Markets are unpredictable, which makes the task of creating business cases questionable at some level. But there are three elements that can give your business cases stronger legs and improve the odds of getting new initiatives funded, especially when multiple business cases are vying for the same resources.
- Focus on Market Needs With High Strategic Impact
The more granular the problem or need, the more difficult the business case becomes, which is why business cases centered on individual product enhancements can involve more guesswork than business or market logic. Build your business cases around needs that have strategic impact to the target-customer organizations (beyond users). Combine multiple product initiatives into a single business case if necessary to get the desired impact.
- Project Revenue by Market Segment
The logic of any business case becomes stronger when revenue projections are broken down by named market segments because the delineation of existing customers and new customers by segment puts the numbers into clearer perspective relative to the size of your sales force, the average sales cycle and the strengths of the company in each market. Additionally, the practice of keeping a common repository of market data by segment – size, growth/adoption rates, etc. provides a strong foundation for creating apples-to-apples business cases across all initiatives.
- Tie It To Your Company’s Agenda
Revenue and profitability rule, but consider how a business case advances your company’s strategic agenda or helps it overcome other challenges beyond financial goals. Treat your business case like a sales presentation and create an emotional connection with your audience. The odds of funding improve dramatically.
It’s rare to see a business case that doesn’t look like a winner. But when multiple business cases are on the table, comparisons become relative. And just like selling a product or service solution, the most credible pitch usually wins.
Contact Proficientz and schedule a private onsite training course to learn how value-based dialogues lead to more powerful, business cases, strategies, roadmaps, product plans, marketing messages and sales tools.