Relationship Mapping

Stakeholder Mapping Template

Posted On
August 2, 2023
Resource Type
Relationship Mapping
stakeholder mapping template for free

Stakeholder Mapping in 2024

In 2024, getting wider in accounts with consistent stakeholder mapping is important and is a vested interest for sales teams. More internal and external stakeholders are involved in sales cycles, and more eyeballs are scrutinizing spend and the return on your investments. Recognizing the relationships between stakeholders, the competing priorities, and the value pitch your team must make based on their interests will separate wins and losses. The team’s success hinges on understanding and effectively engaging with stakeholders. To optimize stakeholder management and ensure project success, businesses rely on a template and the proper way to build a stakeholder map.

Understanding Stakeholder Mapping – Types of Stakeholders

The process involves identifying and analyzing all individuals, groups, or organizations that have an interest in or could be impacted by a project. At the core of this exercise lies the stakeholder map, which serves as a visual representation of the stakeholders’ roles, interests, and influence. At Prolifiq, we’re working to get operations, enablement, sales, account management, legal, and finance engaged in the majority of our sales cycles. Additionally, think through who your team typically works with at a company during a sales cycle.

Ensure they’re on your map and being engaged properly. Your stakeholder map will vary depending on the deal size, which you can learn more about with our free stakeholder mapping templates to build out your own stakeholder map. Set expectations and manage them closely as your pursuit matures, which will be made easier when you’re working with your champion on the other side.

Get our Free Stakeholder Analysis Templates! Map Out The Stakeholders On A Deal You Or Your Team Is Working!

The Ultimate Template: Stakeholder Map Example

 

A stakeholder map or stakeholder diagrams streamlines the process of identifying, categorizing, and analyzing internal and external stakeholders. This provides guardrails for understanding where you have gaps, who is helping drive your deal home, and where your next steps should be focused with regard to your internal stakeholders. You’re ready to handle manage stakeholders and begin stakeholder mapping 101 now with the guidance below:

  • Key Parts of A Relationship Map: Level of support, level of influence, buying role, and any other critical information you need in a sale.Mapping Stakeholder Interests: Analyzing stakeholders’ needs, expectations, and objectives to align project goals accordingly. Mapping Stakeholder Interests: Analyzing stakeholders’ needs, expectations, and objectives to align project goals accordingly.
  • Identifying Potential Stakeholders: Exploring various stakeholder groups and assessing their potential impact on the project. This could be counterparts to your main contact or similar roles in the business.
  • Stakeholder Analysis: Use the template to understand where you have coverage, gaps, and risk. One of the benefits of this effort comes in the form of segmentation of your buying committee. It becomes a way to quickly divide and conquer who is going to prospect into who. What does it look like to manage stakeholders?

Stakeholder Map Quadrants

Stakeholder mapping quadrant

As you begin to map out the different contacts at your key accounts, an exercise will help align the team around responsibilities, messaging, strategy, and the exercise of building and grouping people in a quadrant. The Y axis would typically communicate how influential this individual is within your sales cycle. Budget holder or signer? Their influence is high! If they’re an end-user that has minimal decision-making ability, their influence might be neutral or lower. The X-axis shows how supportive they are of your product or service. Are they willing to champion you internally? Put their name and reputation on the line to bring your product into their organization. That is a champion or supporter. On the other hand, they might have used a competitor’s product, or regularly pushed back and questioned “why you”? They should be categorized as a blocker.

A good stakeholder mapping template will lay all of this information out so anyone on the team can get a good sense of “who is who” within 30 seconds of looking at the map.

The Benefits of Stakeholder Mapping: Project Teams Impact On Sales

Benefits of account planning with or without Prolifiq

Leveraging a stakeholder map offers several benefits to project/account managers and sales teams, driving faster sales cycles, higher win rates, and more. Stakeholder analysis templates present the starting point for teams to be consistent. So let’s dive into why you should start account mapping:

  • Proactive & Effective Stakeholder Management: By identifying stakeholders early on, teams can address potential conflicts and challenges before they escalate. This also helps you get ahead of other possible stakeholders that may not be on most opportunities.
  • Informed Decision-Making: A clear understanding of stakeholder interests enables project managers to make strategic and well-informed decisions. Gathering information about challenges, structure, current state, upcoming initiatives and more will help. As they are the foundation of a good account plan and relax well.
  • Efficient Communication: Templates facilitate open and effective stakeholder communications with all relevant parties, ensuring a smooth flow of information. Whether it’s major stakeholders or other stakeholders with less influence, this should help organize your team and drive better messaging.
  • Project Scope Management:  This helps define the project scope and ensures alignment with external & internal stakeholders’ objectives. Which types of stakeholders will determine whether to purchase your product or service?

How to Use a Relationship Map Template Effectively

To maximize the potential of a relationship mapping template, a project manager or project managers and teams can follow these essential steps:
  • Step 1 : Run through closed won opportunities over your last 3, 6, or 12 months. See who the main contact was. But also take note of the many key stakeholders your team talked to throughout and the level of involvement they had. Legal may only come at the end. Is there a CFO who typically approves/signs? This research helps uncover this. Group stakeholders based on their function if you can.
  • Step 2: Stakeholder Analysis: Analyze each key stakeholder and their interests, level of influence, and potential impact on the project. Are they going to derail your efforts, or sell you internally? Relationship maps will help you break this down.
  • Step 3 : Engagement Strategy: Develop a tailored key players engagement strategy based on their needs and interests.
  • Step 4: Document pre-existing relationships. Find ways to get other team members to help you penetrate the account when appropriate

We have a free stakeholder map template to help you. You can use it to get familiar with relationship mapping on deals you’re working on today!

