How To Win Over Stakeholders: Selling The Product Story

“The single biggest problem in communication is the illusion that it has taken place.” — George Bernard Shaw

There are indeed critical technical skills for product managers in charge of a product roadmap. Yet, the often ignored soft skills lead to the successful execution of the roadmap. And while the most significant predictor of overall success is trust amongst the team, that trust needs to extend to customers and stakeholders.

As a result, the best product managers have a strategy and a roadmap and know how to manage stakeholders like a champ. But, and this is a big but, they will only succeed if they manage stakeholders effectively.

Managing those stakeholders through a product roadmap can sometimes feel like twelve rounds with a professional boxer.

So with that…

“Here come the stakeholders.” — in my best boxing announcer voice. The ground shakes as they approach, confrontation in their eyes.

“Let’s get ready to rumble!”

Your training plan?

• Crafting compelling stories
• Understanding divergent perspectives
• Building trust and overcoming objections
• Encouraging feedback
• Prioritizing while satisfying
• Making every stakeholder feel important

Sounds straightforward, right?

Don’t worry. We will get through it together.

As we do, remember that your role goes beyond developing a plan for your product’s success. You must convince skeptical stakeholders — investors, management, customers, employees, the media, and more — to buy into your vision and roadmap.

Me, myself and I. The big stakeholder fail.

Early in my career, I took a risk and started a company, finally giving in to the entrepreneurial bug I caught in college. Through that experience, as the default and subsequently unknowing product manager, I learned a lot about myself — good and bad.

One eye-opening experience: I realized we are all selfish, some more than others, especially true when working to build our vision. You believe you are right, no matter what. At least I did.

When I started the company, I had double doses of conviction about how right I was. Conviction to a level that was dangerous. In my experience, entrepreneurs, myself included, plow forward based on conviction, regardless of stakeholders. My desire for progress, for a complete product to take to market, outweighed everything.

Well, my conviction came to a head when I got into a rather heated discussion with an early beta customer. A customer who could make or break our future prospects based on the outcome of our relationship and their use of the software. As any product manager knows, when creating a new product, your first customers are often the hardest to come by, especially in the enterprise market. And yet, many times, we aren’t as open to their feedback as we should be.

For me, my company almost died in a conference room that looked like the breakroom of a Walmart. The customer, the head of product for a consumer electronics giant, was pushing hard for what he needed to be successful. And it wasn’t a big request. He needed performance metrics. That should be an easy ask, right?

Instead of listening, I fought.

What I believe we needed was to extend the software into new areas — to cover more of the end-to-end challenge with digital marketing.

It was clear he wasn’t buying my story.

In addition to his rejection of my story, I had not prioritized his ask, despite it being requested numerous times. I was responsible for the product, after all. I just thought he was a difficult stakeholder and I could win him over to my point of few.

Well, fast-forward a few meetings, and their threat to cancel their contract — I conceded. I couldn’t afford to lose them. Upon reflection, I knew why I did this. I thought I knew better. And maybe I did, but it didn’t matter. The customer had the money, and we couldn’t afford to lose them.

As it turned out, he was right. The metrics were important. The feature on metrics was dead on, and the reference from this stakeholder turned out to be unbelievably critical to our success.

Two things were clear:

First, I needed to reflect stakeholder feedback on my roadmap.

Second, my roadmap needed to resonate with critical stakeholders.

I never missed those points again. Both points are critical when working with stakeholders and sharing your roadmap.

Stakeholders want to feel heard, even if their features are shown as in discovery. And second, they need to buy the story your roadmap tells. Don’t try to convince them otherwise.

Lessons learned the hard way, but lessons that continue to serve me well.

The Apple iPhone launch. A lesson in exceptional storytelling.

It’s clear that early in my career, I couldn’t engage stakeholders using stories to save my life. Fortunately, Apple did not suffer from that at the iPhone launch.

Apple’s iPhone launch in 2007 is a perfect example of a compelling product story resonating with stakeholders. Apple has always been known for its storytelling prowess, and the iPhone launch was no exception.

Steve Jobs, Apple’s CEO at the time, began his presentation by addressing the need for a better mobile phone experience by clearly showing his stakeholders he was listening.

Jobs highlighted problems with existing smartphones, such as poor user interfaces, lack of software integration, and limited functionality. Then he introduced the iPhone as a revolutionary device that combined three products: a mobile phone, an iPod, and an internet communication device.

Throughout the presentation, Jobs focused on the customer’s journey, emphasizing how the iPhone’s features, such as the touchscreen interface, built-in iTunes, and Safari web browser, would dramatically improve the user experience. Jobs demonstrated these features live on stage, showcasing the iPhone’s ease of use and innovative design.

The launch event showcased exceptional storytelling and stakeholder management. It’s worth watching if you haven’t already. Throughout this event, Jobs effectively communicated the value of the iPhone and the product’s future capabilities to various stakeholders, including customers, investors, developers, and the media.

Apple’s compelling narrative and innovative product set the stage for the iPhone’s incredible success and cemented its place as a market leader in the smartphone industry.

While we can’t be Steve Jobs, we can understand the power of storytelling around our products and roadmaps by learning from this example.

Stakeholders want stories, so let’s use the roadmap map to tell one.

The Tesla Model S. A lesson in masterful stakeholder management.

Beyond the story I told with my roadmap, my strategy to engage stakeholders was unsuccessful — there were better approaches than fighting with them.

As a Model Y driver, I’m thankful Tesla didn’t make this mistake.

In a world thirsting for fun yet sustainable solutions, one car drove a revolution that changed the automotive landscape forever: Tesla’s Model S.

