How do you build and maintain relationships with key stakeholders and influencers in commercialization?

1 Identify your stakeholders and influencers

The first step is to identify who are the relevant and influential stakeholders and influencers for your commercialization project. You need to understand their needs, interests, goals, expectations, and potential challenges. You can use tools such as stakeholder maps, influence diagrams, or personas to categorize and prioritize them based on their power, interest, and impact on your project. You should also research their backgrounds, preferences, and communication styles to tailor your messages and interactions accordingly.

2 Engage them early and often

The second step is to engage your stakeholders and influencers early and often throughout the commercialization process. You need to establish trust, rapport, and credibility with them by providing value, transparency, and feedback. You can use various channels and methods to communicate and interact with them, such as emails, calls, meetings, webinars, surveys, demos, prototypes, or pilots. You should also seek their input, feedback, and support at key milestones and decision points, and acknowledge their contributions and achievements.

3 Manage their expectations and risks

The third step is to manage your stakeholders' and influencers' expectations and risks during the commercialization process. You need to set clear and realistic goals, roles, responsibilities, and timelines for your project, and communicate them clearly and consistently. You should also monitor and report on your progress, achievements, and challenges, and address any issues or concerns promptly and proactively. You should also anticipate and mitigate any potential risks or conflicts that may arise from competing or conflicting interests, priorities, or perspectives among your stakeholders and influencers.

4 Align them with your vision and value proposition

The fourth step is to align your stakeholders and influencers with your vision and value proposition for your commercialization project. You need to articulate and demonstrate how your product or service solves a problem, meets a need, or creates an opportunity for your target market and society. You should also highlight how your product or service is unique, innovative, and competitive in the market, and how it aligns with your stakeholders' and influencers' values, missions, and strategies. You should also leverage their expertise, networks, and resources to validate, refine, and promote your product or service.

5 Nurture and maintain your relationships

The fifth step is to nurture and maintain your relationships with your stakeholders and influencers throughout and beyond the commercialization process. You need to show appreciation, recognition, and gratitude for their support, involvement, and advocacy. You should also provide ongoing value, updates, and opportunities for collaboration and engagement. You should also solicit and act on their feedback and suggestions for improvement and innovation. You should also celebrate and share your successes and learnings with them, and seek their referrals and recommendations for new opportunities and partnerships.

6 Adapt and evolve with changing needs and situations

The sixth step is to adapt and evolve with changing needs and situations in the commercialization process. You need to be flexible, responsive, and agile in meeting the dynamic and diverse needs and expectations of your stakeholders and influencers. You should also be open to learning, experimenting, and iterating on your product or service based on market feedback and data. You should also be prepared to pivot or scale your product or service based on changing market conditions, customer demands, or competitive pressures. You should also be ready to embrace new challenges, opportunities, and innovations in the commercialization landscape.

7 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?