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What are the benefits and challenges of co-creating business strategy with stakeholders?

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Stakeholder mapping and engagement are essential steps for co-creating business strategy with your key partners, customers, employees, and other groups that affect or are affected by your organization. In this article, you will learn what are the benefits and challenges of this collaborative approach, and how to apply some practical tools and techniques to make it work.

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Ash Rathod

Storytelling that Solves Business Problems | Brand Story Consultant & Official LinkedIn? Learning Instructor | Book me…
Ana Cristina Campos Marques

Sustainability and ESG Expert. Lecturer. Mentor. Speaker. Writer. PhD

1 What is co-creation?

Co-creation is a process of involving stakeholders in the design, development, and implementation of a business strategy, product, or service. It is based on the idea that by tapping into the diverse perspectives, insights, and experiences of different stakeholders, you can create more value, innovation, and satisfaction for everyone. Co-creation can take various forms, such as workshops, surveys, interviews, focus groups, online platforms, or co-design sessions.

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2 Why co-create business strategy?

Co-creating business strategy with your stakeholders can bring many advantages to your organization. It can enhance your understanding of stakeholders' needs and expectations, and build trust and loyalty among them. Additionally, it can generate new ideas, solutions, and opportunities, as well as improve communication, collaboration, and feedback mechanisms. Furthermore, it can increase your agility, adaptability, and responsiveness to changing market conditions, customer demands, and stakeholder feedback.

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Ana Cristina Campos Marques

Sustainability and ESG Expert. Lecturer. Mentor. Speaker. Writer. PhD
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First, let's clear up the idea of ‘stakeholders.’ These are the people who care about your company—employees, customers, communities, and more. Often, stakeholders voices fade in the background. However, organizations aren't solitary islands adrift in the void. No, they're integral parts of a broader ecosystem, woven into the delicate tapestry of our society and planet. A sustainable strategy thrives on dialogue—a symphony of perspectives shaping your organization journey. This isn't just about internal discussions; it's a melody woven by diverse voices. Reach out to people who has a stake in what you do. Don't underestimate the potency of collective wisdom.

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3 What are the challenges of co-creation?

Co-creating business strategy with your stakeholders can be difficult, as it involves managing the complexity, diversity, and dynamics of stakeholder interests, opinions, and expectations. It is also important to ensure the quality, validity, and relevance of the stakeholder input, and to allocate sufficient time, resources, and expertise to facilitate the co-creation process. Additionally, co-creation involves dealing with uncertainty, ambiguity, and risk, as well as potential resistance, skepticism, or criticism from internal or external stakeholders. Lastly, it is necessary to measure and evaluate the impact and value of co-creation, and demonstrate its return on investment and contribution to the strategy goals.

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Mahmoud Abdelnaby

Multimedia Specialist | Website Development | E-commerce Optimization | Content Creation | Graphic Design | Video Editing | Motion Graphics | Generative AI
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Co-creating a business strategy with stakeholders can be challenging due to the complexity of managing diverse stakeholder interests and expectations. Validating the quality and relevance of stakeholder input, allocating sufficient time and resources, and handling uncertainty and potential resistance are additional challenges. It's also important to measure the impact and value of co-creation to demonstrate its contribution to the strategy goals. In my experience, involving a diverse range of stakeholders and leveraging digital tools can help overcome these challenges. However, I also disagree with the idea that co-creation is inherently difficult. With the right approach, it can be a rewarding and collaborative process.

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4 How to map your stakeholders?

Before engaging stakeholders in co-creating your business strategy, it is important to identify and analyze them, and understand their relevance, influence, and interest in your strategy. Stakeholder mapping is a useful technique for visualizing and categorizing stakeholders based on criteria such as power, interest, attitude, and expectation. Different tools and frameworks can be used for mapping stakeholders, such as the power-interest matrix, the influence-impact grid, the salience model, or the stakeholder circle. The purpose of stakeholder mapping is to prioritize, segment, and target stakeholders, and to tailor communication and engagement strategies accordingly.

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5 How to engage your stakeholders?

Once you have mapped your stakeholders, you need to decide how to involve them in co-creating your business strategy. There is no one-size-fits-all approach to stakeholder engagement, as it depends on your context, objectives, and resources. However, some general principles and best practices to follow include defining your purpose and scope of co-creation, selecting the most appropriate methods and tools for co-creation, inviting and encouraging your stakeholders to participate, listening and responding to their feedback, monitoring and evaluating your co-creation process, and sharing the results and outcomes with your stakeholders. Make sure to communicate your purpose and scope of co-creation clearly and consistently, ensure the methods and tools are accessible, inclusive, and engaging, provide your stakeholders with the necessary information, guidance, and support, and acknowledge and appreciate their contributions.

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6 How to co-create value?

The ultimate goal of co-creating business strategy with your stakeholders is to generate value for all parties involved, and to achieve your strategic objectives. To do so, you must ensure that your value proposition is aligned with your stakeholders' value expectations and that it is unique, relevant, and differentiated from your competitors. Additionally, it should be sustainable, scalable, and adaptable to changing stakeholder needs and market conditions. Lastly, it should be measurable, demonstrable, and communicable, so that you can showcase your co-creation efforts and achievements.

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Ash Rathod

Storytelling that Solves Business Problems | Brand Story Consultant & Official LinkedIn? Learning Instructor | Book me to speak at your next workshop or event.
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Co-creation is hugely important for the long term success of a business. The people that are stakeholders are everyone from the c-suite decision makers, investors, customers and internal team (the people that will make it happen). As part of our strategy workshops we get all involved.... at least from audit stage. And then in the workshop as many, or representatives of the people, as possible who have the power to make it happen. It's not always an easy task but when you do it's magic. People have much more drive to make a strategy a successful execution when they have an easily vested interest.

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What are the benefits and challenges of co-creating business strategy with stakeholders?

1

2

3

4

5

6

1 What is co-creation?

2 Why co-create business strategy?

3 What are the challenges of co-creation?

4 How to map your stakeholders?

5 How to engage your stakeholders?

6 How to co-create value?

Business Strategy

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What are the benefits and challenges of co-creating business strategy with stakeholders?

1

2

3

4

5

6

1 What is co-creation?

2 Why co-create business strategy?

3 What are the challenges of co-creation?

4 How to map your stakeholders?

5 How to engage your stakeholders?

6 How to co-create value?

Business Strategy

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