The Stakeholder Game in Product Management
How to manage expectations, priorities, and influence
Is it possible to move forward when key decisions are beyond your control? One of the greatest challenges in product management is accepting that you don’t always get what you want. In any project, you’ll have to deal with stakeholders who, while playing a crucial role, can also be a source of tension and change. From unreasonable requests to shifting priorities, managing these dynamics is a challenge for any project.
And I’m not just talking about time management but also about managing multiple parties' expectations, interests, and priorities. Learning to deal with these setbacks is no easy feat but is an incredible skill for ensuring the success of any project.
Do you know how to better manage stakeholders? Here are some key tips to help you:
Identify and prioritize key stakeholders: Not all stakeholders have the same level of influence or impact on the project. Defining roles and responsibilities from the start will help you prevent issues related to shifting priorities or strategies.
Set clear boundaries to avoid conflicts: Allowing a stakeholder to have too much control is a bad idea. For example, if you accept too many customizations, your product’s essence may be lost. (Remember, you always need to focus on the value you offer to the majority of users, not just a few stakeholders.)
Communicate Consistently and Transparently: A lack of communication is the root cause of many stakeholder issues. Each person has their perspective and expectations. To align expectations and prevent misunderstandings, you need to be very clear about your objectives and communicate them clearly and regularly.
If you already have experience in product management, you know that managing stakeholders is no simple task, but it is a crucial skill for project success. Remember to identify and prioritize key individuals, set clear boundaries, and maintain transparent and consistent communication to move forward with your team.
