A product stakeholder is an individual (or group) who is interested in the product and can impact its success or get impacted by the product. A stakeholder includes everyone who should contribute to the product and approve different product elements, such as planning, developing, testing, and similar others. Similarly, stakeholders also include those individuals or groups who purchase the product or who facilitate in marketing and selling the product.
The product development phase is not an isolated activity. It requires coordination among different teams and other parties throughout the product cycle from the product planning phase to its release. We know the importance of the role played by the product development team and product manager, but there are other key players too, collectively called product stakeholders. In this article, we will clear our concept around product stakeholders.
A product stakeholder is an individual (or group) who is interested in the product and can impact its success or get impacted by the product. A stakeholder includes everyone who should contribute to the product and approve different product elements, such as planning, developing, testing, and similar others. Similarly, stakeholders also include those individuals or groups who purchase the product or who facilitate in marketing and selling the product.
There are two main types of product stakeholders, as follows:
In a typical product development process, a list of product stakeholders can include:
As narrated above, there are many stakeholders associated with the product, but not all stakeholders need attention all the time. Therefore, the product manager should identify key product stakeholders through stakeholder analysis for effective correspondence with them. Following are general practices to deal with product stakeholders effectively:
It is not an easy job to manage product stakeholders because everyone has a different set of opinions and expectations. But keeping stakeholders satisfied is crucial for timely and quality product deliveries. Moreover, supportive stakeholders can be highly valuable for product teams, as they might assist in getting approvals, allocating budgets, targeting customers, etc.