“Stakeholder” has become one of those buzzwords we hear everywhere in business. But at its core, it’s not about boardrooms or PowerPoints — it’s about people. And when you think about it, we all deal with stakeholders every single day, no matter our job.
If you’re a barista, your stakeholders include the customers waiting for their morning coffee, the café manager who sets the menu, and the suppliers delivering beans and milk.
If you’re a hairdresser, your stakeholders are the clients in your chair, the colleagues you share the salon with, and the brands whose products you recommend.
If you’re a teacher, your stakeholders range from students and parents to school administrators, to the wider community relying on the next generation’s education.
See the pattern? Stakeholder management is really about understanding needs, balancing expectations, and building trust. Whether you’re serving cappuccinos, cutting hair, teaching algebra — or leading a product team — success depends on how well you engage the people who have a stake in what you do.
In product development, stakeholders can include:
- Business leaders – who define strategic goals and measure success
- Customers and users – whose needs the product must solve
- Developers and designers – who build and shape the solution
- QA and support teams – who ensure quality and usability
- Investors or regulators – who influence risk and compliance
The better we do these things, the more impact our products can have. Just like in everyday life, it’s not about appeasing everyone or checking boxes — it’s about guiding decisions, creating value, and turning ideas into outcomes that matter.
In today’s fast-moving product world, stakeholder management isn’t optional. It’s a core skill that transforms teams, products, and organizations.
Listening deeply:
o Ask open-ended questions and let stakeholders explain their perspective.
o Observe unspoken signals and follow up to clarify what matters most to them.
Aligning priorities:
o Map stakeholders’ goals and interests to identify overlaps and trade-offs.
o Facilitate discussions that help the team focus on shared objectives.
Communicating clearly:
o Tailor your message to each audience — executives, developers, or customers.
o Use simple, structured summaries, visuals, and storytelling to convey complex ideas.
Building trust:
o Deliver on promises and be transparent about uncertainties or constraints.
o Show empathy and acknowledge stakeholders’ challenges, creating a sense of partnership.
Adapting continuously:
o Monitor changes in stakeholder needs, market conditions, and project dynamics.
o Be flexible in your approach while keeping the product’s value as your guiding star.
The payoff:
By practicing these skills consistently, you move beyond managing expectations to actually guiding decisions, creating value, and turning ideas into outcomes that matter.
In today’s fast-moving product world, stakeholder management isn’t optional. It’s a core skill that transforms teams, products, and organizations — and the better we get at it, the more meaningful impact we can create.
