Stakeholder management can mean different things to different people – and the term has become interchangeable with many related stakeholder activities.
Stakeholder management is really the “strategic umbrella” covering a group of tactics aimed at building relationships with important audiences that impact, or are impacted, by your organization’s business footprint. The tactics gathered under this umbrella include:
The stakeholder management process uses a combination of these tactics to inform decision making and help set a strategic direction that guides an organization towards the achievement of its business objectives. Effective stakeholder management is used to generate support for projects, anticipate roadblocks, and identify competing objectives among the project’s stakeholders.
Developing a stakeholder management strategy can help build important relationships, fuel positive public perception, reduce market friction, and drive business results.
Need to get control of your stakeholder engagements? With StakeTracker you can easily record, document, track & report on all your interactions and communications with stakeholders