Determine the Value of an Initiative continues from Selling Alignment Internally
Selling Alignment Up the Chain of Command (cont'd)
Tools to Determine the Value of an Initiative
Obviously, everyone is looking for solutions that are low-risk, high-value, but determining this can be challenging. We often evaluate potential solutions in a two-part, three-way assessment looking first at value (or impact), then against time to cost.
- The first evaluation is easier: on a scale of 1-5, how valuable might this thing be? Anything lower than a 3 is discarded.
- The second is evaluation is plotting the value against time and cost.
- Quadrant 1: This is the low hanging fruit. Do it!
- Quadrant 2: Lower cost but can take some time. Prioritize higher value items, discard things that are on the fence.
- Quadrant 3: Costly and will take time. Discard everything except very high value items. Even then, be mindful of cost overruns and delays.
- Quadrant 4: Not much time, but costly. Discard items on the fence, consider or do higher value items.
Another good decision making tool is the Eisenhower Decision Matrix. This looks at initiatives in terms of urgent/important vs not important/not urgent. Eisenhower is said to have used this on a daily basis, and its simple logic can be helpful, especially when it comes to staying focused.
The point in creating a method for prioritizing initiatives is to avoid doing everything at once and to communicate up the chain that you’re focused on initiatives that will actually make an impact. Showing them your methodology can help with trust and confidence and make it easier when there’s an associated price tag.
Thanks and be well,
~Your Friendly Animus Rex Team
Determine the Value of an Initiative will continue with Selling Alignment Internally Conclusion, next in the Align Your Marketing Strategy and Business Goals Series:
Start with WHY | SMART Goals | Buyer Personas | Performance Metrics | Tactics | Tracking | Analyze & Repeat | Selling Alignment Internally | Determine the Value of an Initiative | Selling Alignment Internally Conclusion
Animus Rex builds world-class websites and provides no-nonsense, well-considered advice like this to all our clients. Want to know more, or have a question? Please Contact us. We're happy to help.