Who are your top stakeholders?

1 Stakeholder analysis

The first step to engaging your stakeholders is to analyze who they are and what they want. Stakeholders can be internal or external, and they can have different levels of power, interest, influence, and expectations. A simple way to conduct a stakeholder analysis is to use a matrix or a map that plots your stakeholders according to these criteria. For example, you can use a power-interest grid that divides your stakeholders into four categories: high power and high interest, high power and low interest, low power and high interest, and low power and low interest. This will help you determine who are your most important and influential stakeholders, and who are your less involved or supportive ones.

2 Stakeholder prioritization

Once you have analyzed your stakeholders, you need to prioritize them according to their relevance and urgency for your goals and initiatives. You can use a simple ranking system or a scoring method that assigns weights to different factors, such as the stakeholder's impact, dependency, legitimacy, urgency, and salience. You can also consider the stakeholder's potential for cooperation or conflict, and their level of satisfaction or dissatisfaction with the current situation. The aim of stakeholder prioritization is to identify who are your top stakeholders that require your most attention and resources, and who are your secondary or tertiary stakeholders that need less or different engagement strategies.

3 Stakeholder communication

Communication is the key to building trust and rapport with your stakeholders. You need to communicate clearly, consistently, and respectfully with your stakeholders, and tailor your messages and channels according to their needs and preferences. You also need to listen actively and empathetically to your stakeholders, and acknowledge their feedback and concerns. Communication is not only about informing and persuading your stakeholders, but also about engaging and involving them in dialogue and decision-making. You can use various communication tools and techniques, such as newsletters, surveys, focus groups, interviews, meetings, workshops, forums, social media, etc., to communicate with your stakeholders effectively.

4 Stakeholder collaboration

Collaboration is the next level of stakeholder engagement, where you work together with your stakeholders to achieve common goals and outcomes. Collaboration requires a shared vision, mutual trust, respect, and accountability, and a willingness to compromise and negotiate. You can use various collaboration models and methods, such as partnerships, networks, coalitions, alliances, teams, committees, etc., to collaborate with your stakeholders productively. Collaboration can bring many benefits, such as increased resources, expertise, innovation, diversity, legitimacy, and support, but it can also pose some challenges, such as conflicting interests, expectations, values, cultures, and agendas.

5 Stakeholder leverage

Leverage is the ability to use your stakeholder's strengths and interests to enhance your own performance and impact. You can leverage your stakeholder's assets, such as knowledge, skills, connections, reputation, influence, etc., to achieve your goals and objectives. You can also leverage your stakeholder's motivations, such as values, beliefs, emotions, aspirations, etc., to inspire and mobilize them to action. Leverage is not about manipulating or exploiting your stakeholders, but about creating win-win situations and synergies that benefit both parties. You can use various leverage strategies and tactics, such as incentives, rewards, recognition, endorsements, testimonials, referrals, etc., to leverage your stakeholders effectively.

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?