A guide to creating a stakeholder matrix

A stakeholder matrix is an essential tool for identifying and managing stakeholders in a project by mapping their interest and influence, particularly useful for product managers at the start of their careers. The matrix, often represented as the Power Interest Grid developed by Aubrey L. Mendelow, categorizes stakeholders into five levels based on their interest and attitude: unaware, resistant, neutral, supportive, and leading, each requiring tailored engagement strategies. By using a stakeholder matrix, product managers can better understand stakeholder needs, prioritize them, and devise communication strategies to manage risks effectively. Regularly updating the matrix and considering cultural factors in engagement strategies are emphasized as best practices to ensure successful stakeholder management. Effective stakeholder management is crucial for the success of a product, as it ensures that all relevant parties are engaged and aligned with the project's objectives, ultimately influencing product decisions and outcomes.