The 5-Day Turnaround Prelude
“And that’s our pitch.
We’d love to know what you think!”
Silence.
To be honest, I had expected a bit of post-pitch silence. Our team at the agency had worked long hours over the past three months to give Matt and his team a significant amount to consider.
After reaching a few dead-ends, we came up with a big idea—an approach with the potential to disrupt an entire industry. It was one of the most promising business solutions we’d ever created at my agency. I couldn’t wait to hear Matt’s reaction.
Asking a prospect to break new ground is always risky. One thing I’ve learned is you never know how your audience will react to a truly daring concept. During the pitch, I was aware of Matt’s body language and, at times, felt he was getting it. At other moments, he seemed lost in thought.
Was it indecision I was sensing?
When we worked side by side at Crackersnap Tech in the past, Matt and I were a great duo. We were even known to finish each other’s sentences on occasion. Right now, that all seemed a long time ago.
“Excellent!” Matt exclaimed, breaking my train of thought. “We asked you to push us, to really challenge us. Speaking for everyone here, I can say you did just that.”
The rest of his team, including those who were less attentive earlier, nodded their heads. The one exception was the newest member, a woman named Meredith. From the start of the pitch to the finish, she took notes continuously, which is generally a positive sign.
“Thanks!” I responded to Matt. “Do you have any questions for us? We can walk you through the timeline if you like. Building a new approach to target buyers is something we would do with your technology team—”
Matt cut me off.
“Actually, I think we’re good on the details for now. We really appreciate your team spending so much time on this one. As you know, today was the last of the presentations we’ve scheduled. Now the work begins on our side before we can make a decision. Thanks again for coming.”
Matt’s polite words were not the enthusiastic response my team had hoped to hear.
He stood up to leave, and we all followed.
As my associates packed the display boards and made small talk, I made my way over to where Matt was standing.
“So, are we still on for coffee tomorrow morning?” I asked.
“You bet. It gives me a chance to bring you up to speed on the process we’ll follow the rest of the way. Excellent stuff today, Will. You sure were in top form.”
We said our goodbyes, yet I had the feeling he was holding something back. Once in the elevator, our team congratulated one another on a job well done. I could sense their relief that the pitch was behind us. Mostly, I was looking ahead to my first good night’s sleep in a while.
Matt and I first met when we both worked at Crackersnap Tech, an artificial intelligence and technology startup. He reported directly to the CMO, and I was in charge of sales. We left soon after Crackersnap was acquired by a big conglomerate ten years ago.
He moved on to become CMO of Titan, a Fortune 1000 company. I went on to become a VP at Ideathon, a highly regarded problem-solving consultancy. After four years spent mostly setting stalled companies on a new path, it felt right to risk being an entrepreneur with my own startup. Now, I’m running a thriving, six-year-old digital ad agency. Things are going well. We’ve grown to just under 100 employees and have gained some impressive clients. Winning Titan would bring us our largest account so far.
Who would have thought back then that pitching to be Matt’s Agency of Record would be part of our future?
Matt and I did a good job of staying in touch after leaving Crackersnap. Luckily, our current business offices are only a ten-minute Lyft ride apart. We keep up with each other by getting together now and then at The Steaming Cup—our favorite local coffee spot.
Matt’s move up the corporate ladder was no surprise. I always saw him as a person with impressive talents, including a mix of creative ideas and a down-to-earth knack for getting the job done.
I was eager to hear what Matt thought of our pitch. Drifting off to sleep that night, it was tough deciding which was more likely—a thumbs-up or a thumbs-down.
As usual, I was at The Steaming Cup in the morning well before Matt. It’s my habit, when meeting someone, to get there early for some undisturbed email time. Matt, as was his custom, strolled in at 8 a.m., exactly as we had agreed.
“Over here!” I waved to Matt. “The line was getting long, so I grabbed your usual black coffee. Don’t worry. I won’t put it on your first invoice.”
