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” that covers a collection 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:
- Stakeholder Identification
- Stakeholder Analysis
- Stakeholder Communication
- Stakeholder Engagement
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.
Developing a stakeholder management strategy can help build important relationships, fuel positive public perception, reduce market friction, and drive business results.