How to use a Stakeholder Matrix in Product Management
A stakeholder Matrix is a useful tool in Product Management to identify and manage your most important stakeholders closely by also keeping the rest of the stakeholders in focus, updated, and informed. The Matrix is structured by their influence and their interest or their availability.
To effectively create and use a Stakeholder Matrix for Product Management you must first identify your stakeholders and then order them in the Matrix. For us, it made sense to also color-code their names and roles to their functions or job titles.
Identifying Stakeholders
A stakeholder is a person or group who has an interest or so-called stake in a “project” or, in this case, in your product development and operation. As a product manager, you are responsible for the development and operation of a product. It therefore makes sense to manage your stakeholders to reduce resistance and conflicts and create synergies within your organization.
You will find important stakeholders both inside and outside your organization.
Typical stakeholders are:
- The Users of your Product
- Key Users, you have a special relationship with
- Customers of your Product (often not users but buyers)
