How To Update Stakeholders On A Weekly Basis

Unlock the power of effective communication and keep your stakeholders in the loop with a killer weekly update template.

As a product manager, it's important to update stakeholders to maintain alignment, showcase achievements and address challenges. But even the best PMs struggle to keep everyone on the same page.

I've found weekly emails to be very helpful. The right weekly progress report can become your secret weapon for maintaining alignment, showcasing achievements, and addressing challenges head-on.

Let's dive into how you can craft a weekly update that not only informs but inspires action and drives your product forward. 🚀

Why Weekly Updates Matter

Weekly updates serve as a beacon of progress, challenges, and future plans. Whether it addresses team members, stakeholders, or upper management, the structure of these updates is as critical as the content itself.

Before we jump into the nitty-gritty, let's talk about why these updates are worth your precious time:

🎯 Alignment: Keep everyone marching to the same beat, from C-suite execs to frontline developers.

📈 Visibility: Showcase your team's hard work and progress, building trust and credibility.

🚧 Problem-solving: Surface issues early, allowing for quick pivots and solutions.

🔮 Forecasting: Set expectations and give stakeholders a clear view of what's coming down the pipeline.

💪 Accountability: Create a record of commitments and achievements, fostering a culture of responsibility.

Before Crafting Your Weekly Update

Creating your first weekly update will take you more time, especially because it can be difficult to identify what is the message you want to convey. I suggest you have the following points clear before you start writing anything.

These steps will not only guide you in the beginning, but will also help you to quickly automate things later on:

• 🛠️ Step 1: Establish a Routine

Set a specific day and time each week for updates.

• 📊 Step 2: Collect Key Information

Include progress reports, metrics, roadblocks, and milestones.

• ✂️ Step 3: Tailor the Content

Customize updates to the interests and needs of different stakeholders.

• 💻 Step 4: Choose the Right Tools

Use email, presentations, project management software, or meetings for delivery.

• 🤏 Step 5: Be Consistent and Concise

Provide a predictable structure for updates, keeping them brief but informative.

Now it is the time to start crafting yours! ✨

Structuring Your Weekly Template

1. Getting Off to a Good Start: The executive summary

Kick things off with a punchy overview that captures the essence of your week. Think of it as the trailer for your blockbuster update - it should tease the highlights and set the tone.

Week of October 4-8, 2024: Team Rocket blasted off again! 🚀

• Launched v2.1 with 99.9% uptime

• Onboarded 3 new enterprise clients

• Identified critical bug in payment processing (fix in progress)

2. Progress Against Goals: The main Item on the list

This is where you show how you're moving the needle on your key objectives. Be specific, be measurable, and don't shy away from variances.

• Objective: Increase MAU by 15% this quarter

• Planned: 5% increase this month

• Achieved: 7% increase 🎉

• Variance: +2% due to viral TikTok challenge

3. KPIs: The vital signs

Your product's health check-up in numbers. Choose metrics that matter and present them clearly.

📊 KPIs at a Glance:

• Customer Satisfaction: 4.7/5 (+0.2 from last week)

• MAU: 1.2M (+50K)

• Revenue: $1.5M (+$100K, 6.7% above forecast)

• Churn Rate: 2.1% (-0.3%)

• New Feature Adoption: 68% (+15%)

4. Challenges: The plot twists of your story

Every good story has conflict. Don't hide your challenges - showcase how you're tackling them head-on.

🚨 Challenge Alert: Payment processing bug causing 5% of transactions to fail

• Impact: Potential revenue loss of $50K/day

• Solution in Progress: Team working overtime, fix expected by EOD tomorrow

5. Upcoming Milestones: The coming attractions

Give a sneak peek of what's on the horizon. This builds anticipation and helps stakeholders plan accordingly.

🗓️ On Deck for Next Week:

• Launch marketing campaign for new AI feature (Oct 11)

• Beta test group feedback session (Oct 13)

• Decision needed on Q4 budget allocation (Oct 15)

6. Stakeholder Feedback: The reviews

Show that you're listening and responding to feedback. It's a two-way street!

