Stakeholder Activation: Vital to Social Impact
A critical question guides our work with companies who are building social impact strategies: How can we create as much value as possible for all stakeholders?
Social impact programs focus on value creation for the stakeholder system. With social impact solutions, companies shift from a transactional mindset of viewing stakeholders simply as dollar signs, to a relational mindset where stakeholders are seen as integrated partners who can participate in creating win-win situations.
There are a couple of core takeaways we’ve gleaned from working with incredible company leaders to develop integrated social impact strategies:
- The interdependence of your stakeholders is a virtuous circle and the living system of any business.
- Enlisting your stakeholders to power up the results of your social impact strategy can create powerful financial and social profit.
Your business is affected by and influences many different people, including those internal and external to your company. Your stakeholders can include your customers, investors, employees, beneficiaries, supply chain, industry and other collaborators who are involved and influenced by your company and your products. Your complete stakeholder system influences your company’s social impact strategy as these invested individuals serve as an extension of your company. Social impact solutions consider that interdependence of your stakeholders to channel your company’s vision and purpose.
Fundamental to social impact business is “activation” of the company’s stakeholders. Defined as “the ultimate source of value creation,” stakeholders are the essential elements that the business needs to survive and thrive. Your stakeholders can turn their vested interest into a powerful outreach; by bringing stakeholders in on the ground floor, you empower them to proudly and actively engage in a part of your company’s future.
Utilize your stakeholders as members of your social impact team by bringing them into your social impact plans. Your transparency will invigorate and inspire them to find new ways to create social impact alongside you and your company. The services, products, capital and capabilities of your stakeholders can increase your marketing outreach and social media impressions. Simultaneously, your social impact strategy can also amplify their internal team and brand impression as a collaborator. As your business and its social impact grows and evolves, continuously get insights from stakeholders on how to refine, expand and build on your social impact strategy as they are not only business partners, but vested partners in creating local and global solutions.
Stakeholder activation is key in building social impact. When you awaken a stakeholder system, you create the greatest value for all. Magical relationships and impact happen when you and your stakeholders come together for good. The focus shifts from simple transactions to long-term relationships and partnerships.
Want to find out more about how to create value by activating your stakeholders? Get in touch with us and get our Stakeholder Activation Map to get started!
Maggie & Hector