Micro-Interview: Nikolay Neykov | Principal PM | Paysafe | Tips on Influencing Stakeholders

💬 "Communication changes the higher up you go. Messages get distilled and/or distorted. Executives don’t have time for long emails—keep it short, simple, and very clear."

Nikolay Neykov is the Principal Product Manager for Crypto and Web3 Payments at Paysafe, a global payment processor and digital wallet provider.

In under 500 words, he shares: 

• How he determines the most critical stakeholders to work with…

• His most formidable stakeholder challenge…

• Some of his sources of learning…

And more…  

Enjoy!

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“How did you get into product management?”

I've always been passionate about building and driving change (I’ve got some fun stories going back to kindergarten). When I joined Paysafe as a Project Manager, I soon realized I could make a more significant impact in a product role. I shadowed the lead Product Manager in Crypto and enrolled in Telerik’s inaugural Product Management course. A few months later, I became a Product Manager in Paysafe’s Crypto area, and things quickly took off. 

“How do you determine the most important stakeholders for you?”

It’s crucial to distinguish between Stakeholders and Functional team members.

I reserve “stakeholder” for senior people with a vested interest in a project's success or failure. This results in a short list of people to map based on influence and sentiment toward the product. 

By defining everyone else as functional team members, you reduce noise and shift the power dynamic. Many people prefer to act as stakeholders, but by framing them as team members, they become responsible and accountable for the project’s success. This also helps you identify who you really need, depending on the nature of the change. 

“What do you know about influencing stakeholders now that you wish you’d known when you first started?”

Understanding the distinction between Stakeholders and Functional team members would have been helpful. You don’t need to oblige every request; holding people accountable for what you need from them is critical. 

Also, communication changes the higher up you go. Messages get distilled and/or distorted. Executives don’t have time for long emails—keep it short, simple, and very clear. 

What did your toughest stakeholder challenge teach you?

Focus on the people who matter and choose your battles. There’s a lot of noise in large organizations, and you can’t address or control everything. Spend time with key people, get their support, and don’t spread yourself too thin by reacting to everything. 

What’s the #1 method that has helped you align all stakeholders in your favor?

1. Know who really needs to be in your corner. 

2. With detractors, sometimes the best you can do is ensure they stay neutral. 

3. Understand the needs, pains, and incentives of the people you work with and around. 

How do you stay updated on the best practices in influencing stakeholders?

The more appropriate question is, “How do I learn to influence people and reinforce that skill?”: 

There are quite a few good books; my top 3 are:

• "Influence" by Robert Cialdini

• "Thank You for Arguing" by Jay Heinrichs

• "The Art of Public Speaking" by Dale Carnegie

If you struggle with public speaking, find a way or place to exercise:

• Toastmasters clubs can be great (not all of them, though, and bear in mind that a “Toast” is not your everyday speech)

• Debate Clubs (I am slightly biased, given that I am co-founder of the national association)

• Impromptu Theater – Both HaHa and Shizi in Bulgaria are pretty decent.

Podcasts like "You Are Not So Smart" can teach you much about logical fallacies.

Most importantly, look for any and all opportunity to speak to and in front of people, then reflect on what works and what doesn’t for you. It’s so individual and you need to find your style and pattern.