How do you track stakeholder engagement and satisfaction?

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When you negotiate with vendors, you need to consider the interests and expectations of your stakeholders, such as your boss, your team, your customers, or your partners. Stakeholder engagement and satisfaction are crucial for building trust, alignment, and collaboration in your vendor relationships. But how do you track them effectively? In this article, we will share some tips and tools to help you measure and improve your stakeholder engagement and satisfaction in vendor negotiation.

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1 Identify your stakeholders

The first step is to identify who your stakeholders are and what their roles, responsibilities, and influence are in the vendor negotiation process. You can use a stakeholder analysis matrix to map out their level of interest, power, impact, and attitude towards your negotiation goals and outcomes. This will help you prioritize your communication and engagement strategies with different stakeholder groups and tailor your messages and actions to their needs and preferences.

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Bakari Copeland

South-Central-love.myshopify.com - South Central Love Tees and Things
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One term for stakeholders is "subject matter experts" (SME). Electronic medical record implementations for example, designates SME's, judged not only for their clinical expertise, but for their ability to grasp and qualify technical information leading to new system build and application workflows. Time constraints may challenge clinical and administrative staff scheduling. Buy-in by the hospital enterprise, makes a huge difference. SME's are placed into position based on need and (exceptional) availability above and beyond their 100% of dedicated service. Such a "sacrifice" pays-off big for the entire enterprise in the long run. The SME's valued professional experience during the design, build, and validation sessions, a plus.

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2 Communicate regularly and transparently

The second step is to communicate regularly and transparently with your stakeholders throughout the vendor negotiation process. You can use various channels and methods, such as emails, meetings, reports, surveys, or feedback sessions, to keep them informed, updated, and involved in your negotiation progress and challenges. You should also listen to their opinions, concerns, and suggestions and address them promptly and respectfully. Communication is key to building rapport, trust, and credibility with your stakeholders and to managing their expectations and perceptions.

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Farah Youssef

Business Consultant & Strategist | Business Assessor & Trainer
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It's best to record all types of communication to avoid any issues and misunderstandings along the way. Organise and keep a track record.

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3 Monitor stakeholder feedback

The third step is to monitor stakeholder feedback and measure their satisfaction with your vendor negotiation performance and results. You can use various tools and metrics, such as satisfaction surveys, net promoter score, customer satisfaction index, or stakeholder feedback scorecard, to collect and analyze stakeholder feedback and satisfaction data. You should also track and report on the key performance indicators (KPIs) and benefits that your vendor negotiation delivers to your stakeholders and to the organization as a whole.

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4 Resolve stakeholder issues

The fourth step is to resolve any stakeholder issues or conflicts that may arise during or after the vendor negotiation process. You should identify the root causes and sources of the issues or conflicts and use appropriate techniques, such as negotiation, mediation, arbitration, or escalation, to resolve them effectively and efficiently. You should also follow up with the stakeholders involved and ensure that they are satisfied with the resolution and that the issue or conflict does not affect the vendor relationship or the project outcomes.

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Farah Youssef

Business Consultant & Strategist | Business Assessor & Trainer
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Look at previous projects, outcomes etc. and create a risk management plan and process. Having one in place can prevent further and ongoing issues.

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5 Evaluate and improve stakeholder engagement

The fifth step is to evaluate and improve your stakeholder engagement and satisfaction practices and processes. You should review and reflect on the feedback and satisfaction data that you collected and monitored and identify the strengths and weaknesses of your stakeholder engagement and satisfaction strategies and tactics. You should also solicit and implement suggestions and recommendations from your stakeholders and other sources to improve your stakeholder engagement and satisfaction skills and performance.

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6 Celebrate and appreciate stakeholder contributions

The sixth step is to celebrate and appreciate the contributions and achievements of your stakeholders in the vendor negotiation process. You should recognize and reward the efforts and inputs of your stakeholders and show them how they helped you achieve your negotiation goals and outcomes. You should also express your gratitude and appreciation for their support and collaboration and maintain a positive and respectful relationship with them. Celebrating and appreciating your stakeholders will boost their morale, loyalty, and engagement and foster a culture of mutual respect and recognition.

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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?

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How do you track stakeholder engagement and satisfaction?

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1 Identify your stakeholders

2 Communicate regularly and transparently

3 Monitor stakeholder feedback

4 Resolve stakeholder issues

5 Evaluate and improve stakeholder engagement

6 Celebrate and appreciate stakeholder contributions

7 Here’s what else to consider

Vendor Negotiation

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