Stakeholder Analysis Video

Video Transcript

Perform a stakeholder analysis to identify your key project influencers – and opposers.

When it comes to managing projects and implementing ideas, your actions can affect a lot of people. And some of them will have more influence than others.

Knowing who these influential people are – before you start a project or initiative – is incredibly important. This is because you're more likely to succeed if you have their support.

But how can you identify these key people? This is where conducting a stakeholder analysis is useful. There are three steps to doing this. 

First, you brainstorm a list of people who might have an interest in your project. They could include your boss, senior executives, colleagues, clients, shareholders, or even trade associations or people in the community. 

You might have a long list once you're done, and that's fine – some of these people will have a big influence on what you're doing, while others will have none at all.

In step two, you're going to plot all of these people on a Power Interest Grid to get a visual representation of their influence. As you can see, it’s divided into four quadrants. The actions you take will depend on where they are on the grid. 

Plot people vertically – based on how powerful they are – and horizontally – based on how much interest they have in your project. For instance, imagine you've identified four people who have a stake in your project. These are your boss, Diego; your colleagues, Sarah and Adi; and a senior executive, John.

Diego and John both have a great deal of power and interest in your project, so you need to place them in the upper right-hand quadrant. You'll want to work closely with both of them during implementation.

Sarah and Adi, on the other hand, have a great deal of interest in your project but little power. They'll both go in the lower-right quadrant. You won’t work closely with them, but you'll want to keep them informed of your progress.

Once you've plotted all your stakeholders on the grid, you need to find out what motivates them. For instance, what financial or emotional interest do they have in your project? Who influences their opinions? You'll likely find that some of your stakeholders will be avid supporters of what you're doing, while others might try to block your efforts. You can refine the grid by color-coding each person's name, depending on whether you think they'll be a supporter or a critic.

In our example, Diego, Adi, and Sarah support your project, while John opposes it. So you'll need to do some work to win him round.

To find out more about stakeholder analysis, as well as the actions you can take to manage your stakeholders effectively, read the article that accompanies this video.

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Comments (6)
  • Over a month ago Dianna wrote
    Hi Smarties10,
    Have you found our Bite Sized Training workbook on Stakeholder Management? He is the link: http://www.mindtools.com/community/Bite-SizedTraining/StakeholderManagement.php. The last section is on stakeholder communication and it includes a long list of questions to help guide your communication planning process. I think it will help you.

    Another great resource is Yukl and Tracey's Influencers http://www.mindtools.com/community/pages/article/eleven-influencers.php it's full of ideas on how to influence people and earn their support.

    I think the issue is very situational and depends on many social and environmental factors. What works for one person might not work for another. You will need an arsenal of tactics depending on who and what you are trying to influence. What is the immediate issue at hand? We might be able to make some more specific suggestions for you. Or at least help steer you in the right direction.

    Dianna
  • Over a month ago Smarties10 wrote
    I find this article very interesting as it deepens your knowledge on how stakeholders power can make or block the success of your project etc.
    At some point, it said ''Conduct a full stakeholder analysis. Ask yourself whether you are communicating as effectively as you should be with your stakeholders. What actions can you take to get more from your supporters or win over your critics?''
    Can anyone help with some ideas or experience pls?

    Regards,
    Smarties10
  • Over a month ago snoopdogg wrote
    This is an excellent article about stakeholders and how they may influence your projects or your interests at work. I understand that it is very important to first understand who are the stakeholders at your workplace, how interested they are and how much power they have over what you are doing at your workplace. The article also mentions points out that we need to know what motivates them and accordingly create a stategy that will ensure that you gain their support or that your work goes smoothly. I would really appreciate it if someone can point point out, with suitable examples, how we can find out what what motivates our stakeholders and what can we do that can gain their support.

    Regards,

    aJ
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