Stakeholder Analysis: matrix, template, and example
Most strategies are hindered by people, not by analyses. Here is the stakeholder analysis in English: six steps, the matrix of influence and interest, a template for the stakeholder register, and the four types of approaches.
Published · 7 min read
In short
- Map 10-20 stakeholders — internal and external.
- Score each on influence and interest from 1-5.
- The matrix's four fields require four different approaches.
- Each stakeholder gets an approach, an owner, and a cadence.
What is a Stakeholder Analysis?
A stakeholder analysis maps the individuals and groups that influence the strategy, or that the strategy affects — and what each of them needs to provide support. The result is not a diagram, but a plan for communication, involvement, and decisions.
Most strategies and strategic projects stall due to human reasons, not professional ones. An important customer wasn't informed, middle managers didn't gain ownership, or the board was only involved after the decision had effectively been made. Stakeholder analysis prevents precisely that.
For an SME, the exercise is small: an hour with management, 10-20 stakeholders, and a simple matrix. The value is that you discover resistance before it costs time — and that you actively use your strongest allies.
Stakeholder Analysis in Six Steps
Do it for the entire strategy once a year, and for each major strategic project at its inception.
1. Define what the analysis is about
The entire strategy, an ERP change, or a new pricing structure? Stakeholders and their concerns differ from case to case, so be specific.
2. Brainstorm stakeholders
Internal: owners, board, management, middle managers, key employees, union representative. External: customers, suppliers, bank, authorities, partners, local community.
3. Assess influence and interest
Give each stakeholder a score from 1-5 on influence (can they stop or promote it?) and interest (how much does it affect them?). Place them in the matrix below.
4. Uncover attitude and needs
Mark each stakeholder as an opponent, neutral, or ambassador — and write in one sentence what they need the strategy to solve or respect.
5. Choose an effort per stakeholder
Involvement, dialogue, information, or monitoring. Write down owner, channel, and cadence: who talks to them, how, and how often.
6. Follow up quarterly
Attitudes shift. Bring the matrix to your quarterly strategy review and update where efforts have worked and where they haven't.
The Matrix: Influence vs. Interest
Four fields, four different approaches. The mistake is to treat all four the same.
| Field | Characteristics | Approach |
|---|---|---|
| High influence, high interest | Owners, board, management, largest customer. | Involve them in decisions. They should co-decide, not be informed afterwards. |
| High influence, low interest | Bank, authorities, a large supplier. | Keep them satisfied with brief, factual information well in advance. Avoid surprises. |
| Low influence, high interest | Employees in affected functions, smaller customers. | Ongoing dialogue and visible progress. They become your ambassadors — or your rumor mill. |
| Low influence, low interest | Peripheral partners, industry associations. | Monitor. One update every six months is enough until the situation changes. |
Template for the Stakeholder Register
Stakeholder | Infl. | Interest | Attitude | Needs | Approach | Owner | Cadence -----------------+--------+-----------+-------------+--------------------------------+-------------+-------+--------- Board | 5 | 5 | Neutral | Talk about impact, not intentions| Involve | CEO | Quarterly Largest Customer | 5 | 4 | Ambassador | Delivery security during change| Involve | KAM | Monthly Production Mgr. | 3 | 5 | Opponent | Staffing during transition | Dialogue | COO | Weekly Bank | 5 | 2 | Neutral | Liquidity and risk profile | Inform | CFO | Quarterly Supplier A | 4 | 2 | Neutral | Volume predictability | Inform | Purch.| Bi-annual
One sheet, one line per stakeholder. The columns are what you actually use.
Four Types of Approaches — and what they require
The approach must match the field in the matrix. Otherwise, you're wasting management time on the wrong conversations.
Involve
Co-decision
The stakeholder participates in workshops and prioritizations and reviews drafts before they are finalized.
Examples: Strategy workshop, board thematic meeting, customer advisory.
Dialogue
Two-way
Regular conversations where concerns can be raised and answered concretely.
Examples: Department meetings, 1:1 with middle managers, employee pulse.
Inform
One-way, timely
Brief, factual, and predictable information — preferably before they hear it elsewhere.
Examples: Quarterly update, newsletter, bank meeting with the same report every time.
Monitor
Low effort
No active effort, but a regular check to see if influence or interest has increased.
Examples: Item on the quarterly review.
Common Mistakes
- The analysis is done by management and then stored — so no one changes behavior as a result of it.
- Only internal stakeholders are included, even though customers and the bank often have the greatest influence.
- Opponents are excluded because the conversation is uncomfortable. They are precisely who the analysis is for.
- Everyone receives the same newsletter, regardless of whether they need to co-decide or merely be informed.
- No one owns the effort, so communication happens randomly and too late.
- The matrix is never updated, even though attitudes shift fastest at the beginning of a process.
Frequently asked questions
What is a stakeholder analysis?
+
A stakeholder analysis maps the individuals and groups that influence or are influenced by the strategy, assesses their influence, interest, and attitude, and defines a concrete approach for each: involvement, dialogue, information, or monitoring.
How do you conduct a stakeholder analysis?
+
Define the issue, brainstorm internal and external stakeholders, give each a score on influence and interest, uncover attitude and needs, choose an approach with an owner and cadence, and update the analysis quarterly.
What is the difference between interest and influence?
+
Interest is how much the issue affects the stakeholder. Influence is how much they can promote or block it. An employee may have high interest and low influence, while the bank is often the opposite.
How many stakeholders should be included?
+
For an SME, 10-20 is sufficient. More makes the analysis unwieldy, and the most important decisions almost always concern the five-six with the highest influence.
When should a stakeholder analysis be conducted?
+
At the start of strategic work and at the inception of each major strategic project — and always before a decision that changes workflows, prices, or organization.
Related guides
These guides are closely connected to stakeholder analysis and are natural next steps in your strategy work.
- Change managementMake new behaviour stick with ownership, training and follow-up.
- Strategy implementation in practiceHow strategy gets executed instead of archived.
- Business risk analysisRisk categories, risk matrix and a template with owner and deadline.
- Strategy process for SMEs in 6 stepsFrom analysis to an agreed strategy — without a six-month project.
More strategy guides
Analysis and environment
Goals, KPIs and performance
Strategy process and planning
Keep stakeholders, risks, and decisions together
Create a free account and get stakeholder efforts, projects, and decisions in the same place as your strategy.