Matt laughed nervously. The obvious reference to the pitch made him uncomfortable. My attempt at humor was something I regretted almost at once.
What struck me as we started sipping our coffee was how much older Matt seemed to be. It was as if the last few years had taken quite a toll.
“So, busy week?” I asked, restarting the conversation.
“Yeah, always. But busy is good, right? I gotta say, though, I’ve never felt so underwater. Even after adding two team members, it’s hard to keep up. Things change so fast these days!
“And the pitch process to land an agency was a pain—no offense to you guys. You did great. It’s some of the others we’ve seen. The repeated briefings. All those requests for more data. The maneuvering to get an edge. The endless presentations to sit through. I never knew there were so many different lines of attack an agency can come up with and still end up in the same place,” he complained.
“It’s rough on the agencies as well. We work our tails off for weeks, and at best we have a 30% chance of winning. That’s the industry average.”
Matt looked up from his coffee. “Really? Those seem like tough odds.”
“Yep, nature of the beast. If I had known how tough it was to win new clients, I might have chucked the whole agency gambit.”
I quickly corrected myself. “No, that’s not true. The process of solving problems with new ideas is so exciting. Also, there are lots of great people to work with on both the agency side and the client side.”
Matt shook his head. “Huh, sounds like the old Crackersnap days…and the complete opposite of what it’s like at Titan.”
What came next is what I dreaded hearing.
“Which is why I don’t think we can choose your agency to work with us on this project.”
“Oh,” I said, with a sick feeling at the pit of my stomach. “Well, I sure did appreciate the chance to pitch. Sometimes we nail it, and sometimes we don’t. I get that.”
“No, Will. Actually, your take on the challenge we’re facing is perfect. Seriously, it’s the kind of thinking we need to outdo those newcomers eating our lunch. My team admires what you came up with,” he reassured me.
Matt stood up and walked over to the counter for a coffee refill. I stayed at the table, coming to terms with what he just said.
“Gotta say, I just don’t get it,” I started right off when he rejoined me. “With all those positives, why didn’t you choose us? Is it the price? We can look at the scope. I know we were a little over your budget, but we can work on that.”
“Nope, your budget was fine, no worries there. Several other estimates were higher than yours. Honestly, the reason we can’t work with you is—and I really hate to admit this—we could never pull it off. It’s not doable for a team with our limitations.”
I pressed for a better answer. “Meaning what exactly?”
“Look, the reality is we’re like every other established business. We spend most of our time in meetings. When we try to implement anything to break the mold, we over-complicate and over-process it. During the years I’ve been here, the number of times we went ‘all out’ in a genuinely new direction comes down to zero. I’ve learned to settle for marginal gains we can make work.”
He had trouble meeting my eyes. I guessed he was embarrassed by what he was saying.
“But at Crackersnap you were the champion of reaching for the stars despite the risks!” I exclaimed.
“Titan isn’t Crackersnap, Will. And we’re not unique. I have friends at other large companies that have been around forever, and they struggle with the same constraints. Put simply, they don’t know how to move with the speed of a startup. That’s why up-and-coming entrepreneurs are kicking our butts. You should know, some of the winners are your clients!”
He was right. My agency works with both established brands and hot new startups. As you’d expect, the startups move much faster than the big guys. In fact, sometimes they go so fast we have a hard time keeping up with them.
Rather than respond to Matt, I decided to get my own coffee refill. What I needed was a few minutes to think through a wild idea that had just crossed my mind.
Maybe losing the pitch was not a done deal.
What if I could help Matt turn around his situation to become more like the startup where he once thrived? If that happened, he’d be able to work with our agency after all. What was racing through my head was all those CMOs I put on the right track when working at Ideathon.
Coming back to the table, I fired a question at Matt. “Did you mean it when you said your team loved our approach, but you lack confidence in them pulling it off?”
Matt came back with, “On one hand, your proposal outclasses anything else we’ve seen. On the other hand, with the culture at Titan, we could never make it happen.”
