When presenting a proposal or driving organizational change, one of the most important (yet often misunderstood) tools is the investment case. But what is it really? And why is there growing support in 2025 for using more and more complete investment cases?
An investment case isn’t just about return on investment (ROI). A truly complete investment case captures the full value equation—benefits, costs, and risks—for every kind of buyer: economic, technical, and user. When done well, it aligns stakeholder goals, overcomes resistance to change, and drives strategic decision-making. If you’re managing change, pitching an idea, or leading transformation, understanding how to tailor the investment case is a must-have skill.
Let’s break it down.
What Is an Investment Case—And Why It’s More Than ROI
At its core, an investment case outlines:
-
Context: How the investment aligns with strategic goals
-
Costs: Both capital and operational
-
Benefits: Direct and indirect returns
-
Risks: That could impact outcomes or reputations
But here’s the catch—different stakeholders care about different kinds of value. A CFO might focus on EBITDA. A technical lead might be more concerned about usability and implementation risk. A frontline user? They want to know it will make their job better, not harder.
That’s why a more complete investment case matters: it speaks the language of each decision-maker involved.
Understand the Buyers Behind Investment Decisions
1. Economic Buyers: The Financial Gatekeepers
Economic buyers are typically senior leaders or budget owners. They can say yes when others say no, and their focus is squarely on the financial return.
What They Care About:
-
Financial performance: EBITDA, cash flow, and enterprise value
-
Organic and inorganic growth opportunities
-
Operational improvements and measurable ROI
What to Include in Their Investment Case:
-
Forecasted financial impact
-
Cost-benefit analysis tied to business goals
-
Long-term enterprise value improvement
2. Technical Buyers & Coaches: The Evaluators and Advisors
These stakeholders often can’t say yes, but they can say no. Technical buyers scrutinize solutions for risk, feasibility, and alignment with existing systems. Coaches (internal or external) help shape the decision-making process and can be powerful influencers.
What They Care About:
-
Implementation risks and technical soundness
-
Reputational risks for recommending the wrong solution
-
Supporting the right path to strengthen their standing
What to Include:
3. User Buyers: The People Who Actually Use the Solution
User buyers invest their time and energy. They’re focused on whether the investment makes their daily work better or harder.
What They Value:
-
Tools that improve performance and reduce friction
-
Opportunities to develop new skills
-
Enhancing personal and team well-being
Their Investment Case Should Address:
-
How it supports their mission or department goals
-
Improvements in productivity or effectiveness
-
Respect for their time and cognitive load
The Link Between Investment Cases and Change Management
Every investment represents a change—and change is hard. It’s human nature to resist it, especially if the case for it isn’t clear. That’s where effective investment cases double as change management tools.
Using the classic change equation:
A × B × C > D, where
A = compelling reason to change
B = clear, shared vision of a better future
C = call to action that invites participation
D = the inertia or resistance to change
For investment decisions to drive actual adoption, your case must align with what each group sees as reason, vision, and action:
-
Economic buyers: need logical, financial reasons. Show them the numbers.
-
Technical buyers and coaches: respond to emotional and reputational considerations. Help them look good and avoid risk.
-
User buyers: need personal relevance. Make the change feel worthwhile and manageable.
If any part of that equation is missing, the change won’t stick—no matter how good the solution is.
Why Now: The 2025 Imperative for More Complete Investment Cases
In 2025, organizations face mounting pressure to justify investments across dimensions: financial, social, and strategic. With stakeholders demanding transparency and accountability, the one-size-fits-all pitch no longer cuts it.
A more complete investment case:
-
Aligns decision-makers across functions
-
Builds trust through transparency and empathy
-
Reduces friction in the approval process
-
Improves adoption by tying value to the right outcomes for each audience
Final Thoughts: Making the Case for More Complete Cases
If you’re involved in change, selling ideas, or influencing strategy, remember: a solid investment case doesn’t just win budgets—it builds belief. The more complete it is, the more it resonates.
So take the time to tailor your case. Speak to what each stakeholder values most. And show them a future they want to help create.
){kind=link}
