Another approach, popularized in the book Making Strategy: Mapping Out Strategic Success, groups stakeholders into four different but similar categories: After creating these profiles for each stakeholder type, you can move on to the next phase of the stakeholder management process – developing your stakeholder communication plan. As you can see, you group stakeholders into four categories: Once you`ve created your list of stakeholders who fall into which category, it`s time to think strategically about how best to get the continued support of each of these types of stakeholders. You should ask yourself questions about your stakeholders such as: Start thinking with your team about a list of all possible stakeholders for your project. You can narrow that list down later, but you don`t want to miss a potentially crucial stakeholder at this early stage. If you had done a stakeholder analysis before you started, you probably would have identified this leader as potentially important to the success of your project. You could then have presented your plan to the executive, listened to their objections and worked to get their approval. Finally, how you manage the many stakeholders in your company whose tasks could influence your product – starting with identification through stakeholder analysis – could make all the difference between stakeholders who enthusiastically support your product`s development or try to block its progress. After completing your brainstorming session above and determining which people and teams will actually be stakeholders, you should start categorizing them based on their influence, interest, and level of involvement in your project. However, when you consider how much a company is involved or influenced by product development (engineering, design, procurement, sales, marketing, product, finance, accounting, customer success, etc.), you can understand why stakeholder analysis is a particularly important exercise for a product manager. However, if you ask for the help and consent of these stakeholders from the beginning, you can turn many of these people into enthusiastic supporters of your initiatives.
For this reason, it makes sense to conduct a stakeholder analysis before starting a complex business project to identify all potential stakeholders and determine how best to support them. Because your stakeholder analysis helps you determine who to include in the project, you can then bring those people together for a launch and preliminary meetings to communicate the project`s goals and strategic plans. Stakeholder analysis exercises vary depending on the company, industry, and the teams that perform them (for example, project management or product management). However, there are useful steps common to most of these types of analysis. So many organizations conduct stakeholder analyses. By reaching out to valuable influencers, executives, or stakeholders in the company early on for help, you can leverage the knowledge and wisdom of these key players to lead the project to a successful outcome. If you recruit these players early, you will also increase the chances of getting their support for your project. Without stakeholder analysis, you and your team could be stuck in a business project before realizing that someone key in your organization – perhaps a leader – doesn`t see the value of your initiative or would prefer to allocate some of your resources to other projects. Such a person could be actively working to thwart or derail your project. Business projects require the involvement, guidance, and approval of a variety of people throughout the organization. If they do not understand or agree with the objectives or the project execution plan, any of these business stakeholders can become a barrier to the success of the project.
Conducting a stakeholder analysis can be strategically useful when launching any type of complex business. The more stakeholders you can identify early on, and the more you can adjust your communication to get approval and support from different types of stakeholders, the more likely your project will be successful. Project managers, program managers, and product managers can perform stakeholder analysis for a variety of strategic reasons, including: This will help everyone start the project with a clear understanding of what success will look like and how they can contribute to that successful outcome. An example of this is the use of the electrical grid/of interest. See also: Stakeholders, Product Strategy, Key Performance Indicator (KPI), Product Owner.