How to secure stakeholder buy-in.
"If you want to go fast, go alone. If you want to go far, go together."
Whether you’re advocating for an incremental hire or securing resources for a new product, securing stakeholder buy-in is a key early step. After all, you can only advance a major corporate initiative if key decision makers are onboard.
We created a three-part guide to help you secure stakeholder buy-in:
Define: Identify stakeholders
Persuade: Leverage psychology principles to get a Yes
Game plan: Make a sound business case
In this newsletter, we’ll provide a breakdown of each component. In the thick of 2024 planning season, we hope you find our guide helpful.
If there are topics you’d like us to cover in future newsletters, please hit reply! We’d love your ideas.
1. Define: Identify stakeholders.
Your first step is to make a list of stakeholders. Use this prompt:
In order to move forward, which executives must support this initiative?
This list of executives will extend beyond your direct manager. After all, if your initiative is substantial in scope, many teams will be impacted.
Next, pinpoint the ultimate decision maker. In many cases, the ultimate decision maker is your boss’ boss, but sometimes it’s another level up.
Pro tip 1: Get feedback from stakeholders as early as possible. Actively listen to the feedback and incorporate it! You’ll want everyone in sync well before it’s time to pitch the ultimate decision maker.
Pro tip 2: Try to make stakeholders feel like they are co-creators. After all, it’s human nature for people to like and agree with initiatives they have directly invested into.
The IKEA effect describes this phenomenon. When we put our effort or labor into something, we like it more. That's why people tend to value IKEA furniture disproportionately, simply because they built it themselves.
2. Persuade: Leverage psychology principles.
The seminal American psychologist Robert Cialdini identified 6 Principles Of Persuasion: reciprocity, liking, social proof, authority, scarcity, and commitment / consistency. Once you learn the principles, you can use them to your advantage:
Reciprocity
Principle: When you give first, the person on the receiving end is compelled to reciprocate.
Implication: Build goodwill with stakeholders long before you need their buy-in by helping them meet tight deadlines, taking work off their plates, sharing resources, etc.
Liking
Principle: You’re more likely to persuade someone who likes you.
Implication: Find common interests and hobbies with your stakeholders.
Social Proof
Principle: People are influenced and validated by how their peers act.
Implication: Point to research reports from your industry. You can also showcase the success of similar initiatives at your own firm.
Authority:
Principle: Expert opinions carry significant weight.
Implication: Talk to industry experts about your approach and present their recommendations.
Scarcity
Principle: People want more of the things they can have less of.
Implication: Tie an expiration date to your initiative. Create a sense of urgency.
Commitment and Consistency:
Principle: People have a deep need to be seen as consistent.
Implication: Tie your initiative to similar ones that the stakeholders previously endorsed.
3. Game plan: Make a sound business case
Here are a few key questions to answer in your business case:
What is the cost associated with your proposal?
What is the projected ROI?
What does success look like?
What metrics will you track?
What is the timeline?
What are the risks associated with your proposal, and how are they mitigated?
What are the risks of not acting?
You will want a polished slide deck to accompany your presentation. Here are some templates we have published in the past, which you can use as a bouncing off point:
If you’re looking to build business acumen, download the syllabus for our Business Intensive. We teach 8 core business skills in 6 weeks in our micro MBA!