It’s time to shift from Stakeholder management to Stakeholder cooperation

Stakeholder management is one of the sought-after skills required in a Product Manager. A PM interacts with stakeholders individually and makes an attempt to convince them to onboard on a plan or to negotiate with them. This approach looks flawless in theory but it has its own pitfalls.

  1. Aggregated wisdom & creativity of the group remains unused. Most of the unconventional ideas are brewed when the team come together and brainstorm.
  2. Difficulty in aligning against the shared goals & get their commitment.

What is the solution to this problem❓

The solution lies in creating a stakeholder gang whose teammates work closely for a longer duration of time & gradually develop mutual trust & respect for each other. The key is to make a shift from stakeholder management to stakeholder cooperation.

  • Apply synergy to goal setting 🎯
    The most trusted way to nurture mutual understanding & orient team members is to collaboratively set goals. It’s an uphill task because the team might include some dominating stakeholders who would assert their agenda in the beginning. As a PM, you need to ensure that norms of the group are set and each member of the group gets sufficient opportunity to voice their opinion.
  • Construct transparent roles and responsibilities 🪞
    In order to ensure that there is no confusion among the team members about their roles and responsibilities, it is imperative to design a crisp description of each role. Clearly call out the role name, team name, responsibility, & key tasks in the role description document.
  • Drive positive group dynamics 🧨
    Post-COVID, it has become quite a challenge to work together with a team in a cohesive manner. The frequent video calls are an alternative but in order to ensure that the group thrives on the values of a powerful and effective community, it is crucial to bring them together by conducting an offsite meet and having team-building exercises. It will help to restore & nourish bonding between the individuals.

Product Manager @AngelOne, ex-@Flipkart, @Cleartrip. Interests: Product, Technology, Strategy, Startups, Fintech & E-commerce!