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Mendelow’s Matrix was created in 1991 to analyse individual stakeholders by measuring their interest and power. This information can then be used to determine their potential level of impact on a big business decision.
Stakeholders are anyone who has an interest or involvement in your business, whether externally or internally. They can range from clients and suppliers to staff, shareholders, and investors.
You should always consider these groups when making important business decisions such as a new project, product, or strategy, as some stakeholders have the power to change, or even stop your plans.
A stakeholder map is a great way to visualise all of your external and internal influencers, but how can you take this one step further?
The Mendelow matrix helps you categorise your stakeholders into four boxes, consisting of those with:
Manage closely
These stakeholders are key players that could consist of upper management, directors, or major investors. You should monitor this group closely and ensure they’re fully engaged. They’re very involved with decision making and have the power to stop or pause a project they’re not happy with.
Keep informed
This group has low influence so they don’t really have a say on business decisions, but they do have a keen interest in them. They could include staff members. Keep them well-informed of changes and be sure to hear out their opinions and suggestions for improvements.
Keep satisfied
This could include local governments as they may have the power to change laws and legislation but will likely have minimal interest in your organisation. You should still aim to keep them satisfied as you never know when they could move to the high interest and high power category.
Low priority
These people don’t have the influence to impact your business, and are not interested in doing so. This means there’s no need to engage or inform this group, but you should monitor them in case their status changes.
Stakeholder mapping and the Mendelow matrix are useful in determining stakeholder interest and power in potential marketing strategies. They can also be helpful to consider in launching a new product, website, or during a rebrand.
Stakeholder analysis is taught in our CIM Marketing and Digital Marketing qualifications. These courses are delivered via flexible study options, and give you the benefit of dedicated tutor support as well as interactive learning materials.
Contact the qualifications advice team for more information, download a prospectus, or complete our quick online entry level assessment to find out which course is right for you!