Time Kills Deals11 Dec 2013
About a decade ago, I was working with a prominent NYC VC firm. One of the principals – and a consummate dealmaker – was fond of using the axiom ‘time kills deals’.
Whether you’re talking business deals or projects, time is your mortal enemy.
I was thinking about this axiom this week while sitting on a conference call with a client who is still seeking to find a global brand name 6 months after we did the work.
The client’s gatekeeping role which has prevented us from meeting with decision-making stakeholders hasn’t helped, but it’s the project’s extended duration and lack of deadline that has been the main problem.
With naming projects, a short duration and momentum is critical. Most naming projects should take place within 4-6 weeks. This way, stakeholders can be fully engaged and focused over a short, intensive period.
Any longer and folks lose interest (…or move onto something they believe is more important). In this instance, process takes a back seat; clients become disengaged and just await a name or idea that will cause a ‘Eureka’ moment.
In naming projects, two name presentations are quite sufficient, the first to share some initial ideas and thinking and pressure test different strategic approaches, the second meeting to share ideas based on specific feedback from round 1.
Based on over 23 years of experience, we know that if clients understand and buy into a fixed multi-week process to create and select a name the chances of success are significantly higher.