As seen in Fast Company
Election years bring unique challenges and opportunities to business. The uncertainty around policies and regulations can affect everything from consumer confidence to market stability. It’s crucial to adopt a strategic approach to ensure your company thrives during turbulent times.
During an election cycle, the socio-political narrative dominates the conversation. A public relations agency’s role becomes essential to maintaining and promoting a client’s brand ethos. The skill of an experienced PR agency is to promote stories that uphold the client’s values and identity while resonating with the political climate. For a CMO, there are big choices to be made as advertising costs become prohibitively expensive. The narrative must remain strong, and the sales team must have the aircover needed. This delicate balance ensures that most companies know they need to change things up.
Here’s what to consider and a few tips for running your company effectively during an election year.
1. STAY INFORMED AND ADAPTIVE
Understanding the political environment is essential. Assign a team or designate a point person to monitor election-related news and provide regular updates.
Action Point: Subscribe to reliable political and economic analysis sources. Regularly review how proposed changes might affect operations, supply chain, and market conditions. Your company may have specific situations based on policies being proposed, so having a pro in your corner can be a big help. I’m a big fan of Jacob Shapiro, a geopolitical analyst with a thoughtful podcast.
2. SCENARIO PLANNING
Uncertainty is a hallmark of election years. Develop multiple scenarios based on potential election outcomes and plan responses accordingly. This proactive approach allows you to pivot quickly and minimizes disruption.
Action Point: Create contingency plans. Assess potential impacts on taxation, trade policies, labor laws, and regulatory changes and develop strategic responses. Know the big dates leading up to the election so you can appropriately plan your corporate news to avoid these dates and weeks. One good source is Ballotpedia.
3. MAINTAIN A STEADY COURSE
Though it’s important to be adaptable, avoid making hasty decisions based on short-term political volatility. Stick to your core business strategy and make adjustments only when necessary. Overreacting can lead to unnecessary disruptions and lost opportunities.
Action Point: Focus on long-term goals and maintain a steady course. Plan to manage risks without deviating from your overall strategic vision.
4. ENGAGE IN THOUGHTFUL COMMUNICATION
Election years can be polarizing. Be mindful of how political discussions and decisions might affect your internal and external communications. Strive for neutrality and inclusivity in your messaging to avoid alienating stakeholders.
Action Point: Train your team on appropriate communication strategies during politically sensitive times. Ensure all public statements, marketing materials, and internal communications are carefully vetted for potential political biases. Establish a communications strategy that allows you to keep your value front and center. For example, if you are a geothermal company creating prosperity in communities, you can send a message in ways that play well with both parties without taking sides.
5. EMPLOYEE ENGAGEMENT AND SUPPORT
Political discussions can create tension within the workplace. Foster an environment where employees feel supported and respected, regardless of their political views. Encourage open dialogue while maintaining a respectful and inclusive culture.
Action Point: Implement policies that promote respect and inclusivity. Consider providing resources such as workshops or counseling to help employees navigate political stress. One fantastic resource is Civic Alliance, which is a nonpartisan voter education platform that companies can join.
6. FOCUS ON CORE VALUES
Reinforce your company’s core values and mission. During political uncertainty, your values can serve as a guiding light for decision-making and help maintain consistency in your actions and communications.
Action Point: Double down on the visibility of the leadership team. Reiterate your company’s commitment to core values. Highlight examples of how these guide your operations and decision-making processes.
7. COMMUNITY AND STAKEHOLDER ENGAGEMENT
Engage with your community and stakeholders to understand their concerns and perspectives. Building strong relationships can provide valuable insights and enhance your company’s reputation and trustworthiness.
Action Point: Organize forums, surveys, or town hall meetings to gather feedback. Use this information to inform strategies and demonstrate your commitment to community engagement.
8. PREPARE FOR ECONOMIC FLUCTUATIONS
Election years often bring economic uncertainty. To prepare for potential market fluctuations, ensure your company has sufficient liquidity and a flexible financial plan.
Action Point: Conduct a financial health check. Strengthen cash reserves, review investment strategies, and consider diversifying revenue streams to mitigate risks. In some cases, companies can take funds that normally would be spent on ads and reserve these by using funds on more targeted, affordable PR initiatives, customer engagement opportunities, and community engagement.
9. THINK DIFFERENTLY ABOUT HOW TO REACH AND WOO YOUR TARGET AUDIENCES
Innovation can be a key differentiator in uncertain times. Consider your fall advertising plan and the likely increases in fees, and consider what might be a better way to connect with your target audience.
Action Point: Identify where you can take a fresh approach for six months. Consider the social media landscape and election fatigue that comes from these outlets. Determine how to get campaigns and PR initiatives in the right places.
10. MONITOR REGULATORY CHANGES
Stay vigilant about regulatory changes that might arise. Understanding new regulations early allows you to comply swiftly and avoid potential penalties or disruptions.
Action Point: Establish a regulatory compliance team or partner with legal experts to monitor and interpret new regulations. Ensure your company is prepared to adapt quickly to any changes, and have your PR team ready to establish messaging and responses.
Navigating an election year requires a balanced approach of staying informed, being adaptable, and maintaining a steady course. By focusing on core values, engaging with stakeholders, and preparing for economic fluctuations, your company can not only weather the storm but also find opportunities for growth and innovation.
