How to Convince Corporate Decision-Makers of the Wisdom of Investing in a MADTech BI Platform

How to Convince Corporate Decision-Makers of the Wisdom of Investing in a MADTech BI Platform

By William A. Lederer, Chairman and CEO, iSOCRATES
In our previous post, we introduced the MADTech BI ROI calculator. We examined how it works, and the benefits of using it. In this article, we’ll discuss how to present the calculator’s results to company operational, technical, and financial executives and how to answer possible objections to the investment.

But first, we’ll look at some issues you might run into while using the calculator.

This is the third installment of a three-part series based on our new white paper, Media and Marketing BI ROI: Determining and Realizing Return on Investment from Media and Marketing Business Intelligence Platforms.

If you missed either of the first two articles in the series, you can click here to read Part 1, or else click here to read Part 2.

If you would like to like to download the complete white paper, Click here.

 

What are some of the risks worth considering when using the ROI calculator?

While there is little downside to using the ROI calculator, there is always a risk inherent in using any unfamiliar tool. Primarily, the use of the calculator will involve spending time that one might otherwise spend elsewhere. That is always the nature of an unknown time commitment and opportunity cost. But the process should only take about 15 minutes, and iSOCRATES believes that the ROI calculator will prove itself worthy.

Of course, as with any such tool, the results our MADTech ROI calculator yields can only be as accurate as the data put into it. That is why it is important to research some of the inputs before using the calculator. That will offer the best result possible.
Another potential issue could arise if your current BI platform does not offer correct insights. The ROI calculator will ask questions about your current analytics tools and will calculate its result accordingly. If your analytics tools are not yielding accurate insights, this could throw off the accuracy of the ROI calculator.

 

How should one present the ROI calculator’s results to company decision-makers?

Companies are motivated by quantitative results. Leaders want to know that their purchases will have a direct, positive effect on the bottom line.

When presenting the results of the ROI calculator, users should emphasize the financial impacts and potential savings. The calculator is a way to make a risk assessment before actually taking the risk. There are many qualitative benefits to using MADTech BI tools, but most business decision-makers want to understand the quantitative ones first.
Another potential strategy is to compare the return on media expenditure of companies that use MADTechBI technology with those that don’t. Companies that use MADTechBI tools generally reign supreme.
Above all, one must be ready to answer stakeholders’ reasonable objections to the investment.

 

What are typical objections to investing in MADTech BI tools?

As creators of media and marketing business intelligence tools, we’ve heard nearly every objection to investment in a MADTech BI platform. They’re all made in good faith—and they can all be challenged.

Prospective clients often challenge that the platform is too expensive. But given the return that MADTech BI software can bring a company—allowing them to level up their marketing insights and earn more money from their business—the initial investment is almost always quickly recovered through media cost savings and company revenue.

Other companies ask whether media and marketing BI is even necessary. Perhaps they already have metrics-gathering tools or think their operation is too small to require business intelligence. That is rarely the case. What makes MADTech BI different is its ability to bring together different elements and offer real data conclusions to inform your business decisions. It is as simple as saying, “You don’t know what you don’t know.” MADTech BI unearths that.

Some companies wonder how long it will take to gain a return on their investment. That is a wonderful question for the ROI calculator. It’s one of the reasons iSOCRATES developed the tool. The ROI calculator will offer companies a real-time understanding of how long their initial purchase will take to pay off.

Some potential clients will already have a media and marketing BI product. But is it sufficient? If they’re looking for other options, the answer is probably no. Not all media and marketing BI is created equal, and the challenge is looking for the best product that fits your company’s needs.

There’s often a concern as to whether purchasing a new MADTech BI platform will require additional employees. But the point of most of these products is to be so accessible and easy to use that they don’t require additional staffing or even additional training. That is an important feature to look for when evaluating new media and marketing BI.

Time is of the essence in the business world, which is why many executives want to know how long it will take to get a new MADTech BI tool up and running. Much like the question on adding staff, this is a matter of what kind of BI a company purchases. If the BI is easy to use, this timeline should be very short.

 

Where to get additional information

As mentioned earlier, this blog post is excerpted from our new white paper, Media and Marketing BI ROI: Determining and Realizing Return on Investment from Media and Marketing Business Intelligence Platforms. Besides what has been included in this blog series, the white paper also provides detailed information on the inputs and outputs of the calculator, example results from the calculator, a list of stakeholders who benefit from a MADTech BI platform, and more.

To download your FREE copy of that white paper, Click here.

 

How to gain free access to the iSOCRATES MADTech BI ROI Calculator

Our MADTech BI ROI Calculator is available through our website. You can find it under our FREE RESOURCES drop-down menu or by clicking on the following link: Access the MADTech BI ROI Calculator