A Guide to Creating a Stakeholder Matrix

A stakeholder matrix is a tool used to identify and categorize stakeholders based on their level of interest and influence in a project. It helps product managers understand the needs and interests of different stakeholders, allowing them to effectively manage and engage with them. Here is a step-by-step guide on how to create a stakeholder matrix:

1. Identify all stakeholders: Make a list of all the individuals or groups who have an interest in the product, can influence product decisions, or are impacted by the product in some way. This may include members of your product team, C-Suite and upper management, sponsors, marketing and sales teams, customer support, customers themselves, board members, and investors.

2. Understand stakeholder needs and interests: Once you have identified your stakeholders, consider what drives them and what their direct interest in the project is. For detractors, try to identify why they are against the project and what can be done to change their perspective.

3. Create a stakeholder matrix: Visualize the stakeholder matrix by categorizing stakeholders based on their level of power and interest. Power refers to their ability to make decisions or influence others, while interest refers to their level of involvement or concern. Place each stakeholder in one of four quadrants: high power/high interest, high power/low interest, low power/high interest, and low power/low interest.

4. Plan stakeholder engagement and communication: Determine the amount of engagement needed for each stakeholder category. High power/high interest stakeholders will require more frequent and detailed communication, while low power/low interest stakeholders may only need occasional updates. Consider using various communication channels, such as meetings, emails, or newsletters, to effectively engage with stakeholders based on their needs and preferences.

5. Revisit and update the stakeholder matrix: Regularly review and update the stakeholder matrix to reflect any changes or new stakeholders that may arise. Schedule time to revisit the matrix at least quarterly or whenever a new stakeholder appears. This ensures that stakeholder management remains an ongoing and proactive process.

Tips for leveraging the stakeholder matrix effectively:

• Take advantage of any opportunity to communicate product information to stakeholders.
• Set up regular meetings with key stakeholders to discuss progress and gather feedback.
• Send follow-up emails after meetings to document key takeaways and next steps.
• Utilize company newsletters or other internal communication channels to share product news and updates.
• Keep the stakeholder matrix updated and easily accessible for reference during discussions and decision-making.

By following this guide and leveraging the stakeholder matrix effectively, product managers can better understand and meet the needs of their stakeholders, leading to more successful product development and stakeholder engagement.