“Matt, please excuse my being blunt, but walking away from a marvelous opportunity is not the you I remember.”
I continued, gaining strength. “Do you recall how we had to overcome stumbling blocks at Crackersnap each time the company’s growth stalled?”
“Sure do. Sorting out the real problem worked every time. Once we identified the actual hurdle, a solution began to take shape,” he agreed.
“Matt, you’re facing a similar challenge now. Backing away from taking bold action at Titan keeps your team from doing their best. The answer is to bring about a sea change that allows you to be the leader you truly are.”
Suddenly curious, Matt asked, “What are you getting at?”
“Why not hold off on making your agency selection for another month or so,” I proposed. “During that time, maybe we can get together one day a week to figure out how your team at Titan can act more like a successful startup. Overall, it would take just five days of your time.” I paused. “Are you with me so far?”
“Will, is there something in your coffee? This sounds a bit…”
“Crazy?” I said, finishing his sentence, just like in the early days of our partnership. “Trust me. Everything I saw about turning thinking around while running Ideathon meetings tells me we can pull this off. All I’m asking for is one month’s delay in choosing an agency. That still leaves time for you to go with any shop you want if what we proposed yesterday still doesn’t seem actionable. All your options remain open.”
I waited a few seconds and then pushed to close the deal. “What do you say?”
Matt looked at me, squinting his eyes a bit, deep in thought. He took a long drink of coffee, set the cup down, and asked, “Do you honestly think it’s possible to change Titan in our five days together?”
My answer brought a smile to his face. “You bet I do! Remember, we are not trying to change all of Titan just yet. This step is about evolving how your team gets things done. We turned around more formidable situations at Crackersnap in less face-to-face time. To change your team’s behavior, you’ve got to make the first move. With your revamped leadership, they can do a u-turn in far less time than you think.”
“I have to admit I’m intrigued,” Matt said. “And there is room in the schedule for a delay in making my agency choice.” He was doing the math in his head, his fingers tapping as he made the calculations.
Matt looked straight at me and said, “Will, I need to weigh the pros and cons. What I can agree to for now is an answer, one way or the other, in a phone call tomorrow evening. Is that okay with you?”
“Absolutely,” I said. “Just call my cell.”
“Perfect,” Matt responded.
We shook hands and spoke our goodbyes. Matt headed for the parking lot, and I fired up the Lyft app to request a ride.
Tomorrow, I would know the answer. If Matt went for The Five-Day Turnaround, my agency would still have a chance to win the account. What had just happened at The Steaming Cup left my heart pounding.
A glance at my Apple Watch showed there was still time to get to my first meeting of the day.
While riding to my client, SalesLive, I was sorting out next steps should we get the go-ahead in tomorrow’s phone call. The toughest part would be staying in sync with Titan norms while bringing about a flip-flop in the culture of Matt’s team.
Thinking about what we would encounter, I recalled a comment my mentor Charles had made recently. “You know when companies first start out, they’re trying to do what has never seen the light of day before. If success follows, all the energy and passion they put into making the early days a triumph shifts to protecting what they built. Soon the company’s growth slows down, and further progress is minimal. It’s the trap every established company faces.”
Something I hadn’t shared with Matt was that Charles and I have been collaborating on an article for Harvard Business Review about the many ways the mindset at startups and grown-up businesses differ. Charles is a generation older and a brilliant entrepreneur. Our joint research has identified the top traits of successful startups. Lately, we’ve been exploring how those traits might be adapted to unlock growth at companies that have left their startup culture far behind.
My mind was buzzing with how my talks with Charles could be used to support Matt’s about-face.
I turned into the parking lot and focus quickly shifted to my meeting with Shera, the CEO of SalesLive. She personified the very traits I admire in successful startups. Maybe Shera being my first contact after the morning chat with Matt would prove to be a good omen.
Keep reading!