Real-World Applications: Success Stories with Relationship Mapping – Beyond Sales

Explore real-world case studies. Use examples of successful projects that harnessed the power of stakeholder maps. How did they help drive success, enhance collaboration, and ensure project objectives were met? All project stakeholders should be leveraging and using this map. A Project manager who oversees different initiatives needs to understand the landscape as well. They must identify different stakeholders in their own business who can advance their agenda. Should you need software to help you map out, score, and assess your relationship gaps, Prolifiq can help.

Stakeholder Management and Stakeholder Mapping: A Perfect Pairing

A Project manager plays a crucial role in relationship mapping. They oversee the entire process and implement strategies to effectively manage project stakeholders throughout the project lifecycle.

  • Utilizing Stakeholder Mapping Templates in Excel: How to create and customize templates using Excel for maximum efficiency.
  • Project Stakeholder Management: Integrating all of the work and understanding key relationships and different types of stakeholders with overall project management processes.

Conclusion – Project Stakeholders Need Involvement Early On

 

In conclusion, a project management team should work with sales on a well-designed stakeholder map template that helps minimize confusion and serves as a powerful tool for project managers and teams to understand, engage, and collaborate with stakeholders effectively. Stakeholder expectations are known and understood by the team. By utilizing our free template, businesses can mitigate risks, optimize project outcomes, and foster a culture of open communication and engagement for a product or project. A project’s success, or a successful partnership begins with strong relationships and knowledge to navigate the business.

As projects become more challenging, the ability to identify key stakeholders and respond to their needs becomes a major reason relationship maps are invaluable. With a comprehensive stakeholder mapping template at hand, businesses can unlock the full potential of their projects and pave the way for sustainable growth and success. One of the major mistakes we see teams make in the stakeholder mapping process and key account management, in general, is laying out the executive team or higher-level people only. Conversely, in most cases, managers, end-users and directors will have a lot of sway in decisions! Don’t take shortcuts, stakeholder relationships and the specific details that tie people together can be the difference in winning and losing a deal.

FAQ:

How do you create stakeholder maps using a stakeholder map template?

Answer: Creating a dynamic stakeholder map requires a visual tool (stakeholder mapping tool) like Prolifiq. Even without technology, document all the stakeholder hierarchies in a diagram, and understand who is who comes first. The stakeholder map template provides the foundation and necessary inputs to start to uncover where your sales team needs to prioritize their time. Understanding the stakeholder matrix, the makeup of the organization, and the engagements with stakeholders that are less influential to a CFO is critical. Stakeholder maps can help a project team or group to begin to build a more holistic understanding and view of the account. All your stakeholders internally should be aligned on how to engage and win the account over.

What is the ROI of relationship mapping in stakeholder analysis?

Answer: There are several ways for a team to begin to understand the ROI and impact of a relationship map analysis. Think about how building out a stakeholder map impacts key metrics such as win rates, sales cycle lengths, the ability to sell into other business units (whitespace), customer lifetime value, retention rate, and many other metrics. There are important roles across the team that impact growth that can be realized by stakeholder mapping.

The list of internal or stakeholders can represent the effectiveness of your multi-threading. Be predictive of whether you’ve built a wall of support for the customer. This template will get you started. The key comes to ensuring it’s updated and used to grow your business. Eventually, this is where a tool that dynamically updates as you engage with people, and leverages CRM data such as who reports to whom, along with using AI to automatically add people to a map based on your previous deals can be beneficial.

What is the importance of stakeholder mapping?

Answer: Stakeholder mapping is important for a variety of reasons. Relationships are the heart of selling. Group stakeholders to make this easier, but stakeholder relationships can mean different things. A B2C or SMB sale may not need a stakeholder chart. Albeit having a stakeholder map to identify stakeholders, whether that is internal stakeholders, external stakeholders, or other pre-existing relationships. Various stakeholders can impact whether you win a deal or lose it, so understanding stakeholder engagement and stakeholder influence will help your team eliminate blockers that can derail you while riding champions to the finish line. A stakeholder map provides the visual representation that helps organize a project and the project stakeholders. One of our main account manager tips centers around this process and the brainstorming sessions that the project teams use to create the strategy.

What are the steps in mapping stakeholders and conducting the analysis?

Answer: In a project plan, a stakeholder map is the end result, but think about working backward. How do you uncover who the stakeholders are that need to be engaged and won over? Using your CRM data, talking to customer support, and using your own intuition from your experiences are ways to start. Look at all of the accounts you’ve won in the last 6 months (or at least 15-20 deals), who is involved? Use a workflow to tag them or help segment accounts and specific contacts.

Additionally, who is the main contact on the opportunity? Another place to look is at the account activity, which people seemingly come up with repeatedly. These people MUST be on your stakeholder map.

Our team also works with marketing and listens to sales calls to see who is typically involved in making decisions. Good discovery will help unpack which people will need to be added to future meetings, and should be mapped! Part of understanding your stakeholders and how to win them over is getting deeper into their day-to-day, seeing what they’re measured on, what their challenges are, and applying that knowledge and ensuring you help prove to them you can solve their issues over time with our relationship map template PowerPoint.

What is included in a stakeholder management plan?

Depending on the customer or opportunity, the complexity of the stakeholder map templates and the stakeholder management template will differ. But you MUST understand interest and influence, their support, prior engagements, ongoing tasks, and lastly, pre-existing relationships. Use a stakeholder from the account and have them go through the plan with you. Document different roles of the stakeholders, or symbols that make it easy to understand their priorities. The best use case for a stakeholder analysis template is to map out everyone that needs to be engaged in a strategic deal, and slowly go 1 by 1 and align on who will engage them, and what risks there are with them derailing a deal or partnership.

Posted On
August 2, 2023
Resource Type
Relationship Mapping