More 2 Marketing

More to marketing. Welcome to more to marketing, the podcast on marketing, product and everything in between. I’m your host, Susan, and today we’re going to be talking about stakeholder management and what key areas you could focus on. Stakeholder management refers to the strategic process of identifying, engaging and fostering relationships with individuals. Groups or entities? Stakeholders. Who have an interest or are affected by a particular project, organisation or initiative. Stakeholder management aims to understand and address their needs, concerns and expectations to ensure their influence is considered in decision making processes. Now there are some key aspects of psychology management that you should be aware of. So first is identification. Recognise all stakeholders. They could be the SMEs of the business, for example, related to the project or organisation, including internal and external parties. Prioritisation. It’s important when evaluating stakeholders based on their level of influence and interest and or participation in the endeavour, because you want to make sure that they’re aware when they need to set time aside and be having items assigned to them as well. Engagement. It’s important to establish effective communication channels. Interactions to involve these stakeholders so that they have relevant discussions and decisions lined up so they can be. At their optimal. Mitigation proactively addressing concerns, conflicts, or issues that may arise by understanding and managing the stake on expectations. And another key aspect of Stakehold management is relationship building. Totaling that positive relationship and trust with Nicholas through a transparent, responsive and engaging process. The importance of stakeholder management really brings about four key elements, so risk mitigation. Enhance decision making, improve output and sustainable support. So if we go into these four areas. So risk mitigation. You help identify potential risks and mitigate them by understanding your stakeholders, concerns and interests, which is why you want to engage with them one on. One where you can. Enhanced decision making. Considering diverse perspectives lead to informed and inclusive decision making processes, so having all those people that are relevant there will mean they have a better decision making ability. So you’re thinking about everything. You hope improved outcome, so collaboration with stakeholders often leads to a better outcome and successful project implementation. And then you’ve got the sustained support. So you really want to build those positive relationships to ensure that ongoing commitment. To the project, so you need to show that yourself by being the key lead for stakeholder management. Now there’s approaches to stakeholder management that will help you. So when going into a project is essential to bring these basics along. So the first one is definitely they’re identifying, so list all the parties involved and impacted by your business. Prioritise their engagements, assist stakeholders, influence and levelling level of interest, and if you need to have one on ones, get them involved as some more opinions to make them. Feel like they’re part of the project? Deliver strategies so telecommunication and engagement based on their needs. Some may prefer phone calls, some emails, some documents. Work that out. So you’ve got the best balance of all. Regular communications to maintain their open, transparent and consistent dialogue throughout the whole time, and this will allow you to have those positive impacts when doing stakeholder management like enhance relationships, you’re building your own trust and credibility here. Effective decision making because you’ve got all those informed choices happening by the diverse perspective. Your risk is mitigated because you’re actually proactively working together to prevent escalation issues. And improve their reputation, so not just your reputation, but you’re going to be bolstering up the stakeholders engagements within the organisation too, which helps the organisations image. Now there are some cons when you’re looking into stakeholder management. It can be time intensive because you do require ongoing effort and resources to maintain those relationships that don’t happen out of thin air. They can be conflicting priorities. So you gotta find a way to balance that divergent stakeholder interests, and it can be challenging resource allocation, so engaging. That diverse resource group and making sure they’re actually getting allocated where they need to can be a challenge. And then you’ve got a lot of people that just resistant to change and that happens within organisations. So examples of stakeholder management. Can come in many different ways, so if I give you some examples here this might help you understand where your basic state management can happen within an organisation. So start off with. You might have your CSR, which is your corporate social responsibility initiatives. So there are ones that come along there addressing your community concerns by involving local stakeholders. You might see organisations or companies out there doing government projects. They’re actually engaging as part of their process for special management, citizens, NGO’s and authorizations in infrastructure developments and those companies that go along with that. If you go within. A company they might be doing state home management. For product development. And that involves your customers, suppliers and employees in creating this new offering? And then if you look again to another type of company like a non for profit, there’ll be those collaborations that happen with donors, volunteers and beneficiaries. In essence, stakeholder management is a strategic approach that recognises the significance of engaging and satisfying all parties involved. Or impacted by initiative, ensuring that the interests and needs are acknowledged and addressed in the organisation, plan and action, and that everyone has a voice, is heard and treated rest. Hopefully. By having quality stakeholder management as part of what you do within your role or how others work, you’re going to have a more positive influence on the business and be able to create something more magical together with less blockers. And let’s face it, we hate blockers. We want to get rid of. Them as much as we can. Thank you for listening to this podcast from more to Marketing. Don’t forget to press like to follow more podcasts in the future. More to marketing.