Marketing Strategy > Marketing Requirements
Stakeholder Analysis: Gathering Client Market Requirements
Why You Need Stakeholder Analysis?
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Gathering market requirements with stakeholder analysis is a crucial part of marketing success. In order to offer a winning product or service, you need a good grasp of how your target market thinks, what they expect, and what benefits your solution would offer. Gathering marketing and client requirements lets you determine whether your target market will feel you have addressed their challenges and fulfilled their unique client needs. Stakeholder analysis will also impact the positioning strategy of your lead generation marketing campaigns.
In-depth stakeholder analysis results in improved products or services, higher customer satisfaction, and ultimately increased sales.
Market Requirements: Aspects of Stakeholder Analysis
Assessing client needs and client requirements in-house can be difficult for a company. Accurate stakeholder analysis requires proper professional resources and some measure of objectivity which may be absent within a company. It can be challenging to determine market requirements without being blinded by constraints and internal considerations. The most successful companies continuously adapt to client needs. Client challenges may arise in different capacities, and must be considered before developing a solution for a particular target market. Discovering these challenges and client needs is the primary goal of stakeholder analysis.
The market requirements and client needs that are gathered from stakeholder analysis may include the following related aspects:
Client requirements for these parameters will differ from one solution to the next, and the emphasis will differ based on your target market. For instance, interoperability and conformity may be crucial to promote a new software to experienced technical professionals, whereas usability and cost may be more important to a less technically-savvy target market.
The key is to define client needs before developing a solution. By establishing client and market requirements with stakeholder analysis, you are sure to develop a successful product or service in line with your client needs.
Let’s take the performance aspect. Studies show that as many as 4 out of 5 software development projects go overtime, over budget, or don't deliver the projected results (see The Chaos Report in the Resources section of this page). These are definitely parameters which must be clearly defined at the onset, and it goes without saying that you should follow through on your promises to a client. To offer a service, you must commit to a delivery time and establish how long it will be before clients can ultimately employ your solution.
The question is: how to go about doing the stakeholder analysis while discovering the most important market requirements and client needs? Remember that without setting market requirements early on in the process, the results can be disastrous.