Define Stakeholder, its types and engagement strategies

What is a Stakeholder?

Anyone who affects or get affected in any way by an organization like organizational decisions, its products/services or its deliverables is considered as a stakeholder. It can be an internal stakeholder or outside the organization.

Define Stakeholder, its types and engagement strategies
Define Stakeholder, its types and engagement strategies
Internal vs External Stakeholders
  1. Sponsor (External/Internal)
  2. Project Team (Internal)
  3. Customers and Users (External/Internal)
  4. Sellers (External)
  5. Business Partners (External)
  6. Organizational Groups (Internal)
  7. Functional Managers (Internal)
  8. Others, e.g.:
  9. Procurement entities (External)
  10. Financial Institutions (External)
  11. Government Regulators (External)
  12. Subject Matter Experts (External/Internal)
  13. Consultants (External)
A Typical Stakeholder Classification Method
  • Many Classification Models in use; Power-Interest (or Authority-Interest) Grid is one of them

Engagement Strategy for a Stakeholder dependent on his Classification.

Define Stakeholder, its types and engagement strategies
Define Stakeholder, its types and engagement strategies
Stakeholder Assessment

An Assessment Matrix is used to assess the Current (C) and Desired (D) level of Assessment.  For effective management, any Gap between C & D should be removed by reviewing Engagement Strategy

Some Stakeholder Engagement Strategies

Depending on the nature/status of the Stakeholders, and the given situation, one of more of the following strategies could be considered:

  • Good communication with the Stakeholders
  • Sharing Project Information or Status Reports with them
  • Taking them on Project Visits
  • Meetings with them
  • Inviting them to Milestone Parties
  • Giving importance to their Advice
  • Responding to their Queries, promptly & correctly
  • Addressing their Concerns
  • Inviting them to Review Meetings
  • Presenting Project Accounts
  • Resolving Conflicts
  • Reviewing Engagement Strategy with time and changed situation
  • Staying Engaged; never burning bridges; remaining mentally ready to face negative comments or difficult situations; and devising suitable response

Author

  • An MBA graduate specialized in Marketing, with proven abilities in digital Marketing, New product development, and advertisement. A professional Digital Marketer, blogger, web marketing services provider, Advertiser, Promotions, and Relationship Marketer. Highly motivated with a great degree of flexibility to adapt to changes, resourcefulness, and commitment to work; ambitious and capable of resolving multiple and complex issues.

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