👂 Stakeholder Corner:

• CFO concerned about server costs → Meeting scheduled to discuss optimization

• Users loving new UI → 95% positive feedback on social media

7. Call to Action: The next episode

End with clear, actionable items for your readers. What do you need from them to keep the momentum going?

🎬 Action Items:

1. Need approval on new hire budget by EOD Friday

2. Requesting 30 min with leadership to discuss Q4 roadmap priorities

8. Appendix and Supporting Documents

Provide links to dashboards, detailed reports, and relevant documentation.

🔗 Important Links:

• Link to live dashboard

• Link to detailed weekly report

9. Closure: Make a distinction

You can be as creative as you want in the closing. I've seen executives add quotes or anecdotes from the week. It depends on your audience, but it's good to leave your signature, the essence of who you are and do unique things.

"Remember, progress is impossible without change, and those who cannot change their minds cannot change anything." - George Bernard Shaw

Or

"In the end, it's not the years in your life that count. It's the life in your years." - Abraham Lincoln

Best regards,
[Your Name]

📋 Copy My Weekly Update Template

Here you can copy and paste this weekly template I have created for you and fill it with relevant information of your product.👇

Week of October 4-8, 2024: Team Rocket blasted off again! 🚀

- Launched v2.1 with 99.9% uptime 
- Onboarded 3 new enterprise clients 
- Identified critical bug in payment processing (fix in progress)

Progress towards our Goals:
Objective: Increase MAU by 15% this quarter
Planned: 5% increase this month
Achieved: 7% increase 🎉
Variance: +2% due to viral TikTok challenge

📊 KPIs at a Glance:
- Customer Satisfaction: 4.7/5 (+0.2 from last week)
- MAU: 1.2M (+50K)
- Revenue: $1.5M (+$100K, 6.7% above forecast)
- Churn Rate: 2.1% (-0.3%)
- New Feature Adoption: 68% (+15%)

🚨 Challenges: Payment processing bug causing 5% of transactions to fail
- Impact: Potential revenue loss of $50K/day
- Solution in Progress: Team working overtime, fix expected by EOD tomorrow

🗓️ On Deck for Next Week:
- Launch marketing campaign for new AI feature (Oct 11)
- Beta test group feedback session (Oct 13)
- Decision needed on Q4 budget allocation (Oct 15)

👂 Stakeholder Feedback:
- CFO concerned about server costs → Meeting scheduled to discuss optimization
- Users loving new UI → 95% positive feedback on social media

🎬 Action Items:
1. Need approval on new hire budget by EOD Friday
2. Requesting 30 min with leadership to discuss Q4 roadmap priorities


🔗 Important Links:
- Link to live dashboard
- Link to detailed weekly report


[Salute, quote, closure, etc.]

[Your Name]

Extra Tips for Mastering Product Updates

• 🎨 Make it visually appealing: Use emojis depending on your audience, colors, and formatting to make your update scannable and engaging.

• 📏 Keep it concise: Aim for a 5-minute read. If it's longer, you're probably including too much detail.

• 🔄 Be consistent: Send your update on the same day and time each week. Stakeholders will come to expect and look forward to it.

• 🔍 Tailor to your audience: Consider creating different versions for different stakeholder groups, focusing on what matters most to each.

• 🤖 Automate where possible: Use tools to automatically pull in data and metrics, saving you time and ensuring accuracy.

Before sending it, try to double check it. From time to time, it has happened to all of us that we forget to include attachments. Right? 😅

Wrapping Up

Use the power of great communication to your advantage

Remember, as a product manager, your ability to communicate effectively is just as crucial as your product strategy skills. A well-crafted weekly update isn't just a report - it's a great tool for driving alignment, building trust, and showcasing your leadership.

By following this template and adapting it to your specific needs your stakeholders will thank you, your team will be more aligned, and you'll have a clear record of your product's journey.

Let me know in the comments how this works for you, or if you have any killer tips to add to the mix. Happy reporting, product people! 🚀