Importance of stakeholder management to hit marketing goals
Stakeholder management is crucial to the success of any project. When stakeholders are ignored, they can jeopardize a project, due to a lack of buying in or by creating obstacles.
When stakeholders' needs are met then they will support your work, but if they're not met, they may stand in your way. Managing stakeholders also engenders good relationships with them during this project and potential future projects.
Identifying and analyzing stakeholders
Stakeholder management is essential for achieving your marketing goals. To effectively manage stakeholders, you need to identify and analyze them carefully.
Internal and external stakeholders
Stakeholders can be broadly categorized into two types: internal and external stakeholders.
Internal stakeholders are people who are interested in your project that are part of your business or directly impacted by your business, the business that's managing the work.
These stakeholders can be investors, sponsors, work teams, and project managers. These people are invested in seeing your work become a success.
External stakeholders, on the other hand, are people who are not directly related to your business, but are impacted indirectly or are important to the success of the work. These can be public groups, creditors, or supply chain entities.
Analyzing internal and external stakeholders' expectations and needs
Before making a stakeholder management plan, you should start by identifying key stakeholders, external and internal, and analyzing their needs and relationships with the project. Ask yourself:
- What is this stakeholder's role?
- How will they be involved in this project?
- What do they want from this project?
- What is their motivation for being involved?
- What benefits are gained by engaging stakeholders?
Strategies for effective stakeholder management
Effective stakeholder management is crucial for achieving your business objectives. By identifying and addressing the needs of your stakeholders, you can build strong relationships and promote mutual understanding.
From staying in touch to being transparent, we've got some practical tips to help improve your stakeholder management and drive success for your business.
Communication and transparency
Effective communication will achieve complete transparency with project stakeholders. Your stakeholder management plan should indicate how you will communicate, how often, using which format, and how you will distribute your communication to each stakeholder. You can create a communication plan to help facilitate this so no one is accidentally omitted throughout the stakeholder management process.
If you are communicating effectively with key stakeholders, consulting with them, and working with stakeholders where they will be most effective, you can simultaneously build valuable relationships with them that will carry on after this project is completed.
Depending on your project time schedule and the priority you assign each step, it's likely that you will need to manage conflicts as they occur.
With stakeholders' eagerness to see their part of the project successfully working, they may ignore or not realize why another part has a higher priority. Like with most groups, there may be competing personalities that clash during this project. Nipping conflicts as they begin will help keep your stakeholder management plan on schedule and harmonious.
Collaboration and cooperation
Consulting with stakeholders is a good way to keep them invested in your whole project, and not just in the part they are interested in. Project stakeholders make excellent resources to help your project achieve fruition.
One area they can help with is learning more about industry competitors. Stakeholders are often excellent resources to tap for information and alternative methods, and to help market your brand.
Leverage stakeholder management to achieve marketing goals
By building strong relationships with your stakeholders, you can create a positive impact on your business and drive success. One of the most critical aspects of stakeholder management is understanding their needs and expectations.
By doing so, you can tailor your marketing strategies to meet their needs, which can lead to increased engagement, loyalty, and ultimately, a stronger bottom line.
From creating an effective stakeholder management plan to measuring success, we'll provide actionable insights to help you create a successful stakeholder management strategy that drives results.
Setting marketing goals
Setting marketing goals for your business venture or project can often improve by leveraging your stakeholder relationships.
Stakeholders can offer experience and expectations that you can add to your marketing plan, and contribute ideas and suggestions your project team may not have already considered.