How to convince your C-suite to invest in AI and web3 during a recession
The Drum article
With recessionary budget cuts, how are marketers balancing their innovation spend and justifying it to C-suite? We take a look as part of The Drum’s latest Deep Dive.
So how should marketers convince C-suite?
It’s all about the business case says Nicole Yershon, founder of the NYC Collective. Marketers need to be providing the C-suite with a comprehensive understanding of the benefits, risks and potential of AI, machine learning and web3 technologies, she says. ”Employ curious people and build new relationships with new partners.”
Here is Yershon’s advice for getting the C-suite onboard...
1. Demonstrate ROI: ”Present case studies and success stories from brands in similar industries that have effectively integrated AI, machine learning and web3 technologies into their marketing strategies. Focus on the return on investment (ROI) and long-term benefits of these technologies, such as cost savings, increased efficiency and improved customer engagement.”
2. Educate about the technology: ”Break down complex concepts related to AI, machine learning and web3 into digestible and relatable information. Help C-suite executives understand the potential of these technologies and how they can be harnessed to drive the company's marketing objectives.”
3. Address concerns and risks: ”Discuss the potential risks and challenges associated with adopting these technologies, such as data privacy, security and potential bias in AI algorithms. Propose strategies to mitigate these risks and ensure responsible technology use.”
4. Propose a phased approach: ”Suggest a staged integration of these technologies into the marketing strategy, starting with pilot projects and gradually scaling up based on the results. This approach will allow the company to test and learn, minimizing the risks and financial commitments.”
5. Highlight competitive advantages: ”Emphasize the growing competition in the market and the need to stay ahead of the curve by adopting innovative technologies. Show how investing in AI, machine learning and web3 can provide a competitive edge and help the company stand out in the crowded marketplace.”
6. Partnerships and Collaborations: ”Build the right partnerships, which means someone in the organization needs to be out there seeing who is doing interesting work, with interesting tech and introduce it to their own organization and their clients.”
