Stakeholder management strategies

The basis for defining stakeholder management strategies is the stakeholder matrix created during the stakeholder definition process, which organizes stakeholders according to two variables: degree of influence and positioning with respect to the project.

how to manage stakeholders

In this matrix you can identify three areas:

  • In the red area you find the most important stakeholders, and therefore those that require more effort and more urgent action.
  • The yellow area defines the stakeholders with a medium importance, on which you must act but do not require urgent action.
  • The green area contains the less important stakeholders that do not require any action.

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Types of stakeholders

These areas allow you to identify four types of stakeholders:

  • Unfavorable to the project and with high influence. They represent a high risk of failure for the project.
  • Favorable to the project and with high influence. They can help you to achieve the success of the project.
  • Unfavorable to the project and with low influence. They could be a risk for the project, but due to their low influence they are not a concern.
  • Favorable to the project and with low influence. They could be helpful, but due to their low influence their ability to help is low.

Stakeholder management strategies

With these two aspects in mind, you can now decide which stakeholders you are going to update and what strategy you will follow in each case, which can be summarized as modifying their position with respect to the project or modifying their degree of influence.

  • For stakeholders with a high degree of influence and against the project, the objective will be to reduce their position against the project. To do this, you must understand the reasons for their position and jointly define actions to improve this situation.
  • Stakeholders who are favorable to the project and with high influence are the ones who can help you the most. Therefore, you should seek their collaboration and help, inviting them to participate as experts or consultants.
  • Those who are unfavorable to the project and with low influence are the ones that will require less action; although in general you should act as you would with those in the first group. Make sure that they do not increase their level of influence.
  • Lastly, you have favorable stakeholders with low influence, who can be good allies or collaborators. In this case your actions should be aimed at encouraging their participation in the project and increasing their capacity to influence.

Obviously, you must combine these four strategies with the high or low priority based on the colors of the matrix; since it is only worthwhile to act on those who are located in the red and yellow areas, always prioritizing the area in red.

Additional resources on this topic…..

  Learn more in “A Practical Approach to Project Management“