stakeholder management

Stakeholder Management – What, Why & How

Effective stakeholder management is key to building trust, strengthening partnerships and delivering sound outcomes based on a shared vision. Understanding the perceived impacts and opportunities of a proposal to your different stakeholder groups is fundamental.

During the engagement process, how you group, record and analyse the different stakeholder groups can be time-consuming and sometimes difficult to track without the right tools.

There are stakeholder relationship management tools, such as Engagement Hub, that are designed to capture this data readily, act as a depositary of all offline and online activity and provide a mechanism to communicate with your stakeholders.

Getting it right before you begin engagement

Fundamental to sound stakeholder management is the process of:

  • identifying your stakeholder groups and address any barriers to involvement
  • define the real or perceived  issues, impacts, benefits and opportunities for each stakeholder group and develop a matrix which identifies the intensity
  • determine the level of participation and influence in relation to the decision-making process based on the IAP2 spectrum
  • understand the communication channels to best reach your stakeholders to ensure fair and equitable participation
  • develop a tactical communications and engagement plan which includes the methods and tools to attract high-level participation from each stakeholder group identified
  • keep them informed and engaged during the consultation
  • Also, provide acknowledgement of participation and inform them of the outcomes

Stakeholder management is a priority

Engaging and communicating with your stakeholders throughout the consultative process is absolutely imperative.

Failing to recognise stakeholders and their feedback can lead to additional conflict if not managed in a timely fashion and ultimately can impact the overall outcomes and lead to mistrust.

The right software for effective stakeholder management

Managing stakeholders is a continuous process which can be very time consuming, however, is fundamental to achieving sound outcomes.  Investing in a community relationship management tool helps you manage everything online in one central location – say goodbye to using Excel spreadsheets!

A key feature of Engagement Hub is the built-in stakeholder relationship management tool as part of the complete online end-to-end solution for community engagement.

Contact us for a detailed proposal, book a demo to organize an online screen share and discussion of your objectives, or to explore the features in detail on our Engagement Hub demonstration site.

Read more about how simple it is to manage, the benefits, reporting, security and more.

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