought about negotiating for face time in any of my deals but this is something that can produce real value. It will help you transition from a vendor to a partner. I can see myself using this tactic when hiring employees, negotiating supplier agreements or selling my services.
If you’ve tried this, I would love to hear about how it worked. If not, consider it for future negotiations.
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