The most prosperous organizations are the ones who can not only identify but properly engage with their stakeholders. But there is more to stakeholder management than that, and it is necessary for organizations to give themselves the ability to properly manage those stakeholders.
While it can depend on the industry, the relationships between the organization and stakeholders can result in more prosperous projects, better-formulated policies, and so much more. Knowing the steps is the most crucial aspect and these are the 4 steps to keep in mind.
1. Identifying Stakeholders
Without a doubt, the most important aspect of stakeholder management is being able to properly identify both individuals and third-party organizations that are relevant to the organization. There may be individuals or groups that are affected in a positive or negative way.
By identifying those stakeholders, it is possible to get a better idea of the players involved and their importance to the entire endeavour. Conducting necessary conversations can be a great way to unearth potential organizations or individuals who may have otherwise flown under the radar.
2. Studying Stakeholders
When every stakeholder involved has been identified, it is time to do the legwork needed. Online research can be done to identify the mission of an organization or individual, the reputation that they bring with them, the points of intersection that they share with your objectives, their public profile, key points of contact, and so much more.
Networking can also help gather information on key organizations and people. Whether they be done in-person or over the phone, it is the chance to gain insight on certain stakeholders that could not be achieved through an online search of any kind.
3. Prioritizing Stakeholders
When there is a better level of understanding of the individuals and organizations involved, it is time to prioritize each of the players involved. After all, not everyone can hold the same level of significance in the overall hierarchy. There are criteria that should be involved in categorizing the various stakeholders.
Things like relevance, visibility, credibility, influence, and reach should all be considered when prioritizing. The more influential stakeholders will naturally get the higher priority while others who are less visible or relevant to the goals may not get the same level of priority. Prioritizing depends on the needs and goals of the organization as a whole as there needs to be a synergy between the two in order to achieve optimal results.
4. Contacting Stakeholders
Finally, at the end of the process, there is the need to make contact with each of the stakeholders involved for their potential collaboration. They can use the intelligence that has been gathered so far, identifying the various points of intersection that can be used to plan out those opportunities.
After presenting the benefits of working together with one another, it is next that the best person within that organization is sought out to discuss the situation. It is also helpful to make connections with more than one individual within a single organization to create a potentially stronger relationship between the two organizations.
The entire process of identifying and developing stakeholders can vary from business to business. It is a process that has a general body to it, but it does require someone with the knowledge and experience who has worked in situations like this before. Ideally a stakeholder engagement software is used for best results.
When it comes to the end of the process, it means having more well-connected stakeholders who have a greater investment in the process rather than just monetary. It will create a much stronger bond between organization and stakeholder than would have been otherwise cultivated.
