What is stakeholder management: Tools and techniques

Stakeholder management is a vital yet often underappreciated aspect of product management, focusing on building support for initiatives, fostering healthy relationships, and gaining influence over time. Contrary to the misconception of product managers as "CEOs of the product," they require buy-in from key stakeholders to move initiatives forward. Effective stakeholder management involves continuous interaction, understanding stakeholders' needs, and maintaining positive relationships, which can lead to resources, support, and even friendships. In complex environments with numerous stakeholders, tools like the influence x interest matrix, support bubble chart, RACI matrix, and stakeholder maps help identify and manage relationships, ensuring transparency and alignment. These tools provide insights into stakeholder dynamics and prioritize efforts to secure the necessary backing to achieve project success. Ultimately, stakeholder management is essential for securing the buy-in that fuels a product manager's progress and can determine the success or failure of an initiative.