Digest...

When assessing potential tech products and services, a set of important criteria should be used. This is what we call business value alignment (BVA) and it’s something that can be done early in the research process, before too much precious time is invested on budget-scoping, assessing and implementing a misaligned solution. BVA refers to the business value created for both the buyer and the prospective marketing tech solution provider.

 

To arrive at a mutually beneficial BVA, CMOs and marketers should keep the following five steps in mind:

1. Identify Basic Needs and Requirements
2. Create a Blueprint: One of the most effective ways to illustrate BVA is to create a marketing technology blueprint. This is a simple visual diagram that outlines the current technology, systems, processes and data flow, making it easier to identify the gaps, overlaps and chokepoints. The blueprint shows where to improve, bring in new solutions or consolidate existing processes or technology to achieve desired goals.
3. Develop Discussion Points: Give the prospective vendors a list of key goals and ideas in advance to make this an optimal working session. These topics often unveil new insights about the prospective providers, including their culture, how they think and how they work.
4. Scope a Proof of Concept AND a Full Adoption Model: The ultimate BVA test is to put the technology or service to work in the true environment. In addition, sketch out what full adoption will look like as this will help the solution eventually scale.
5. Determine Joint Success Metrics: Ask the internal team and stakeholders what success should look like in one month, a quarter or at the end of the first year. What are the key results to measure ROI?

 

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