In the landscape of modern automotive innovation, Tesla’s Model S is a testament to strategic stakeholder management. This groundbreaking electric vehicle (EV) journey from concept to global icon shows how Tesla’s adept engagement with key stakeholders catalyzed its product launch and an industry-wide revolution.

Strategic Customer Insights

Tesla’s first win was its consumer-centric approach. By directly engaging with customers through its unique sales model, Tesla gained invaluable insights into what drivers truly desired from an EV: range, performance, and luxury. This direct line of feedback informed every aspect of the Model S design, ensuring that the final product was innovative and deeply aligned with consumer expectations.

Supplier Synergy

Tesla’s relationship with its suppliers was marked by a collaborative approach seldom seen in the automotive industry. By partnering closely with companies like Panasonic for battery technology, Tesla overcame one of the biggest hurdles facing EVs: range anxiety. These partnerships were instrumental in developing the Model S’s high-capacity battery systems, which set new EV performance and reliability standards.

Investor Confidence

Tesla’s narrative of innovation and sustainability struck a chord with investors, guided by Elon Musk’s vision and the company’s transparent communication. Despite the high risks associated with introducing a new technology in a competitive market, Tesla maintained investor trust through every step of the Model S development, ensuring a continuous flow of capital.

Regulatory Navigation

Tesla’s proactive stance with regulatory bodies worldwide facilitated the smooth entry of Model S into international markets. The company not only met existing safety and environmental standards but also worked to shape new regulations that supported the growth of the EV sector. This engagement helped ease the path for Tesla’s expansion and the acceptance of EVs globally.

Public and Environmental Advocacy

By aligning its mission with broader concerns about climate change, Tesla turned the Model S into more than a vehicle; it became a symbol of a sustainable future. This alignment with environmental goals and the public’s increasing desire for green technology amplified Tesla’s message, converting customers into advocates for the brand and its mission.

Shifting the Stakeholder Paradigm

Through masterful stakeholder management, Tesla transformed the Model S from an ambitious idea into an industry-changing product that challenged conventional wisdom about electric vehicles.

By engaging deeply with customers, suppliers, investors, regulatory bodies, and employees, Tesla launched a successful product and pushed the automotive industry toward a more sustainable future.

The Model S’s success story is a case study of how strategic stakeholder engagement can lead to breakthrough products, setting new benchmarks for the entire industry.

Stakeholders are not adversaries. They are allies.

So, what do stakeholders want when it comes to a product and roadmap?

As an entrepreneur, consultant, product manager, and product leader, I’ve encountered a lot, and I mean a lot of stakeholders. And after years of interacting with them, I’ve found four things that all stakeholders want.

Four things will help you craft, deliver, and manage your product and roadmap.

Four things that you must reflect in your communications, or you are destined for rough waters.

So, what four things do all stakeholders look for in a roadmap and a product manager presenting a roadmap?

One: To see a story that reflects reality.

A reality in which stakeholders see the company winning in the market and themselves benefitting. While there is a long list of questions by which stakeholders could judge the story, the product, and the roadmap, they typically fall under four major questions:

Does the product and roadmap reflect a story that shows a path to winning and that stakeholders care about?

Does the roadmap reflect a story, a product, that solves a true problem, a pain so great that customers will part with their hard-earned money?

Will customers appreciate and love what is delivered as a result of the roadmap?

What evidence exists that gives me a higher degree of certainty that what is on the roadmap will lead to success?

Two: To be seen, heard, and acknowledged.

In a professional setting, we seem to forget how people operate in life. Work mirrors life. The realities of the world don’t check themselves at the door. When you present your product and roadmap, ensure your stakeholders feel seen, heard, and acknowledged.

Ask yourself — Did I do anything with their past feedback? Have I incorporated it? Will they see it reflected in the roadmap? Listen, reflect, and respond. Stakeholders spend time sharing their thoughts — make sure they feel heard.

Three: To be part of the story.

The hero’s journey with your stakeholder as the lead character. Stakeholders want to see themselves as part of the excitement of building the product.

They want to see themselves as the user or benefactor, but more importantly, they want to see themselves in a story that they understand. That means different stakeholders need to hear the story of the product and roadmap in a different way — in particular, the value delivered. For example, an investor wants to hear the story framed around growth and return.

In contrast, an engineering team needs to hear a story that excites them about building. Ultimately, each stakeholder needs to hear and be part of a story that makes sense to them — addressing their view of success in the hero’s journey.

Four: To feel they can trust you will deliver.

Once you address the three points above, stakeholders start to wonder whether you will deliver. Ultimately, this comes down to trust and track record. Will you turn the story into a script that stakeholders feel can be successfully filmed and is a box office hit?

A roadmap is more than features and deadlines.

Successful product managers understand that they are measured not just by the strength of their strategy or the value their roadmap will deliver, but also by their ability to successfully bring stakeholders along.

Selling stakeholders requires crafting a compelling story, understanding their perspectives, building trust, overcoming objections, and encouraging feedback. Sell your stakeholders like Steve. Manage them like Elon.

Your role goes beyond developing a plan for your product’s success. To move the plan forward, you must also convince stakeholders to buy into it — be it investors, customers, employees, regulators, or the media.

With the finesse of a master storyteller and the passion of a visionary, you can weave a narrative that captures the imagination and shows a path to market. Therefore, as you plot the course for your product’s future, remember that your roadmap is more than features and deadlines; it’s the script for an epic adventure where every stakeholder has a starring role.

I‘d like to thank Tremis Skeete, Executive Editor of Product Coalition, for his valuable contributions to the editing of this article.

I also thank Product Coalition founder Jay Stansell, who has provided a collaborative product management education environment.