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Stakeholder management

Identify key players in your deals, get to grips with their needs and objections, and close deals faster.

Stakeholder management

Identify key players in your deals, get to grips with their needs and objections, and close deals faster.

What is stakeholder management?

In sales, stakeholder management is the strategic approach to identifying and engaging all the key individuals or groups who can impact, or are impacted by, the buying and selling process.

For example, imagine you're trying to sell a software solution to a mid-sized company.

The CEO may be focused on the software’s impact on the company’s strategic goals, while the CFO will be scrutinizing the return on investment and cost-effectiveness. Meanwhile, the IT manager will be concerned with integration and security. And the end-users? They value ease of use and support.

By understanding and addressing the specific concerns and priorities of each of these stakeholders, you can tailor your approach to demonstrate the value of your solution from multiple perspectives.

Ultimately, you're then in a position to increase the likelihood of closing the deal successfully — and quickly.

11+

 

Research by Gartner shows that the average number of key stakeholders involved in a B2B purchase is 11. But it can be as high as 20.

Why is stakeholder management important?

Stakeholder management is crucial in sales because it creates a win-win situation for reps, revenue leaders, and buyers.

For individual reps

Effective stakeholder management is going to significantly boost your chances of closing deals and building stronger, long-term business relationships. 

When you invest time in identifying key stakeholders and understanding their diverse needs and concerns, you’re able to present your business solutions in ways that resonate with each individual.

And the result of this? It’s going to be easier to get buy-in and carefully manage expectations. 

For revenue leaders

Good stakeholder management processes will help you and your team to uncover hidden opportunities, foresee potential obstacles, and develop more comprehensive strategies to advance the sales process. 

This holistic view not only accelerates the sales cycle but also improves the accuracy of your sales forecasts and the effectiveness of sales tactics. Moreover, strong stakeholder relationships often lead to repeat business and referrals, which are essential for sustained revenue growth.

For buyers

Successful stakeholder management strategies are also going to benefit your buyers. It’ll mean that their requirements and expectations are actually met, leaving them feeling satisfied with their purchase. 

Also, from an implementation and post-purchase perspective, buyer’s can look forward to a smoother transition. All because you’ve already understood and anticipated their needs more accurately. 

About us

 

We're GetAccept, the brains behind the digital sales room (DSR) platform that's all about helping you to create head-turning, sales-boosting buying and selling experiences.

What steps are involved in the stakeholder management process?

1

Identify your stakeholders

Identify every person who can influence, or is impacted by, the buying decision. This doesn’t just mean the primary decision-maker. It includes influencers, end-users, the CFO, or anyone else who might have a say in the outcome.

2

data-connect

Create a stakeholder map

Stakeholder mapping is going to help you visualize the relationships and influence each person has in the decision-making process. This will make it easier to prioritize your outreach and engagement efforts.

3

Understand your stakeholders’ needs and interests

Get to know your stakeholders and what their needs, concerns, and objectives are. This might take the form of meetings, interviews, and surveys that will help you to gather individualized insights.

4

Develop a stakeholder engagement plan

Use the insights you’ve gathered to create tailored engagement plans for each stakeholder. These plans should outline how you’ll communicate with them, involve them in the decision process, and address their objections.

5

Communicate, communiate, communicate!

Keep your stakeholders informed and engaged. Regularly update them on progress, address questions promptly, and seek their input when necessary. All this helps with building trust and making sure they feel valued and heard.

6

Monitor effectiveness, evaluate, and adapt

Gather feedback to understand stakeholder satisfaction levels and areas for improvement. Be prepared to refine your strategies as needed to better meet stakeholder needs and to respond to any changes in the sales environment.

60%

60%

 

of businesses are set to spend their revenue budget on sales tools and technology in 2024. [Source: Digital Sales Report]

How digital sales room software makes stakeholder management easy

Digital Sales Room (DSR) software like GetAccept gives you the tools you need to deliver the best possible buying experiences – every time. From dynamic proposal templates and in-document chat through to e-signature and CRM integration, our platform is a centralized space for expertly conducting deals. 

With that said, here are a few of the ways digital sales room software can help you to perfect your stakeholder management processes.

"We understand the importance of being original and standing out in a crowd. This is the modern way of dealing with customers: being personal in a digital world."

Simon Hurtig

Project Leader at Visit Linköping

The benefits of stakeholder management

Higher win rate

When you understand the needs and objections of everyone involved, you’re in a better position to increase the likelihood of closing a deal.

Collaborative partnerships

Good stakeholder management transforms the sales process into a cooperative effort, creating win-win scenarios for both sellers and buyers.

Boosted revenue growth

Effective stakeholder management leads to more successful sales outcomes and stronger customer relationships, driving higher revenue growth over time.

Increased sales velocity

Engaging relevant stakeholders early and addressing their concerns proactively, helps identify potential obstacles early, streamlining the sales cycle and reducing delays.

Reduced churn

Understanding and addressing the specific needs and concerns of your buyers early helps to ensure that your solution is right for the customer. This will ultimately lead to longer-term satisfaction and engagement with your offering.

More accurate sales forecasting

By having a comprehensive understanding of stakeholder needs and the overall sales environment, revenue leaders can make more accurate sales forecasts and plan resources more effectively.

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