PRODUCTPLAN CHECKLISTS

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STAKEHOLDER
ANALYSIS

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Products aren’t built in a vacuum. Even scrappy startups must deal with the concerns,
demands, and preferences of others. Understanding who these stakeholders are, what they
care about most, and the best way to interact with them can be the difference between
a successful, collaborative process and a dragged out process that leaves no one
incredibly satisfied.

It is essential to conduct a full stakeholder analysis to make sure you’re aware of and factor in
all your product’s stakeholders’ concerns. Conducting a Stakeholder Analysis Checklist is a
step-by-step approach to navigating the tricky task.

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Identify Your Stakeholders
STAKEHOLDER
Determine who to include in the stakeholder analysis. Cast a wide net.
Executive leadership
ANALYSIS
Internal groups
Influential customers
Board members
Investors
Key external partners

Brainstorm with your team.

Who cares about this project?
Who is critical to the project’s successful execution?
Who can cause delays or setbacks?
Who can influence the opinions of others?

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Group and prioritize identified stakeholders.

Direct management: Your boss or supervisor has a lot of power over how you


spend your time and ability to make independent decisions. They have a vested
interest in the success of the project because their reputation is linked with it.
• Manage this relationship closely, soliciting, and incorporating feedback as their
support is vital.

Executives: They control the budget and resources to fund the project.
• They’re looking for strategic alignment and positive progress.

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Customers: They’re who you’re building it for and will ultimately determine


whether your project is a success based on their purchase and usage.

STAKEHOLDER
• Keep their needs and preferences front-and-center even if other stakeholders

ANALYSIS
have different priorities.

Project Team: Don’t expect everyone to follow orders blindly. Their honesty and
transparency regarding their deliverables are imperative.
• Include them in decision making when possible to make them feel heard
and valued.

Technical/Departmental Management: Your project uses their resources, so



the more they know, the better they can support you.
• They may also have valuable advice on how to solve problems and work well
with their staff.

Marketing: The team that will hone messaging, promote and advertise the


finished product needs lots of information ahead of time, including target

markets, functionality, and key dates and milestones.
• If they don’t have enough lead time and information, they’ll struggle to design
and execute a marketing plan to boost adoption and sales.

Sales: Oftentimes, products don’t sell themselves—so the sales organization



must be educated and excited about this offering.

• They’ll need to know both how the product works and its key benefits and
differentiators to meaningfully engage with prospects.

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Development/Engineering/Manufacturing: These are the folks turning your



vision into reality, so it’s important they fully understand what you’re trying to
accomplish.
• And even though they may not be on the “business” side of the house, they still
want to know why they’re being asked to do things and understand the rationale
for prioritizations and deadlines.

Operations/IT: The best-made product won’t be worth much if the underlying



systems and infrastructure aren’t in place to support it.

• Give them plenty of lead time to get things in place and update them on any
changes in expected usage or demand.


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Consultants: Sometimes you need outside help to carry projects over the
finish line.
STAKEHOLDER
• Since they haven’t been living and breathing your product 24/7, they’ll need
ANALYSIS
additional background information and intentional communication since they’re
not insiders.

Investors/Lenders/Creditors: If people or institutions are fronting the money for



this project, they’ll want regular updates on how things are going.
• Identify any key benchmarks or milestones they value and provide the required
information to communicate progress to them.

Suppliers: Note the companies are providing external products or services your


project relies on.

• Identify any risks, logistical concerns, or scary unknowns, including pricing/cost
elements that could fluctuate based on different factors.

 Government Bodies: New regulations are passed every year and a trove of


existing ones that may impact your project, including security and privacy
compliance. Don’t forget that your product may be used in other countries and be
subject to their regulations and laws as well. There may also be local committees or
boards that must approve a project’s deliverables or customer implementations.

Unions: The teams involved in the project implementation might include union


members, mainly if there is a manufacturing or physical distribution and

installation component.
• Their agreements should be considered, and anything outside the norm may
require negotiations.

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Make a power/interest grid.

Add each contact and their details.

Categorize them as players, subjects, context-setters, or members of the crowd.

Rank their power or influence and ability to change or impact the project.

Include their interest level and how their priorities overlap with the project scope.

Select an engagement strategy based on their preferences and “need to know.”

CONDUCTING A
Develop a communication strategy for each type of stakeholder, including
STAKEHOLDER
how to secure buy-in when needed.
What motivates them?
ANALYSIS
What are their other priorities, and how can we align our project with those
(or at least ensure the project won’t threaten them)?

Will they likely have a favorable view of our project? If not, how can we
influence that?

Do they have a financial or emotional interest in the outcome of your work?
Is it positive or negative?

