What are effective strategies for building long-term stakeholder relationships after launching a product?

Stakeholder identification is a very critical step in product lifecycle management. Incorrect & incomplete mapping of stakeholders can lead to poor experiences for customers as well as product owners. Customers - of course top the list and rightly so, but this is not where the stakeholder list should end. It is important to map the entire customer journey to arrive at a comprehensive list of stakeholders - for e.g. media/ influencers (during awareness & consideration), distribution & channel partners/ call centre employees (in consideration & purchase), Points of sale, supply chain & operations, customer service (purchase & service), feedback & continuous improvement to engineering, production, supply chain teams after sales

The greatest mistake most make is forgetting the customer once they buy your product, and start chasing new customers! It is extremely critical for companies who launch new products to have a great set of ears, if they wish to succeed in the long term. Every complaint is an opportunity to make your product better. Give gifts when they complain. They are doing you a favor. Most just exit without giving any reasons/silently, and don'tt want to be guinea pigs themselves. They just don't have the time for you, need to run their own business and your product is supposed to help them in the process not complicate life and drain their time. But, if you are listening and improving, then it becomes a great relationship, that benefits you more!

Building long-term stakeholder relationships post-product launch involves ongoing engagement, trust-building, and a focus on mutual value creation. Here are effective strategies for fostering lasting relationships with stakeholders: Consistent Communication: - Maintain regular communication with stakeholders through various channels, updating them on product developments, achievements, and future plans. Personalize messages when possible. Value-Added Engagement: - Provide ongoing value beyond the product by offering educational resources, industry insights, or exclusive content that benefits stakeholders. Show genuine interest in their success.

*.?Be honest and open about project progress? Believe in yourself and be?honest and open?enough to say things the way they are. Never over-promise or feel pressurised to saying yes to unreasonable demands. Have the confidence and courage to talk openly about project issues and to ask for help when required. Your stakeholders will respect you for being honest and appreciate being given the chance to help out before the situation aggravates. You will score points for being realistic and for having your project’s interests at heart. Painting the picture rosier than it is helps no one.

Maintaining long-term customer relationships through internal stakeholders lies in intentional coordination. Many organizations struggle here, often relying on basic touchpoints that don't necessarily drive the customer relationship forward. A unified strategy involving several stakeholders like sales, support, marketing, and product teams to align in a unified approach and directionality with the customer is required. This deliberate collaboration ensures a holistic approach, sharing insights and feedback to better understand customer needs. By prioritizing this coordination and intentionality, businesses can elevate their customer relationships beyond mere touchpoints, creating a seamless, impactful customer experience.

Winning and maintaining trust is crucial in times of disruption. Ensuring a positive customer journey design experience through continual value creation is essential for establishing a loyal community. Ultimately, the social capital a product builds and leverages upon is what guarantees its long-term success. #niketkarajagi

For internal stakeholders make sure you keep an internal homebase of information they can use to see the current status. Tools like Asana, Trello, or Jira allow stakeholders to track progress, view tasks, and access project-related documents in real-time. Have a granular detailed view and a higher level view (not everyone is the same). If you can't afford a tool even a shared spreadsheet with different tabs can help. For external stakeholders have something simple but don't be afraid to be have a blog that is open access. In my experience telling customers that you heard about a suggestion or a request for improvement and then a change being made is gold.

Not all feedback is made the same, so it is imperative that you both weight the feedback according to the source, but also look at repeated requests/issues over time. Once you have implemented feedback, let those that gave the feedback know in a personal way (direct email) first, and then let your community know afterwards through the regular channels.

I have never had a customer say no to a short call to talk about them. Not a sales call, but a genuine dive into who they are, what they are passionate about, and how they came across your product. Best part, these customers will tell you in their own words why they love your product and the product to solves for them, or any deficiencies. Product marketers need to champion the voice of the customer.. the best way to do that is to talk directly to those customers regularly.

There are times when product marketers assume that once a customer has subscribed/purchased a product, their familiarity and understanding of its features will naturally grow over time. Without an ongoing education and training, customers might not fully realise the complete potential of the product's features. Thus product marketers should find channels to help customers maximise the value of the product for their specific needs. Failing to do this leads to underutilisation, frustration, and ultimately, customer churn.

Rewarding success does not always have to be in terms of value benefits. Sometimes, a feeling of accomplishment and satisfaction can retain customers longer than a gift card or discount. Thus, establishing milestones and providing a customer with the feeling of fulfilment could be a great reward in terms of Retention in the SaaS business.

A great way to build trust and rapport is to set up a consistent operating rhythm of meetings with some set agenda items, including what’s going well as well as what could be improved. This should be a two way conversation with clear examples and measures to talk through to keep the conversation open and productive.

It's important to be honest about the highs and lows, the successes and the setbacks we experience. Trust is developed among our stakeholders when we communicate what's working well and the challenges we're facing. They enjoy learning about our inner workings and how we run. Openness gives our stakeholders a sense of involvement and knowledge, acting as a kind of window into our company. Thus, it's a wise decision to keep all stakeholders informed about company developments as it demonstrates that we have nothing to conceal and that we value their knowledge.

Build a living source of competitive insights for answers to common objections and for competitive threats and responses. Be sure to open inputs from all stakeholders so the organization can learn from itself over time. Create a communication plan that includes a regular cadence of reminders using the new updates as your content. This will ensure new stakeholders get plugged in and the solution doesn't suffer from organizational change.

Your first customers and early supporters are the core of your loyal community. By providing them with a space for feedback, beta programs, and exclusive updates, you build a powerful force for brand advocacy. It’s important to not only collect feedback - you have to act on it. Ignoring their voices can break that trust and stifle their enthusiasm. Invite them closer by offering roles in your ambassador program, beta testing, or even product advisory. This creates a sense of ownership and empowers them to influence your brand's future. Investing in your early adopters is an investment in your brand's future. By building a strong community, you create a loyal group who will organically amplify your message and drive growth.

For sustained stakeholder relationships post-launch, continuous engagement is pivotal. Many businesses tend to fade post-launch, but breaking this pattern is crucial. Consistent community involvement throughout the customer journey is key. This involves ongoing interaction via newsletters, social media, exclusive events, and feedback channels. By prioritizing continuous engagement and fostering a sense of community, businesses can maintain a strong and lasting relationship with stakeholders long after the initial launch hype.

Engage stakeholders in discussions about the long-term roadmap of the product. Solicit their input on future features and improvements, making them feel like active participants in the product's evolution.