2.5 Stakeholder Analysis
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Examples of stakeholders; media, shareholders, the general public or the government. But also employees, customers and suppliers influence or are influenced by your company and it’s strategy. In this method, we adhere to the following definition:
Stakeholders influence or are influenced by your marketing strategy. This can be done directly or indirectly.
The stakeholder analysis focuses on these parties and examines their interests. Not to mention the extent to which this may or may not conflict with your targeted marketing strategy. It is also possible to match the interests and strengthen each other. How you can come back here, we can see below.
What are my stakeholders interests?
In the first step of your stakeholder analysis, you examine who your stakeholders are and wherein their interests lie. The stakeholder analysis challenges you to determine which parties interfere with your strategy. Let’s look at an example of a local shopkeeper with a clothing store to explain the stakeholder analysis.
The clothing store has created a list of its stakeholders and their interests. This allows the merchant to determine whether they match its strategy and actions.
Where do our interests conflict?
In the next step you look for conflicting interests. With your list of stakeholders and their interests you will assess your current or planned marketing strategy and see if will conflict with each other. From the previous list about stakeholders, the conflicting interests are discussed below. Below the column ‘Conflict’ is an estimate to what extent these interests conflict.
Now that you have an overview of potential friction points between your interests and the interests of stakeholders, you can offer a possible solution.
Where do our interests reinforce each other?
Not all interests conflict, some even reinforce each other. Sometimes it is not immediately clear that different interests reinforce each other. This is where the stakeholder analysis comes into play. The purpose of this analysis is to create an overview of the different kinds of stakeholders there are. By doing this, it is often apparent that various interests can complement each other quite well.
See the interests of the ‘fashion blogger. She’s having difficulty creating good articles for her followers every week. The owner of the fashion shop sees a good match here, where he shows his expertise in the fashion world and links his company name on the site. The fashion blogger has thousands of followers. High chance it is read by potential customers.
Through the stakeholder analysis you get an understanding of the interests of various stakeholders and (possible) partners for your company. These interests may either conflict or reinforce each other.
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