Welcome to this week’s edition of BRAND NUGGET WITH TOLA ODUSOTE (Mnipr, arpa)
Let’s move away from brand and branding lessons which I have dealt with the past weeks.
Let’s share understanding on stakeholder marketing, an interesting topic germane to the interest of communication experts, relationship managers and public affairs practitioners.
As brand communications consultants, we understand the vital role of stakeholder management in the world of marketing. In an ever-evolving landscape, establishing and nurturing meaningful relationships with stakeholders is a cornerstone for success.
Who is a Stakeholder?
A stakeholder is best described as a person of interest, a group or organization with a vested interest in the decision-making and activities of a community, organization, movement or project.
These are influencers on the outcome of activities, and the people that will be affected by the outcome of an action or inaction.
In business or project management, understanding your key stakeholders; ‘interests, values, issues, and concerns are fundamentals to how you can engage them, and make them buy into your ideas or pitches.
What is Stakeholder Marketing?
Stakeholder marketing is a strategic approach at identifying, engaging, building and managing relationships with a community of people or individuals for the purpose of leveraging such relationships for the achievement of defined objectives or vision. It is a strategy for organizations to manage their relationships with their internal and external audiences to share values and expand their brand reach.
STRATEGIC: It is a purposeful planned course of action
IDENTIFY: Stakeholders are identifiable numbers of people whose interests are germane to the project
ENGAGE: The targeted stakeholders will be tactically approached and attention-grabbed.
BUILD & MANAGE: Conscious efforts are made to court stakeholders in marketing and nurture relationships.
OBJECTIVES: There must be a purpose for every marketing effort. The objectives must be defined and measurable.
Key Aspects of Stakeholder Marketing
Identifying and categorizing different stakeholder groups based on their influence and importance to the organization.
Communication: Developing tailored communication strategies to engage with each stakeholder group effectively. This includes transparent and open dialogue.
Alignment with Values: Ensuring that the organization’s marketing efforts and messaging align with the values and interests of its stakeholders, such as promoting sustainability, ethical business practices, or community engagement.
Feedback and Engagement: Actively seeking feedback from stakeholders and involving them in decision-making processes, where appropriate.
Mutual Benefit: Striving to create win-win scenarios where the organization’s actions benefit both the company and its stakeholders.
Stakeholder Marketing in the Age of AI
Artificial intelligence is presently redefining how we do things.
AI creates enablement. In marketing, it can be used to personalize the customer experience by using system learning algorithms to analyze customer data, purchase history, enquiries and a number of views on online marketing promotions.
Professionals in the field of marketing must up their game by increasing their knowledge of the use of technology. AI is opening new possibilities by allowing brands to build stronger relationships with their stakeholders.
AI can help to provide services that achieve highly personalized, targeted advertising and marketing to attract customers.
ChatGPT is an AI tool that can be deployed to research stakeholders, generate personalized textual content, and engage in spoken or written dialogue to power customer service.
Here are some ways that AI is impacting
AI can analyze vast amounts of data to gain insights into stakeholder behaviour and preferences. This data can inform more targeted and effective marketing strategies. For example, AI algorithms can analyze customer behaviour to personalize marketing messages or monitor social media sentiment to understand public opinion.
Chatbots and Virtual Assistants:
AI-powered chatbots and virtual assistants can provide immediate and personalized responses to stakeholder inquiries, improving customer service and engagement. These chatbots can be deployed for customer support, investor relations, or even employee inquiries.
AI-driven personalization is a key trend in marketing. With AI, organizations can tailor their communications and offerings to individual stakeholders, whether they are customers, investors, employees, or others. This level of personalization can enhance engagement and build stronger relationships.
Monitoring and Crisis Management:
AI tools can monitor social media and news outlets for mentions of the organization, allowing for rapid response to crises and issues that could impact stakeholder relations.
Accessibility and Inclusivity:
AI can help organizations ensure their marketing materials are accessible to a diverse range of stakeholders. For example, AI can generate alternative text for images to assist visually impaired stakeholders.
AI is transforming stakeholder marketing by providing new ways to understand and engage stakeholders, as well as personalise marketing efforts. However, it also necessitates organisations navigating ethical considerations, ensuring transparency, and adapting to a rapidly evolving technological landscape.
Adetola Odusote (Mnipr, arpa)
Partner, CMC Connect LLP (Perception Consulting)