How to conduct a 360 stakeholder audit? -2

Previously we talked about the importance and identification of your stakeholders. Let’s continue from where we left off.

Not all stakeholders are equally important. You should focus your attention to the “key” ones. Who are they? They are the ones who can affect (and will be affected by) your branding project. You have to get those people on board as early as possible. Next question is…

How do you determine your key stakeholders?

By now you should have a laundry list of your stakeholders. (If not read my previous post.) When prioritizing your stakeholders, you should concentrate on two things: How powerful they are? And how interested they are? I use the Power/Interest Grid all the time. I am sure you will find it useful too. Here is how you categorize your stakeholders.

• High power, interested stakeholders: These are your “key” stakeholders. You should do whatever you can to fully engage and satisfy these constituencies. They are the cornerstones of your branding project. (e.g. your customers, your employees)
• High power, less interested stakeholders: Keep them satisfied, but do not over communicate with these people. They are not very interested in your brand. (e.g. industry organizations, partners)
• Low power, interested stakeholders: Keep them informed. Make sure there are no major issues with these stakeholders. (e.g. NGOs, financial analysts)
• Low power, less interested stakeholders: Monitor them, communicate adequately and minimize your efforts. (e.g. academia)

Now that you identified your key stakeholders, it is time to learn more about what they think and how they act. Our next post will focus on the common characteristics of your key stakeholders.

Today’s actionable tip: Make sure that you interview all of your key stakeholders. Interview them separately. NEVER interview two different stakeholders in the mean time. That could be a recipe for disaster.