A naukri.com initiative
Logrocket
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Using the power and interest grid for stakeholder management
- Product management is all about stakeholder management and buy-in from the right stakeholders only happens when you have the right resources and support. One tool that makes stakeholder management more tangible is the power and interest grid, a 2x2 matrix that differentiates four main groups of stakeholders based on interest and power. By identifying the level of power and interest of each stakeholder, you’ll end up with four segments of stakeholders: high power and high interest, high power and low interest, low power and high interest, and low power and low interest.
- The power and interest grid is ideal for stakeholder management due to its simplicity and efficiency, and evaluating stakeholders by two criteria helps you determine your tailored strategy for each of the four segments.
- It's a good idea to map some stakeholders as groups if you are working with larger organizations, especially engineering managers who show roughly similar influence and interest, so the grid will be more readable and easier to use than if you had mapped everyone individually.
- It's crucial to have a clear strategy on how you’ll interact with a particular quadrant to truly benefit from using the power and interest grid, e.g., continuous stakeholder interviews for key stakeholders while a dedicated email thread might be enough for high-interest and low-power people.
- Reviewing the power and interest grid monthly is essential, as people’s influence and interest change over time. While you don’t require being 100 percent up-to-date with every single stakeholder, ensure you always know who your key stakeholders are.
- If specific stakeholder segments are uninterested, then make them interested by explaining how the initiative can help them and why it’s crucial for them to care about its success.
- The power and interest grid is an extremely efficient approach, but it covers only one side of the stakeholder management process. Combine stakeholder identification (e.g., power and interest grid) with stakeholder engagement to master stakeholder management.
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