The word ‘stakeholder’ is used a lot, but who makes up your key stakeholders?

Take some time out to reflect on this; it’ll be worth spending time doing this on your own, and also asking colleagues or employees the same question to get a general ‘feel’ for the breadth of who your stakeholders are. Other people may come up with ideas you hadn’t thought about, especially those with their ‘ear to the ground’ as markets constantly evolve, change, and adapt over time.

You may hear the terms strategic messaging and strategic communication used. They both mean the same thing, really – messages sent out to all stakeholders involved in your business. Whether you or your colleagues use business jargon, or just express ideas in your way, that’s fine! At the end of the day, as long as you are all clear about who your stakeholders are, you’ll be heading in the right direction.

As a starting point, though, let’s think about your employees as stakeholders – your employees need to be your brand advocates, driving your business forward in full knowledge of your company’s brand values, ethos and visions. In fact, an excellent employee won’t just be aware of these factors; they will ‘believe’ in them. After all, your brand and company’s reputation is always at stake in a highly competitive business world, so make sure your colleagues are entirely on board with your brand. If your employees don’t believe in your brand, why should anyone else?

Next, let’s think about your customers – take the time to consider what these stakeholders are looking for carefully. Develop your brand to meet these needs. Today, customers have an array of companies to choose from. It may be worth thinking about what makes existing, or prospective consumers, ‘tick’; take their emotions and feelings into consideration when sending brand messages to customers. Remember, customers don’t just buy a product, process or service, they buy your vision, ethos and values. Look after them, and they will look after you.

Are your competitor’s stakeholders? Yes, they are, so try to keep on top of what their strengths are, as well as their weaknesses. How does their brand identity match up to yours? Are they doing anything different? Are there any new start-up companies in your sector, who may become a more prolific competitor in the future?

Also, are your suppliers, or distribution channels, on board with your brand? Make sure you are giving them explicit brand messages about your identity. Your good reputation will, in turn, benefit their businesses, too. They are more likely to remain a long-term strategic partner if they believe and fully buy into your brand.

What about your community? They are stakeholders in that what you do, and how you make the locality ‘look’ directly affects them. It is essential to make sure your community is happy with what you are doing; consider how highly Corporate Social Responsibility (CSR) is regarded now.

Two key ideas to leave you to think about are these:
1. Effective branding and messaging are consistent and straightforward.
2. All businesses communicate, but not every company sends clear messages to their stakeholders.