Why is stakeholder mapping important?
The identification process used in stakeholder mapping can help a project be as successful as possible. It enables you to quickly determine who is engaged with the project and how to best manage their expectations. A stakeholder map also enables a project plan to know who to contact in the future for advice or input on specific issues.
What is stakeholder mapping?
Stakeholder mapping is a method for visualizing all the parties involved in a project, idea, or product and listing them on a map. It defines the criteria for identification and prioritization process. The stakeholder map frequently takes the form of a matrix, grid, or branching mind map.
When to use stakeholder mapping
Stakeholder mapping may be beneficial in situations such as:
New markets
Knowing who will be impacted and who can best assist you in facilitating the change may be helpful when entering a new market. Stakeholder groups to take into account include:
New projects
When beginning a new project, you may decide to list the internal participants who assist in its conception and execution. When planning to launch a new project, stakeholders to take into account include:
Product creation
When developing a new product, you may decide to identify a variety of stakeholders who will be involved in the process and those who will eventually buy or use it. The number of stakeholders you select during product creation may change depending on the product. The following stakeholder groups may be taken into account when mapping out a new project:
Stakeholders vs. shareholders
Although not all stakeholders must also be shareholders, shareholders can be stakeholders. Shareholders care about a company’s financial stability because they hold stock in it as part owners. While shareholders have a stake in the business, they don’t have to play a major role in every initiative. Stakeholders, on the other hand, are more suited to work on specialized assignments because they have an interest in a variety of specific areas throughout the company. Two types of stakeholders include:
Internal stakeholders
Internal stakeholders are those who are a part of the project’s conception and execution within a business, whether as team members, volunteers, or employees. Their level of involvement in each task may vary. Some examples of internal stakeholders include:
External stakeholders
External stakeholders are those who might be impacted by a project or product but who weren’t involved in its development. Examples of external stakeholders may include:
Knowing what types of stakeholders to involve in your project can help you create a map and set priorities for upcoming projects.
Benefits of stakeholder mapping
By using stakeholder mapping, you can see a graphic representation of everyone who is impacted by a given project and how they are related to one another. A map may help you identify the stakeholders who have the greatest impact on a given project and with whom to share particular information. Stakeholder maps can also help you determine where you have the most resources, which can speed up a project as it advances to the following stages.
How to create a stakeholder map
Follow these instructions to create a stakeholder map:
1. Brainstorm your connections
Brainstorm to identify all the potential stakeholders for a project. Note down each person’s name and any roles they may have within or outside the organization. Record as many names as you think are necessary. If necessary, you can eliminate some names in later steps.
2. Categorize your stakeholders
Sort the names of your various stakeholders into groups based on categories like management, retailers, suppliers, customers, or other crucial industries. This step may help you determine which stakeholders to leave out of your initial brainstorming session or identify any that you may have forgotten.
3. Understand stakeholder involvement
Determine the potential level of participation for each stakeholder or group in the project. Think about why they are interested in the project, how they feel about the company’s current situation, and how they feel about a new project. Determine the information they might want to receive, their potential attitudes at various project stages, and any outside influences that might affect their decision-making. Before the project starts, think about interviewing or conducting a survey with your stakeholders in these areas if you prefer practical rather than hypothetical answers to these questions.
4. Prioritize your stakeholders
You might have a lot of stakeholders depending on the project’s size or complexity. Prioritizing them will help you determine how much involvement each one anticipates having in the project and how frequently to start a conversation. You might find it useful to use a power/influence matrix, also known as a grid of influence, during this process. Priority categories may include:
It is important to closely manage stakeholders with significant power and interest in the power/influence matrix. They might be your top priority when it comes to communication, and they might attend most meetings, briefings, and testing opportunities.
Keep your stakeholders happy who have high power but little interest. You could respond to their inquiries when they do, give them regular updates, and make sure you’re taking care of all of their needs, whatever they may be.
You should inform stakeholders who have little influence but a lot of interest. They can be a part of electronic correspondence like email threads or memos. When asked, you can also respond to their inquiries or offer feedback.
Low-power and low-interest stakeholders may be important to the project, but are they the ones you monitor? They don’t need as much attention as the other categories, and you can update them whenever it’s necessary at significant milestones or intervals.
5. Finalize your map
Create your official map and finish it once you’ve gathered all the necessary information. Pick a design that works for your organization, and think about putting the map in a shared workspace so that all stakeholders can easily access it.
How to build a key stakeholder map | Stakeholder mapping | Lauren Kress
FAQ
How does stakeholder mapping work?
All the stakeholders in a project, product, or idea are visually represented on a map through a process called stakeholder mapping. A stakeholder map’s main advantage is that it provides a visual representation of all the stakeholders in your project and their relationships.
What is HR stakeholder mapping?
Finding the important project stakeholders through stakeholder mapping is a process. Finding everyone interested in the project’s outcome is a step in the process. One person or many people, as in the case of large public infrastructure projects, can be project stakeholders.
What is stakeholder mapping template?
You can use a chart and technique called a stakeholder map to organize and manage stakeholder relationships for various projects. Based on their level of influence and interest in your specific project, it helps you decide who to involve and at what level.
