The role of stakeholder analysis
A major part of preparing for a ‘new normal’ entails understanding how stakeholders’ behaviour is likely to change.
Creating a new business plan for a post-covid world that does not put stakeholders’ behaviour centre stage, may prove to be a costly exercise. Stakeholder analysis should become a big part of any change strategy at this time and should focus on identifying and assessing the impact of behavioural changes.
Start with your most important stakeholders and describe the behavioural changes that you have observed. Think of behavioural patterns related to digital adoption, purchasing, travel, interpersonal conduct and other areas of habit. Consider three options:
Are the behaviours you have detected likely to be temporary and therefore return to their former state?
Will the behaviours evolve and transform to become new habits that will be here to stay for considerable time?
Will behavioural patterns adopted before or during the crisis disappear in the post-covid era?
Experiences that are considered to be negative can result in a quick reversal to past habits.
Experiences that have brought value, are likely to result in long-term behavioural change.
Post-pandemic growth will be accelerated if a company’s focus, products, services and approach resonate with stakeholders who will find comfort and opportunity in working with companies who facilitate their new ways of working, interacting, shopping, travelling and learning.