If you have ever read marketing news or news about the business sector, chances are that you might have heard of the word stakeholder. It is a very important term, when it comes to the business and marketing world. It is a very important concept in the universe of PR, as well. Let’s find out what it means.
What does ‘stakeholder’ mean?
Any individual who has a ‘stake’ or interest in the functioning of the organization can be termed as a stakeholder to that business. There are many different stakeholders of a business, as there are many people who have an interest in the operations of an organization. Internal stakeholders refer to the people working in the organization, whether it is the employees, or the board of directors. Whereas, external stakeholder refer to the people that exist outside the organization.
Public Relations is all about maintaining the reputation of a client, in the eyes of the public, and especially in the eyes of all the stakeholders. There are different types of external stakeholders that exist in PR, let’s discuss a few:
Arguably, one of the most relevant stakeholders in PR is the customers of the brand. They are the ones that ultimately impact the brand on a grand level, and affect the functioning and future of it. A large part of PR for a brand is focused on building innovations and interventions for the customers- to keep them engaged, and to attract more new customers. This hence, includes both the potential customers, as well as the existing customers.
Another important external stakeholder is the media. PR is a lot about influencing the customer base of the brand through different media platforms. With PR, brands can share what they want to share through a third party, which is the media. Media is also interested in the happening of the brand, if it is relevant to their work, as they have to create new stories every day. Being the best PR agency in Delhi, we understand the importance of this stakeholder, and make sure to get proper media coverage for all our clients.
The operations of a business can highly impact the government, and vice-verse. Whether we talk about employment opportunities, laws and regulations made by the government that can impact the business, or the opportunity to collaborate with the government, the government can be a very important stakeholder to a business in many ways.
Think Tanks can be defined as group of people who are appointed to discuss, think, and write about an important issue, vital to the world. They are a research institute that tends to perform research and advocacy. When it comes to new innovations, think tanks can become quite important. Think Tanks consist of experts in the particular field, which might help the brand.
Another important external stakeholder are the activists. Activists work to make the world a better place, and to fix anything that might be going on wrong. Different activists work in different areas, and it is very important to keep this stakeholder in mind. For instance, if a brand is taking new measures to provide eco-friendly packaging to all its customers; an activist can help to spread the word around and make the news spread around more easily, even attracting new customers potentially.
All stakeholders are important to a business. These are just a few of the ones that are important, when it comes to external stakeholders for the PR aspect of the business. How the brand is perceived by these stakeholders can majorly impact the business, often. Hence, PR professionals should keep them in mind when coming up with new innovations and projects.