#058. How to Win Budgets and Prioritize SFMC Projects for 2024

Hey Smart Marketers!

You did half your objectives in 2023 due to frozen budgets… Expectations are high for 2024 though.

Well, you’ve got to gear up!

Your mission for 2024: harness the power of AI but also ensure maximum return on investment (ROI) and swift time-to-value.

First things first: you’ve got to make a compelling case for those much-needed budgets.

See below what your 2024 pillars are and how to formulate the Ask!

The Seven Pillars of your Business Case

1.    Embrace the AI Revolution

Hot off the heels of Salesforce Dreamforce, where AI took center stage, it’s crystal clear: 2024 is all about the AI revolution. This isn’t a subject you can afford to overlook.

In fact, it’s the very catalyst you need to prioritize your projects. The momentum from Dreamforce underscores the urgency of incorporating AI into your Salesforce Marketing Cloud strategy.

AI has the transformative power to elevate your marketing strategy by crafting personalized customer experiences, automating tedious tasks, and even foreseeing future trends.

Begin by pinpointing key areas within your marketing strategy where AI can wield its magic.

When you propose AI-powered solutions, emphasize the substantial ROI and operational efficiency gains they bring to the table – that’s your ticket to convincing stakeholders to invest in AI.

2.    ROI-Centric Planning

In these uncertain economic times, every penny counts.

When pitching projects, emphasize their direct impact on revenue. Use historical data to showcase how similar initiatives have boosted sales or reduced costs in the past.

Be ready to articulate the clear connection between your proposed projects and the company’s bottom line.

3.    Time-to-Value Matters

Speed is of the essence.

Executives are often more willing to allocate budgets when they see results quickly. Prioritize projects that promise a swift time-to-value.

Whether it’s automating manual processes or launching a targeted email campaign, highlight how your projects can deliver tangible results in the shortest possible time frame.

4.    The Art of Storytelling

Numbers and data are essential, but they’re not enough on their own.

Develop your storytelling skills to convey the narrative behind your projects. Create a compelling story that explains why your initiatives are not just investments but essential for the company’s future success.

Craft a narrative that resonates with decision-makers on an emotional level.

5.    Align with Strategic Goals

Make sure your proposed projects align with the broader strategic goals of your organization.

When you can demonstrate that your initiatives directly contribute to achieving these goals, you’ll have a stronger case for securing budgets.

Show decision-makers that your projects are integral to the company’s success.

6.    Showcase Past Wins

Don’t forget to remind your audience of your past successes with Salesforce Marketing Cloud.

Share specific examples of how your expertise and previous projects have delivered impressive results.

This can instill confidence in your ability to deliver once again.

7.    Collaboration is Key

Demonstrate that you’re not working in isolation.

Highlight your team’s ability to collaborate across departments and leverage the full potential of Salesforce Marketing Cloud.

A united front can make your case more compelling.

The Ask

Now that you’ve laid the groundwork by prioritizing your Salesforce Marketing Cloud projects and honed your storytelling skills, it’s time to formulate the ask for budget.

Remember, this isn’t just about numbers on a spreadsheet; it’s about conveying a clear vision for how the allocated funds will drive growth and success.

Begin by presenting a well-structured budget proposal that aligns with the key pillars we’ve discussed.

Break down the budget allocation into specific categories, such as software licensing, personnel, and training, and clearly articulate how each element contributes to achieving your goals.

Be prepared to discuss potential risks and mitigation strategies as well. Your ask for budget should resonate with decision-makers, assuring them that the investment is not only necessary but also a strategic move that will yield substantial returns.

It’s the final piece of the puzzle in securing the resources you need to excel with Salesforce Marketing Cloud in 2024.

Happy Hunting!

See you next week!  

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