In last weeks post we explored some tips around building relationships with the other teams inside your organization. It is vital to understand your organizational network. Who is responsible for what? Where can you go for additional market intelligence, support or assistance? Who are the key internal influencers and who gets things done?
Taking the time to develop a stakeholder matrix for your organization, will really aid you in the development of your business. Having clear connections with this internal landscape allows you to take advantage of opportunities that might be out of reach for you on your own. The matrix is the first step in securing these connections.
Potential Allies
Some of the groups to consider when looking for future alliances include the following.
- Subject Matter Experts
The technical specialists who know their subject inside out, are often a great source of market intelligence.
- Team Leaders
It is essential to communicate with the team leaders during the sales process. Touch base with them once opportunities have been won and delivery is required.
- Key Influencers
Well-respected long-term employees or energetic newcomers, these are the staff members who others listen to and take seriously. Having key influencers as strong allies can help you to gain support for future business development initiatives.
- Proposal and Quote writing resources
Personnel who are recognized as being particularly strong at writing quotes and proposals. A close working relationship is vital to give proposals and quotes the best chance of success.
- Market sector experts
Great sources of business intelligence, leads and contacts. Consult with these people to gain an understanding of the customer organizational chart, and to secure personal introductions to key customer contacts.
- Marketing team
This group will be a primary source of leads. Develop a strong working relationship with this segment to keep messages and customer targeting aligned. If communicated with clearly, this team can add significant weight to the top of your Sales Funnel.
- Personnel with revenue targets
These are generally the leadership roles within the business. Understand their revenue targets and find out if they are willing to share resources in an effort to reach them. The business developer can really be a savior to these individuals through the development of revenue opportunities, which can directly impact their end-of-year bonuses and the growth of their team.
Populating your Stakeholder Matrix
Populating the matrix is relatively straightforward and should comprise the following columns shown on the following table
| Name | Role | Department | Interest | Influence | Action |
Simply allocate Hi or Lo to the Interest and Influence columns and plot on the matrix below. This will allow you to define their category and subsequent actions.
Stakeholder Strategies and Action
A summary of the stakeholder actions is given below:
- Key Player
With a high level of interest and influence, these stakeholders can have a strong impact on your business development efforts. The majority of your stakeholder engagement must focus on this group and it is beneficial to involve members in decision making at times. Action: Engage and consult regularly.
- Meet Their Needs
The high level of influence has the potential to make this group a valuable resource. Engage and consult this group on areas that are of interest to them. Perhaps on particular market segments or project types. Action: Try to increase their level of interest and move them to become key players.
- Show Consideration
This group has high levels of interest but limited influence. Consider them as potential supporters. There is an opportunity to make use of their interest and involve them in low-risk areas around specific customers, products or market segments. Action: keep informed and consult on interest areas.
- Least Important
The low interest and influence levels gives this group the lowest priority with regards to engagement. Action: Keep informed through general communication and aim to increase interest levels over time.
Assign Actions
Once the matrix is complete, assign time and resources to each of the key players. Learn their preferred communication styles and how best to connect with them. Consider the other stakeholder groups and think about how and when to engage them. Perhaps a business development agenda item at team meetings or individual discussions on specific topics. Remember that each internal alliance is different. They all have a role to play in getting the company offering into the market and ultimately solving the customers problems.
Add the most critical stakeholders to the Tactical Action Plan as part of the Aim stage. Ultimately, the Tactical Action Plan will systematize the contact and action with each stakeholder, keeping engagement on a regular cadence.
Other Alliances
Take a step away from the business development capability for a moment. There will be people within the organization who have complementary skills and goals but who sit outside your normal sphere of operations.
This can take the form of teams with different offerings, willing to take a multidisciplinary approach to work-winning. The ability to bid on projects with other teams really strengthens both your proposal. Or perhaps a customer account manager who knows that your offering aligns with their sector of responsibility and feels they can help get your foot in the door. Using their account influence to increase your sales and ultimately reach their targets quicker.
Many of these may have already been identified as key player stakeholders. Think about who these people and teams may be in your workplace. Consider how an alliance might work, it must be advantageous to both parties.
Think about how best to approach them. A simple coffee catch up, and a sharing of capability knowledge and opportunities may be enough to begin with. But if you are both working on proposals together reflect on how to share the effort.
Importantly, make sure to capture these catch ups systematically in your Tactical Action Plan or CRM. Otherwise, your business development agenda will get lost in the thousands of other priorities that each of these people have every day.
Further Action
As an immediate action develop an internal stakeholder matrix for your organisation. Determine the Key Players and make a plan on how you intend to engage with them.
How do you prioritize your internal stakeholders? Let me know in the comments below or drop me a line here. You can also find me on LinkedIn.