Figure 1: Priority Matrix

Prioritization Matrix Worksheets

To drive the prioritization process, I developed two worksheets that help the Vision Workshop participants to identify and understand the drivers behind both the Business Value and Implementation Feasibility axis of the Prioritization Matrix.  Each of these worksheets looks at the business value and implementation feasibility from a data source perspective.

As part of the Vision Workshop process, numerous internal and external data sources are identified as potentially new sources of customer, product, campaign and/or operational insights.  These two worksheets provide a guide for helping consider both the business value as well as the implementation feasibility of those data sources vis-à-vis the targeted business initiative.

Note:  You will still have to make the connection between the data sources and the use cases during the Vision Workshop prioritization process.  But these worksheets will help the workshop participants to understand and quantify the business value drivers (measured on the vertical axis of the Prioritization Matrix) and the implementation risks (measured on the horizontal axis of the Prioritization Matrix) that drive the prioritization process.

The Business Value Assessment worksheet (see Figure 2: Business Value Assessment Worksheet below) assesses the potential business value of each data source that is being considered as a source of insights for the targeted business initiative.  The Business Value Assessment worksheet helps the Vision Workshop participants to identify and understand the business value drivers for each data source as related to the targeted business initiative.

Figure 2: Business Value Assessment Worksheet

The Implementation Feasibility Assessment worksheet (see Figure 3:  Implementation Feasibility Assessment Worksheet below) assesses the implementation risks or impediments of each data source that is being considered for the targeted business initiative.  The worksheet helps the Vision Workshop participants to identify the feasibility variables or implementation risks for each of the identified data sources as related to the targeted business initiative.

Figure 3: Implementation Feasibility Assessment Worksheet

Let’s walk through a real-world example to see how to apply these worksheets.

Improve Customer Up-sell Effectiveness Example

Let’s say that our targeted business initiative is to “improve the effectiveness of our customer up-sell marketing campaigns.”  The Vision Workshop process would uncover numerous data sources that could be sources of new customer, merchant, and campaign insights that could be used to support the improve customer up-sell marketing effectiveness business initiative. Example data sources that could be identified as part of the Vision Workshop process include:

• Customer sales transactions
• Marketing campaign results data
• Customer demographics, lifestyle and behavioral data
• Merchant demographics data
• Digital Marketing Platform (DMP) customer digital data
• CRM data such as consumer comments and email conversations
• Web analytics data
• Social media data like Facebook and Twitter

The Vision Workshop process would then identify the key business drivers for the improve customer up-sell marketing effectiveness business initiative.  These business drivers could include:

• Improve customer profiling – uncover new customer behavioral insights and product purchase tendencies that can be used to improve the granularity, accuracy, and actionability of the customer profiles
• Improve merchant profiling – uncover new merchant product and product category sales insights that can be used to improve merchant profiling and segmentation
• Improve offer relevance – leverage customer and merchant product preferences and associated insights to improve the matching of merchant offers to customer profiles and behavioral categories
• Improve offering timing – leverage real-time location data coupled with targeted merchant offers to improve the timeliness and relevance of offering delivery

Below is an example of what the assessment of the business drivers vis-à-vis the different data sources might look like for our improve customer up-sell marketing effectiveness business initiative (see Figure 4:  Customer Up-sell Business Drivers Assessment Worksheet below).

Figure 4: Customer Up-sell Business Drivers Assessment Worksheet

The combination of business drivers and the insights that can be gleaned out of the different data sources drives the “Business Value” column.

Next we want to walk through the Implementation Feasibility assessment of the improve customer up-sell marketing effectiveness business initiative.  The Vision Workshop process would identify several implementation risks for the customer up-sell marketing effectiveness business initiative, such as:

• Ease of acquiring or accessing the data
• Cleanliness of the data
• Accuracy of the data
• Cost of acquiring the data
• Granularity of the data

Below is an example of what the assessment of the implementation risks or impediments vis-à-vis the different data sources might look like for our improve customer up-sell marketing effectiveness business initiative (see Figure 5:  Customer Up-sell Implementation Feasibility Assessment Worksheet below).

Figure 5: Customer Up-sell Implementation Feasibility Worksheet

Notice that we carried the Business Value column over from the Business Drivers worksheet to the Implementation Feasibility worksheet.  We did this so that we’d have all the data together necessary to guide the placement of the resulting use cases in the Prioritization Matrix.

Improve Customer Up-sell Effectiveness Example

The Business Drivers and Implementation Feasibility assessment worksheets can help guide the Vision Workshop participants as they look to prioritize the use cases that come out of a Vision Workshop process.  These worksheets look at the different data sources to provide additional insights that can help to determine the potential business value and implementation risks for each identified use case.