What's your stakeholder management performance score?

1 The stakeholder management matrix

The stakeholder management matrix is a tool that helps you map your stakeholders according to two dimensions: their level of interest and their level of influence. Interest refers to how much they care about your project or initiative, and influence refers to how much they can affect its success or failure. By plotting your stakeholders on the matrix, you can see how they relate to each other and to your goals. You can also use the matrix to plan your engagement strategy and prioritize your actions.

2 The four quadrants of the matrix

The stakeholder management matrix contains four quadrants, each representing a different type of stakeholder. Depending on where they fall on the matrix, you may need to adopt different approaches to manage them effectively. For example, those who are high in interest and influence are your key stakeholders; you need to manage them closely, communicate frequently, and involve them in decision-making. They can be your allies or your adversaries, so it's essential to build trust and rapport with them. On the other hand, those who are high in interest but low in influence are your supporters; you should keep them informed, consult them for feedback, and acknowledge their contributions. Gatekeepers have a low level of interest but a high level of influence; it's important to monitor them, update them on progress, and anticipate their needs. Lastly, bystanders have a low level of interest and a low level of influence; you need to inform them, educate them, and address their concerns. It's critical to create awareness and engagement for these stakeholders.

3 How to use the matrix to assess your performance

To use the stakeholder management matrix to assess your performance, you must identify all people or groups affected by or able to affect your project or initiative. This includes both internal and external stakeholders, as well as formal and informal ones. Then, assign each stakeholder a score from 1 to 10 for their level of interest and influence, and plot them on the matrix accordingly. Different colors, shapes, or sizes can be used to represent different attributes such as relationship quality, satisfaction level, or risk level. Finally, analyze the distribution of your stakeholders on the matrix and ask yourself questions such as: Are there any gaps or imbalances? Are there any conflicts or synergies? Are there any opportunities or threats? How can you improve your stakeholder management strategy?

4 How to use the matrix to improve your skills

The stakeholder management matrix is not only a tool for assessment, but also a tool for improvement. By using the matrix, you can identify your strengths and weaknesses, as well as your areas for development. To take advantage of this tool, you should review your stakeholder management plan and adjust it according to your results. Additionally, seek feedback from stakeholders to gain insight into their perception of your performance and what they need from you. Lastly, learn from best practices by observing the successful stakeholder management techniques of leaders in your organization or industry. Ask them for advice and tips to further improve your stakeholder management skills.

5 How to use the matrix to track your progress

The stakeholder management matrix is also a great tool for tracking progress. To get the most out of it, you should repeat the assessment regularly, such as monthly, quarterly, or annually. You can compare your results with your previous ones to identify changes or trends. Additionally, set goals and milestones using the SMART criteria and KPIs (key performance indicators) to measure outcomes like stakeholder satisfaction, engagement, or influence. Lastly, celebrate your achievements. Recognize your efforts, successes, and learnings; share your results with stakeholders; thank them for their support; and reward yourself and your team for their hard work.

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?