Terms

Stakeholder

What is a Stakeholder?

A stakeholder is a person, group, or organization with a vested interest in the decision-making and activities of a business, organization, or project. They can be internal or external to the organization and may have a direct or indirect influence on its activities or projects. Examples of stakeholders include customers, employees, investors, suppliers, community members, government entities, and more.

Identifying Stakeholders

Stakeholders are individuals, groups, or organizations that can be affected by or have an impact on a company's operations and projects. They can be categorized as either primary or secondary:

  • Primary Stakeholders: Directly involved with your business or project and whose interests are directly affected, such as customers, employees, and investors.
  • Secondary Stakeholders: Not directly connected to the business but potentially affected by its operations, such as the local community, regulatory agencies, and the media.

Roles & Responsibilities of Stakeholder

Stakeholders play various roles and have distinct responsibilities in relation to businesses and projects:

  • Investors: Provide capital and expect returns, influencing business strategies.
  • Employees: Offer skills and labor essential for daily operations and organizational success.
  • Customers: Purchase products or services, driving revenue and providing feedback.
  • Suppliers: Ensure the timely delivery of quality resources needed for production.
  • Community and Government: Expect businesses to operate responsibly, adhering to legal and ethical standards.

Stakeholder Engagement Strategies

Effective stakeholder engagement is essential for project success and can be achieved through:

  • Open Communication: Regularly update stakeholders on progress and developments to maintain transparency and trust.
  • Inclusive Decision-Making: Involve stakeholders in the planning and decision-making processes to acknowledge and incorporate their perspectives.
  • Feedback Mechanisms: Establish channels for stakeholders to voice concerns and suggestions, ensuring their input is valued and considered.

Managing Stakeholder Expectations

Managing stakeholder expectations requires a proactive and strategic approach:

  1. Early Identification: Understand who the stakeholders are and what they care about from the onset of the project.
  2. Clear Communication: Provide clear and consistent information to prevent misunderstandings and align expectations with project realities.
  3. Feedback Integration: Regularly collect and integrate stakeholder feedback to adapt strategies and operations accordingly.
  4. Transparency in Modifications: Openly communicate any changes in project scope or objectives to stakeholders, ensuring they are always in the loop.

Other terms

Oops! Something went wrong while submitting the form.
00 items

Email Marketing

Email marketing is the act of sending commercial messages, typically to a group of people, using email to promote a business's products or services, incentivize customer loyalty, and enhance brand awareness.

Read more

Inventory Management

Inventory management is the process of ordering, storing, using, and selling a company's inventory, which includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items.

Read more

80/20 Rule

The 80/20 Rule, also known as the Pareto Principle, asserts that 80% of outcomes result from 20% of all causes for any given event.

Read more

A/B Testing

A/B testing is a method for comparing two versions of a webpage or app to determine which one performs better based on statistical analysis.

Read more

ABM Orchestration

ABM Orchestration involves coordinating sales and marketing activities to target specific high-value accounts effectively.

Read more

AI Sales Script Generator

An AI Sales Script Generator is a tool that utilizes artificial intelligence, specifically natural language processing (NLP) and generation (NLG), to create personalized and persuasive sales scripts for various communication channels, such as video messages, emails, and social media posts.

Read more

AI-Powered Marketing

AI-powered marketing uses artificial intelligence technologies to automate and enhance marketing strategies.

Read more

API

An API, or Application Programming Interface, is a mechanism that enables two software components to communicate with each other using a set of definitions and protocols.

Read more

Accessibility Testing

Accessibility testing is the process of evaluating web and mobile applications to ensure they are easily usable by people with disabilities, such as visual, hearing, mobility, and cognitive impairments.

Read more

Account

In a sales, an account refers to a customer or organization that purchases goods or services from a company.

Read more

Account Click Through Rate

Account Click Through Rate (CTR) is a metric that measures the ratio of how often people who see an ad or free product listing end up clicking on it.

Read more

Account Development Representative

An Account Development Representative (ADR) is a specialist who works closely with a company's most important clients to build long-lasting, strategic partnerships.

Read more

Account Executive

An Account Executive is an employee responsible for maintaining ongoing business relationships with clients, primarily found in industries like advertising, public relations, and financial services.

Read more

Account Management

Account management is the daily management of client accounts to ensure they continue to do business with a company, focusing on showing clients the value they can enjoy if they continue to use the company's products or services.

Read more

Account Mapping

Account mapping is a strategic process that involves researching and visually organizing key stakeholders, decision-makers, and influencers within a target customer's organization.

Read more

Account Match Rate

An Account Match Rate is a measure of a vendor's ability to match IPs and other digital signals to accounts, which is essential for account-based sales and marketing.

Read more

Account View Through Rate

Account View Through Rate (AVTR) is a metric that measures the percentage of individuals who watch a video advertisement to the end, providing insights into the ad's effectiveness.

Read more

Account-Based Advertising

Account-Based Advertising (ABA) is a specialized component of Account-Based Marketing (ABM), focusing on targeting and engaging specific high-value accounts with personalized campaigns.

Read more

Account-Based Analytics

Account-Based Analytics is a method and toolset used to measure the quality and success of Account-Based Marketing (ABM) initiatives.

Read more

Account-Based Everything

Account-Based Everything (ABE) is the coordination of personalized marketing, sales development, sales, and customer success efforts to drive engagement with, and conversion of, a targeted set of high-value accounts.

Read more
Clay brand asset shaped as a 3D group of abstract objects made out of purple and pink clayClay brand asset shaped as a 3D group of abstract objects made out of purple and pink clay

Scale your outbound motion in seconds, not months

14 day free Pro trial - No credit card required

Try Clay free