7 Principles of Stakeholder Engagement

In this episode, Ricardo talks about seven principles of stakeholder engagement that will help you better understand the dynamics of that relationship and how to conduct more easily your project to success.

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Episode transcript

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Speaker 1 (0s): Hello, everyone. Welcome to the five minutes BM podcast today.

Speaker 0 (7s): I like to share with you one thing that I was reading

Speaker 1 (10s): And other date produce it by Mayfield about stakeholder engagement, and he

Speaker 0 (15s): Pause it a set of seven principles that are very easy to understand. And I think that they are very relevant

Speaker 1 (23s): For us as product managers. The first principal is that you can forget important stakeholders, but you need to make sure that they will never forget. You

Speaker 0 (36s): Very easy for you to just do that

Speaker 1 (38s): Guard one Stakeholder. And what happens at the end? This Stakeholder will not forget You if this is Stakeholder is on the other site is a post too. Your project, you will see

Speaker 0 (50s): Only put more full on that

Speaker 1 (52s): And energy to make your project fail. If this Stakeholder is a very strong support, this person or this group of people will feel with less consideration, we'll say I'm so supportive of this project, but I don't receive any communications. Nobody talks to me. I don't know anything about this project. So they lose interest

Speaker 0 (1m 13s): And they lose their ability to school.

Speaker 1 (1m 15s): The four to positively, the second principle is identification of stakeholders is a continuous practice. It's something permanent. You do not identify stakeholders, put them on the wall and it's over every week, every day, new stakeholders may arise. You may face new stakeholders, new players on the game of your project. And now

Speaker 0 (1m 40s): What are some very important stakeholders can do that.

Speaker 1 (1m 43s): And these are peer because they are power center shifted or be killed.

Speaker 0 (1m 48s): There's some changes in the environment or some changes in the marketplace could make this happen. So it's very important that you do this in a permanent base. So when you see the,

Speaker 1 (1m 59s): Oh God, or you see a priest to motto, people tends to say, okay, I did my Stakeholder analysis. Now let's put on the wall and let's start working. It's not like that. This is a live document. And the principle number three, it's the same prioritizing and segmenting stakeholders.

Speaker 0 (2m 18s): Something that you need to do all the time during your project, you need to reprioritize all the time because the power and the influence and the interest can change. So you have someone that is very powerful and very much interested, and this person can just reduce the interest or lose power. So it's very, very important that to play around us in order to make sure that you, you are targeting the right people with the right,

Speaker 1 (2m 48s): What kind of information? The principle number four is safety.

Speaker 0 (2m 52s): Some stakeholders are best

Speaker 1 (2m 54s): Gauge it by others. Do not.

Speaker 0 (2m 57s): You think that you need to be disengagement talk to Katie

Speaker 1 (3m 0s): On every single stakeholder engagement.

Speaker 0 (3m 4s): So for example, if you want to talk

Speaker 1 (3m 6s): The regulator or a regulator agency, as one of Stakeholder, maybe your general council or not

Speaker 0 (3m 13s): Of the lawyer's of your company could be more prepared with the same speech to address this. Dan You. So it's very, very important. Maybe the community you are engaged in, maybe you can find a community leader or some kind of marketing agency or community agency that can help you to address and go through to that. Stakeholder in an easier and more effective way. Don't think that you need

Speaker 1 (3m 39s): To solve all their problems by yourself. The principal number five. And I like it very much. Its based on stiffen Kohlberg's comments is that six fresh to understand than to be understood. This is why we have two ears and one mouth is to hear more and talk less.

Speaker 0 (3m 58s): So it's very easy for us

Speaker 1 (4m 1s): Extroverted product managers that we tend to talk more in less and less. It's a very important that you need to understand what is making that Stakeholder angry or happy. What is their drives and den after that, after you clear understood, you will prepare your discussions to make yourself understood, don't know,

Speaker 0 (4m 25s): Try to make them understand. You will see

Speaker 1 (4m 27s): You do not understand that the principle number six is very important. Emotion is more relevant than reason. And this is very, very tricky because usually product managers tends to be very rational, write a predecessor off, be BS, predecessor of C, but the real life does not work like that. People have feelings, power, but tickle centers. So you need to understand that

Speaker 0 (4m 58s): What drives behavior most of the time, he's a murderer

Speaker 1 (5m 1s): And not reason if you don't know

Speaker 0 (5m 3s): You are not understanding the underlining emotion, it will be very, very hard

Speaker 1 (5m 8s): You to get true in London. And the real reason have that support or that resistance

Speaker 0 (5m 16s): Very, very important that you understand this. And this is something

Speaker 1 (5m 19s): That lacks in most of the project manager's because most of the them,

Speaker 0 (5m 22s): The time we are engineers, we, our, it people So. And we think that everything can be easily,

Speaker 1 (5m 28s): Only solved through mathematics, but life does not work like that. And Principles number seven. And the last one is demonstration is more relevant than argument means. You need to show up before you tell So it's

Speaker 0 (5m 43s): Very, very important. It's very hard for you to explain

Speaker 1 (5m 47s): The beauty of love if you have never kissed. So the demonstration,

Speaker 0 (5m 52s): For example, you want to propose a course

Speaker 1 (5m 55s): Change the best way of doing it's not through a memorandum, but it's by doing, by doing the change yourself. So it's very, very important that we demonstrate before we start just going back to the books and back to the standards. So I

Speaker 0 (6m 13s): That with the seven principles, you can understand because they are very simple in quite obvious, but the obvious sometime is so

Speaker 1 (6m 21s): Hard to understand and so hard to get.

Speaker 0 (6m 24s): So I hope that with this seven Principles you can underline

Speaker 1 (6m 28s): What are your strategy with your stakeholders and at the end, make your project more successful. I hope you enjoyed this podcast. See you next week with another five minutes PM. Podcast.

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