Stakeholder Analysis and Its Role in Product Management

Stakeholders are the important organizations and individuals involved in the internal work of a product. Its role is very crucial for product success so that the participation and support of stakeholders is also non-negotiable.

Even though stakeholders are important entities, they can have conflicting opinions and interests. This often affects product development. The key to unlocking their support is conducting a stakeholder analysis.

Definition of Stakeholder Analysis

If you spend a lot of time providing feedback and approval for trivial decisions, you may be missing out on a stakeholder analysis. This role is important in conjunction with product research so you can ensure nothing gets in the way of creating a successful product.

Stakeholder analysis is an organized process carried out to identify and classify stakeholders based on their views, influences, and interests. This will promote better communication and thus get support for developing new product ideas, getting approvals, or getting support for major decisions.

How to conduct a stakeholder analysis will vary depending on the company, product, and parties involved in your team. The product management team will conduct analysis very differently from the product marketing team. This is because not all stakeholders have the same influence in all departments.

The Importance of Stakeholder Analysis in Product Management

Understanding stakeholders can help you communicate better when setting priorities. In the context of decision making, this approach is very important to get the support of stakeholders who understand your condition. In addition, here are some reasons for the importance of stakeholder analysis in product management:

1. Get plans and goals in advance

You have to prepare product plans, goals, and roadmaps using stakeholder analysis first. That way, you can align the vision of the stakeholders with the vision of the product you are going to make.

This will ensure that you are able to make long-term planning for the product manufacturing process. In addition, you are also likened to getting an initial agreement for things that might cause conflict.

2. Sort out problems or doubts in the early stages

At a certain product feature launch, you certainly don't want the results of your hard work that has been completed not to be approved by stakeholders. By using stakeholder analysis, you can rule out and anticipate potential conflicts before the launch process.

By doing the right analysis and anticipation, you don't have to think of a solution to a situation that occurs because you have been on alert beforehand. You can position yourself to understand each stakeholder and create the right workflow to communicate and resolve their doubts.

Things that are done during the product development process will focus on activities that help the process of creating a better product. In this way, you can also meet customer needs without having to worry about how to address stakeholders during the product development process.

3. Gaining the trust of the key players

Stakeholders are placed in important positions because they have significant knowledge and experience. If you leverage and include them in various stages of the product journey, the product development process can be optimized for better results. Not only that, you will still get their trust and support.

After taking these steps, it will be easier for you to get support for ideas or innovations in the future. When stakeholders understand your way of thinking, it's easier to get on with the actual work rather than spending time arguing for approval.

4. Building product success

Stakeholder analysis is the key to the success of a product. The better you understand the various stakeholders in your organization and adjust communications, the more likely your product will be successful with their support.

Basically, stakeholder analysis ensures that the product goes through each stage in the development journey seamlessly. In addition, the process is ensured to have the support of key players which ultimately leads to product success.

Stakeholder analysis has an important role so that you can address problems early and avoid misalignment about the product vision. Planning, execution, and evaluation related to product launch or development can be carried out based on the full support of stakeholders.

Ultimately, stakeholder analysis will help you remove barriers to achieving customer satisfaction by building products people really like.