How do you use stakeholder mapping to identify and mitigate risks and objections?

1 What is stakeholder mapping?

Stakeholder mapping is a visual representation of the key stakeholders involved in a project, initiative, or solution. It helps you understand who they are, what they want, how they influence each other, and how they perceive your value proposition. By mapping out the stakeholders, you can tailor your communication, engagement, and negotiation strategies to address their needs and concerns.

2 How to create a stakeholder map?

There are different ways to create a stakeholder map, but a common method is to use a matrix with two axes: power and interest. Power refers to the degree of authority or influence a stakeholder has over the decision or outcome. Interest refers to the degree of involvement or concern a stakeholder has about the solution or its impact. Based on these criteria, you can classify the stakeholders into four categories: high power-high interest, high power-low interest, low power-high interest, and low power-low interest. You can also use colors, symbols, or labels to indicate other attributes, such as attitude, role, or relationship.

3 How to use a stakeholder map to identify risks and objections?

Once you have created a stakeholder map, you can use it to identify the potential risks and objections that may arise during your sales process. For instance, consider who the key decision-makers and influencers are that can approve or reject your solution, as well as supporters and advocates who can help promote it, opponents and detractors who may hinder or sabotage it, and bystanders and observers who may not have a direct stake in your solution but could affect its implementation or adoption. Ask yourself how you can build trust and rapport with decision-makers, leverage the influence of supporters, address the concerns of opponents, and keep bystanders informed and engaged.

4 How to use a stakeholder map to mitigate risks and objections?

After identifying potential risks and objections, you can use your stakeholder map to plan and execute mitigation strategies. Prioritize communication and engagement efforts based on the power and interest of each stakeholder group, focusing on the high power-high interest stakeholders. Adapt your value proposition and messaging to the needs and preferences of each group, while anticipating and preparing for any objections they may raise. Additionally, build alliances with supportive stakeholders who can help you persuade or influence others, seeking their input, feedback, referrals, or endorsements to enhance your credibility.

5 How to update and refine your stakeholder map?

Stakeholder mapping is an ongoing process that requires regular review and refinement. As your sales process progresses, you may discover new or hidden stakeholders, or notice changes in the existing ones. It’s important to validate your assumptions and information with the stakeholders themselves or other sources, and update your stakeholder map with any new or changed data or insights. Additionally, you should revise your communication and engagement strategies based on the updated stakeholder map. This will help ensure that your value proposition, messaging, and tactics are adapted to the current situation and expectations.

6 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?