What are interest groups and why are they so important?

We are always surrounded by interest groups in everyday life. In the family, for example, from the partner, children, (in-law) parents, pets and other relatives. They all have expectations and a specific interest in the family. It is therefore quite normal for us to know the importance of the interest groups and to respond to their expectations.

Interest groups in the company are groups of people and institutions that have an interest in your project and/or your organization . The English term“stakeholder” is also often used.

No matter which project you pursue, you will only be successful if you satisfy the interest groups associated with your project.

The typical 5 interest groups in the economy are:

(1) Customers

(2) Employees

(3) Partners and suppliers

(4) Company

(5) Key decision-makers

The first step to success is always to find out who the specific stakeholders are relevant to your success.

Examples:

• If you want to bring a highly innovative product onto the market that is ahead of its time, then customers with an affinity for technology are relevant to you first.
• If you want to use the “Internet of Things” (IoT) in your company, you need employees who have the necessary know-how.
• If you need reliable amounts of energy for your project, reliable energy suppliers are relevant for you.
• If you want to contribute to the destigmatization of mental illness, a certain part of society is relevant for you, e.g. family members and employers.
• If you want to export to the EU, the requirements of the EU Commission (“regulatory interest group”) in Brussels are relevant for you as an important decision-maker.

Our colloquial language already demonstrates the realization that failure is promoted without taking key interest groups into account. The saying“You’ve done the math without the landlord” means that you fail with something because you have not secured the consent of the person or persons involved.