Stakeholder mapping is like a roadmap for success, helping businesses and projects navigate the complex landscape of those impacted. But a good map needs a solid foundation, and that’s where stakeholder analysis comes in.

Think of stakeholder analysis as the research and planning phase for your stakeholder map. It’s the process of identifying all the individuals and groups who have a stake in your business or project. This includes everyone from:

• Customers: Whose needs are you meeting?
• Employees: Who’s driving the work forward?
• Investors: Who’s financially invested in your success?
• Regulators: Who sets the rules you need to follow?

But it goes beyond just a list of names. Stakeholder analysis goes a step further by understanding:

• Interests & Concerns: What are their priorities and potential roadblocks?
• Influence Level: How much power do they have to impact your decisions?

Why is this analysis so important?

• Accuracy & Informed Decisions: A thorough analysis ensures your stakeholder map is comprehensive, capturing everyone who matters. This leads to more informed decisions that consider all perspectives.
• Prioritization Power: Not all stakeholders are created equal. Stakeholder analysis helps you prioritize based on influence and interest. This ensures you focus your communication and engagement efforts where they’ll have the most impact.
• Risk Management Magic: Identifying potential conflicts early on helps you develop strategies to mitigate risks and build stronger relationships with stakeholders.

For businesses, a solid stakeholder analysis can lead to:

• Improved Customer Satisfaction: By understanding customer needs and concerns, you can tailor your products and services for better engagement.
• Enhanced Employee Morale: Engaging with employees and understanding their concerns fosters a positive work environment.
• Stronger Investor Confidence: Demonstrating a clear understanding of stakeholders builds trust and confidence in your long-term vision.

For projects, stakeholder analysis helps to:

• Avoid Delays and Roadblocks: Identifying potential conflicts early on allows for proactive solutions and a smoother project flow.
• More Efficient Resource Allocation: By prioritizing stakeholders based on influence, you can allocate resources and communication efforts strategically.
• Increased Project Success Rates: Understanding stakeholders’ needs ensures your project delivers value for everyone involved.

So, how do you conduct a stakeholder analysis?

Whether you’re running a business or managing a project, there are various methods, but some key steps include:

1. Brainstorming: Get your team together to identify everyone potentially impacted by your business or project.
2. Prioritization: Analyze their influence and interest level.
3. Understanding Needs: Research stakeholder needs, concerns, and expectations. This helps tailor your communication and engagement strategies.

Investing time in stakeholder analysis lays the groundwork for a powerful stakeholder map. It ensures your map is accurate, informative, and empowers you to make strategic decisions that benefit everyone involved.

Take the time to identify who needs to be involved:

👉 Identify the stakeholders that need to involved

👉 Are they internal or external?

👉 Assess their purpose, interest and commitment

👉 Assess their power – will their involvement help or hinder?

👉 Are they onside or offside?

👉 Assess their interests and its impacts on how they think and act

👉 Assess their needs and wants, and remember to categorise them

Conduct a stakeholder analysis, to unpack, flesh out and design a project team for success. Consider: 

👉Their Interest and motivation

👉What’s in it for them

👉Expectations, standards, boundaries

👉Agenda’s

👉Authorities, Power

👉Probable outcomes: beneficial, negative

👉How does everyone on the team contribute  i.e. their expertise, 

👉Previous history, knowledge, relationships…

If you conduct a stakeholder analysis then this helps to position everyone on the team according to their degree of opposition and/or support. 

Ready to build a stakeholder map that sets your business and/or project up for success? Start by conducting a thorough stakeholder analysis, and watch your project or business thrive! 

CLiCK HERE to access the Stakeholder Analysis Tool. 

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by Alexandra Egan
Domino Effect Consulting & Facilitating – www.alexandraegan.com.au  R.E.S.E.T Your Thinking
Alexandra makes it easy for you to strategically think about, better manage and resolve any challenging situation. If you’re looking for someone to help you plan and prioritise your tasks, CLICK HERE and schedule in a free 30 minute strategy session.