Which project information is relevant to them, and what is the best way to relay
that (both the medium and frequency)?

What is their current opinion of you and your work? Is that opinion fair
and accurate?

From whom do they take their lead and form opinions? Are they also stakeholders?

If they’re not likely to be supportive of your project, how can you win their support?

If you can’t win their support, how can you manage and mitigate their opposition?

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Gauging Stakeholder Support

Knowing where everyone stands with regards to the project is incredibly helpful when
strategizing around communication. Mapping out who needs some extra attention, who’s
already onboard, and who will be a thorn in your side can help you prioritize how you spend
your time keeping folks aligned, building consensus, and putting out fires.

Slot each stakeholder based on their level of support for the project:
Unaware: The stakeholder doesn’t know anything about the project and its
potential consequences on their areas of concern.

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Resistant: The stakeholder is aware of the project but is opposed to it—
STAKEHOLDER
potentially actively advocating against it moving forward.

ANALYSIS
Neutral: The stakeholder
opposed to it.
is aware of the project but is neither supportive nor

Supportive: The stakeholder knows about the project and wants it to succeed,
but isn’t spending much time or political capital.

Champion: The stakeholder is actively engaged, committed to the project’s

success, and willing to lend assistance to the team.

Once you know where everyone stands, you can identify opportunities to
move strategic stakeholders into holding more favorable views of the project.
Create a support level matrix for each stakeholder, using the five categories
above for each column.
Note where stakeholders currently are and the desired location you’d like them
to be to maximize the chances for the project’s success.

Stakeholder Unaware Resistant Neutral Supportive Champion

Stakeholder 1 C D

Stakeholder 2 C D

Stakeholder 3 C D

C = Current State | D = Desired State

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Creating a Communication Plan

Keeping stakeholders informed will make your life easier, keep your project top of mind, and
tee up essential conversations and decision points. Don’t assume it will just happen; create a
strategy that requires minimal effort for maximal effect.

Create a communication matrix:

Note the optimal frequency of updates for each stakeholder.

Include which method of communication they prefer (i.e., email, one-to-one

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updates, group meetings).

STAKEHOLDER
Incorporate their specific areas of interest to be sure they’re informed when

ANALYSIS
something in that domain changes.

Indicate areas where each stakeholder influences so they’re kept abreast of

relevant issues and can be activated or convinced when necessary.

Don’t leave out seemingly minor stakeholders—they can have an outsized impact
in areas they own or hold sway over.

Build out your communication plan.

Which channels and forums will you use to communicate?
• Email
• Slack/asynchronous communication channels
• Automated updates from project tools
• Project-specific meetings
• Management meetings
• All-hands meetings
• One-to-one meetings

What is the ideal cadence and level of detail for each channel?

What types of updates should be included in each channel?

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What artifacts will be shared using these channels?

• Product roadmaps
• Project plans
• Demonstrations
• Metrics and KPIs

Early engagement with key stakeholders.

• Get executives and sponsors onboard and excited about the project and its
potential to build allies and groom champions.

CONDUCTING A
• Ensure they’re being informed using their preferred communication channels
and level of detail.

• Define up frontSTAKEHOLDER
what to leave in and what to exclude from interactions with

ANALYSIS
executives to best manage their expectations.

Get the extended team onboard. Get support, cooperation, and commitment
from key stakeholders.
• Implementation team members
• ❏Partners
• Suppliers
• End users

Note their specific concerns and areas of interest and map out how to get
them the information and updates they need.

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Look at the Big Picture

Conflicts and disagreements are inevitable when it comes to large projects with lots of
stakeholders. Everyone has their own perspective and opinion, and plenty of stakeholders
won’t hesitate to share theirs privately or in more public forums.

Note potential landmines.

Will the project be stepping on anyone else’s “turf”?

Is there a vocal opponent to the strategy that must be appeased?

CONDUCTING A
Did a prior experience sour some stakeholders on further investment in this area?
STAKEHOLDER
ANALYSIS
Keep alert for newly emerging pockets of dissent.
Are specific stakeholders complaining or asking questions aggressively?

Can you divine from backchannel conversations that people are negative
behind your back?

Is a missed milestone or setback looming that will open the door for a naysayer?

Get ahead of these negativities whenever possible.

Switch to “listening mode” and allow detractors to vent in a private setting.

Use data, customer feedback, and input from customer-facing staff to justify
things versus opinions or assumptions.

Look for easy wins to appease stakeholders while still holding firm on the overall
vision and project goals.

Lean on champions to reinforce the plan and take on objectors.

 Maintain a collaborative atmosphere so everyone feels heard and that their

ideas were considered.

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ABOUT PRODUCTPLAN

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CONDUCTING A
STAKEHOLDER
ANALYSIS
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