GUEST COLUMN: A marketer’s guide to aligning company stakeholders

Matt Heaven, former Marketing Director at Charles Stanley, explains nine top tips for creating stakeholder alignment.

Speak to most marketers and there will be a commonality in the challenges they face from driving growth and demonstrating the value they create to trying to align the multitude of stakeholders they work with and alongside – the latter being the focus of this column.

Aligning all stakeholders with the marketing department and its strategy is crucial for success. According to a study by the Harvard Business Review, companies with aligned stakeholders are 72% more likely to outperform their competitors. Why? Well, doing so ensures that everyone is working towards the same goals, which can lead to increased efficiency, better communication, and a stronger market presence and greater effectiveness.

As marketers, we work with various third parties to support in the development of strategies and executing tactics. How many will depend on internal capabilities, budgets, and the approach to using specialists or ‘generalists.’ Irrespective of volume these are a key stakeholder group; focusing purely on internal stakeholders, which can be the default position, will not achieve desired outcomes.

In the following, I look at ways in which you can align your stakeholders.

1. Executive Buy-In

The first step in aligning stakeholders is securing the executive team’s buy-in. Executives play a crucial role in supporting the marketing strategy and ensuring that it receives the necessary resources and support. They can help articulate the strategy, answer critical questions, and provide the financial and human capital needed for success. Executive teams will of course vary in the breadth of knowledge and understanding of marketing so education may be a pre-requisite and to do so will require communicating in a common, understandable language.

2. Clear Communication of Goals and Objectives

Clear communication is the bedrock of stakeholder alignment. The marketing department must clearly articulate its goals, strategies, and expected outcomes and how they align to what the business is seeking to achieve. This communication should be consistent and transparent. This shared understanding helps in aligning efforts and ensuring that everyone is working towards the same objectives.

3. Regular Cross-Functional and Third-Party Meetings

Regular meetings are essential for maintaining alignment. These meetings provide a platform for different departments and third parties to share updates, discuss challenges, and align their efforts. These meetings can also help in identifying any misalignments early and addressing them promptly. There may be key points in the year where you wish to have additional meetings, for example during and after annual marketing planning so all parties understand their respective roles and how they integrate with one another.

4. Creating a Shared Vision

Creating a shared vision is crucial for stakeholder alignment. This vision should be communicated clearly and consistently across the organisation. Having a shared vision helps in uniting stakeholders and aligning their long-term goals and approaches. This shared vision should be reflected in internal communications, and strategic plans.

5. Involving Stakeholders in the Strategy Development Process

Involving stakeholders in the strategy development process can help in gaining their buy-in and ensuring that their perspectives are considered. Engaging subject matter experts early in the process can help in accurately articulating the company’s unique insights and ensuring smoother approvals. This involvement can also help in building a sense of ownership and commitment among stakeholders. From experience this is particularly important for organisations operating in multiple geographies.

6. Establishing Service Level Agreements (SLAs)

Establishing SLAs between teams and organisations can help in defining roles, responsibilities, and expectations. They can also help in ensuring consistency in messaging and aligning efforts between teams. These agreements can help in setting clear performance metrics and accountability standards.

7. Creating Open Lines of Communication

Creating open lines of communication is essential for maintaining alignment. This can be achieved through regular updates, feedback sessions, and open-door policies. Open communication helps to build trust and ensure that all stakeholders are informed and engaged. It should be two-way, allowing stakeholders to share their feedback and concerns.

8. Leveraging Technology

Leveraging technology can help in maintaining alignment and ensuring that all stakeholders are informed and engaged. Tools like project management software, communication platforms, and data analytics tools can help in tracking progress, sharing updates, and identifying any misalignments. Key though is having an agreement on the purpose of each technology to avoid multiple applications being used for duplicative purposes creating confusion and gaps in communication.

9. Celebrating Successes and Learning from Failures

Celebrating successes and learning from failures is crucial for maintaining alignment and motivation. Recognising and rewarding the efforts of stakeholders can help in building a positive and collaborative culture. Regular sessions where teams discuss successes and failures can help in aligning long-term goals and approaches. These sessions can also help in identifying areas for improvement and ensuring continuous learning and development; a crucial aspect for marketing.

Conclusion

Aligning all internal stakeholders with the marketing department and its strategy can be complex and challenging but is essential. By securing executive buy-in, communicating goals clearly, holding regular cross-functional and third-party meetings, creating a shared vision, involving stakeholders in the strategy development process, establishing SLAs, creating open lines of communication, leveraging technology, and celebrating successes, organisations can achieve this alignment.