From Trepidation to Collaboration: My Stakeholder Management Journey

When you hear the term “stakeholders” as a product leader, what comes to mind? Trepidation or Collaboration?

If you’re like many in this role, you might feel a mix of anxiety and uncertainty when it comes to stakeholders. I used to feel the same way — often because of my past experiences. But over time, and with deliberate study, I’ve come to realize that the term “stakeholder” doesn’t have to evoke stress. Instead, it represents collaboration, mutual interest, and shared concerns. This mindset shift transformed my approach to on the subject matter.

In this article, I’ll share the key lessons I’ve learned about managing and collaborating with stakeholders, along with practical tips for handling different types of stakeholders effectively. After all, there’s an art to managing each category of stakeholders, yeah??

Let’s dive in…

Be Informed, Be Prepared (BIBP)

First and foremost, you need to know your product and be deeply informed about your customers or users. This requires diligence and thorough market research. Understanding your market and asking the right questions is essential. Why? Because eventually, you’ll need to sell your product idea to your stakeholders, and you must be prepared to answer their questions confidently. So, remember: BIBP — Be Informed, Be Prepared.

Set Clear Expectations

It’s crucial to establish clear expectations for the roles and responsibilities you want your stakeholders to take on. As I’ll elaborate on later, you need to introduce your stakeholders to the roles you expect them to play in product development. Clearly stating their responsibilities is especially useful when dealing with challenging stakeholders. A well-defined document keeps them aware and accountable, ensuring that everyone is on the same page.

Recognize that Stakeholders Evolve

One key lesson I’ve had to learn is that your stakeholders will change as your product development progresses. Throughout the product development cycle, different stakeholders come into play. For instance, during the ideation phase, you’ll primarily interact with the engineering team. As you move forward, it’s essential to involve the marketing team early, especially when discussing your go-to-market (GTM) strategy. Marketing experts help you understand your customers and what resonates with them. During the execution phase, you’ll collaborate closely with engineers to bring your ideas to life. Finally, in the launch phase, your focus will shift back to the marketing team.

Build Social Capital

Building social capital is a simple yet powerful way to influence and drive your team to achieve goals. When you gain the trust and confidence of your stakeholders, you’re more likely to see positive outcomes. It’s often said that before you present your ideas to a larger audience, you should have already discussed them with at least half of your stakeholders. This increases the chances of receiving positive feedback. So, get 50% of your stakeholders on board with your product vision before the big meeting.

Use Data as Your Superpower

Data is your secret weapon in stakeholder management. You’re more likely to win over stakeholders if you have data to support your ideas. I recall a time when I was trying to steer my team in a new direction. We were heading one way, but I had analyzed the data and knew our plan wasn’t sustainable. I created visuals to present the data in a meeting, and without hesitation, the executives approved the change I proposed.

Always use data to drive stakeholder behavior.

Wondering how to gather this data? You can use customer feedback, conduct opinion polls, or gather insights from your sales team, who interact with customers daily.

Sell Your Vision

Finally, sell your vision. I learned this the hard way, especially when seeking compliance and alignment from my team. Initially, I focused solely on my idea and my feature. But I soon realized that stakeholders have a vested interest in the product I want to build — I needed to sell it to them. Make them see the bigger picture and the value your product brings.

Thank you for reading! I hope you found this article helpful. If you have any feedback or would like to explore other topics, please let me know. I’m considering writing about how to handle difficult stakeholders next — would you find that useful? Your input is valuable to me, and I’d love to hear your suggestions!