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How can you map stakeholders to improve your business?

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Stakeholders are anyone who has an interest or influence in your business, such as customers, employees, suppliers, investors, regulators, competitors, and the community. Understanding and managing your stakeholders is crucial for your business success, as they can affect your goals, reputation, and performance. One of the best ways to identify and analyze your stakeholders is to create a stakeholder map, a visual tool that shows the relationship between your business and its stakeholders. In this article, you will learn how to map stakeholders to improve your business, using a simple four-step process.

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1 Step 1: Identify your stakeholders

The first step is to brainstorm a list of all the possible stakeholders for your business, based on your objectives, scope, and context. You can use various sources of information, such as your business plan, your customer segments, your supply chain, your industry associations, your regulatory bodies, and your competitors. You can also ask for input from your team members, your existing stakeholders, or your peers. Try to be as comprehensive and inclusive as possible, without forgetting any relevant or influential stakeholder.

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vinicius carvalho

Project Manager @ Jobsity | Author | Speaker | Community Manager | Agile | Data | Project Management
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After identity, it's essential to keep the "Stakeholder List" updated. So it's a document that should be reviewed constantly.

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2 Step 2: Categorize your stakeholders

The next step is to group your stakeholders into different categories, based on their characteristics, interests, or roles. Depending on your purpose and perspective, there are many ways to categorize your stakeholders. For instance, you can use criteria such as whether they are internal or external to your organization, primary or secondary in relation to your business, positive or negative in attitude towards it, and active or passive in engagement. To illustrate these categories, you could use a table, chart, matrix, or diagram and label them accordingly.

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vinicius carvalho

Project Manager @ Jobsity | Author | Speaker | Community Manager | Agile | Data | Project Management
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It's also very important to identify the internal stakeholders of your company. Because it is very common for teams to identify just that external stakeholders. Besides that, the internal ones should be identified and be part of the communication stream.

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Santhosh Kumar Setty

Product Leader | AI | B2B SaaS
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One effective framework to consider for stakeholder mapping is the Power-Interest Grid, also known as the Mendelow's Matrix. This grid helps you categorize stakeholders based on their level of interest and power. Stakeholders with high power and high interest are the ones you need to fully engage with and manage closely, whereas those with low power and low interest may only need minimal effort. For example, a tech startup might identify venture capitalists as high power, high-interest stakeholders and local community members as low power, low-interest stakeholders. Using this framework ensures a structured approach to stakeholder management, helping you allocate resources efficiently and strategize communications effectively.

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3 Step 3: Assess your stakeholders

Evaluating your stakeholders is the third step in the process, based on their level of importance and influence for your business. Importance refers to how much the stakeholder cares about or benefits from your business, while influence measures how much power and authority they have over you. You can measure their importance and influence using a scale, a rating, a score, or a ranking. Additionally, you can plot them on a grid, map, graph, or circle to position them accordingly. For instance, key stakeholders with high importance and high influence should be prioritized and managed closely; supportive stakeholders with high importance but low influence should be kept satisfied and informed; influential stakeholders with low importance but high influence should be monitored and consulted; while peripheral stakeholders with low importance and low influence should be kept aware and updated.

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4 Step 4: Engage your stakeholders

The final step is to plan and implement your stakeholder engagement strategies, based on your stakeholder categories, importance, and influence. Stakeholder engagement is the process of communicating and collaborating with your stakeholders, to build trust, rapport, and alignment, and to achieve your mutual goals. You can use various methods and channels to engage your stakeholders, such as meetings, surveys, newsletters, workshops, feedback sessions, reports, webinars, social media, and events.

You should tailor your stakeholder engagement strategies to suit your stakeholder needs, preferences, and expectations, and to match your business objectives, resources, and constraints. You should also monitor and evaluate your stakeholder engagement outcomes, and adjust your strategies accordingly.

By mapping your stakeholders, you can gain a better understanding of who they are, what they want, and how they affect your business. You can also use your stakeholder map to improve your business, by enhancing your stakeholder relationships, increasing your stakeholder satisfaction, and reducing your stakeholder risks. Stakeholder mapping is a valuable and versatile tool that can help you achieve your business goals and grow your business.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you map stakeholders to improve your business?

1

2

3

4

5

1 Step 1: Identify your stakeholders

2 Step 2: Categorize your stakeholders

3 Step 3: Assess your stakeholders

4 Step 4: Engage your stakeholders

5 Here’s what else to consider

Business Management

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How can you map stakeholders to improve your business?

1

2

3

4

5

1 Step 1: Identify your stakeholders

2 Step 2: Categorize your stakeholders

3 Step 3: Assess your stakeholders

4 Step 4: Engage your stakeholders

5 Here’s what else to consider

Business Management

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