Three Election Takeaways for Your Business
Joe Biden is the president-elect. The Senate majority will not be decided until two Georgia runoff elections. A record number of women have been elected to the House. Cities have asserted their political power by voting to restore the Democratic Blue Wall while turning Arizona and Georgia purple.
Things have definitely changed. But with the election being so contentious it is not really clear in what ways. Even in this uncertainty here are three unmistakable election impacts that your business must focus on to win customers:
A Renewed Sensitivity for What Wins Customers and Avoids PR Disasters
In Florida, the Hispanic vote was decisive in Trump winning that state. Hispanic voters in Arizona did the same for Biden. While a majority of whites voted for Trump, a significant minority of white voters enabled Biden’s victory. Lesson number one in this election is that while the color of a person’s skin may identify them it does not define them.
How well your business understands America’s societal granularities will either convey competitive advantage or lose you customers. The innate ability to appreciate your work associates’ social positioning will impact your organizational effectiveness. Business leaders need to demonstrate leadership on what to do and how to react to customers and each other in this post-election America.
Here are three leadership steps your business must have in place to win customers and avoid PR disasters:
- Research what diversity means to your business, your customers and work associates.
- Develop a continuous learning sensitivity engagement process for all associates at all organizational levels to promote understanding and to enable commonalities rather than differences.
- Back in the 1970s a hugely popular book was I’m Okay. You’re Okay. Transactional analysis became an HR training focus. Something like that is needed for our entire country. And it can begin, and should begin, with your business.
Green Economics Are More Impactful Than Public Opinion
People vote every day with their pocketbooks. While the majority of Americans believe in climate change and want renewable energy they do not want to pay more. It will be the ability to deliver sustainable goods and services that cost less and mean more, rather than government policies, that will turn America green. Today’s electric vehicles cost less to operate and are way more fun to drive then combustion engine vehicles. But only when they cost less to buy will the majority of consumer vehicle purchases be electric. And only when electric self-driving vehicles deliver less cost and superior safety performance will America adopt the Mobility As A Service business model.
The business template for winning green revenues has been created by California’s solar industry. They sell rooftop solar systems based on zero down, zero operating risks and guaranteed lower electric bills. Finding your green technology leadership and wrapping it with a cost less, mean more marketing promotion is the fast track to explosive sales growth.
Female Leadership
Companies with women in leadership positions achieve superior business results. S&P Global’s research found the following:
There were 19 male CEOs and 6.5 male CFOs for every woman in these roles in 2018. Two years after a new appointment, the company that appointed a woman CEO outperformed on stock price by 20% compared to companies that appointed men!
The new congress will have a record number of Republican women members. This same milestone was achieved by Democrats in 2018. Female leadership is a competitive advantage that is still grossly undeveloped by American businesses. Putting women in leadership roles in your business is a huge competitive advantage. Now, more than ever. Do it now!
Multi-Channel Convenience Wins
As if the COVID-19 crisis has not driven this point home, the 2020 election demonstrated the competitive advantage created by offering multi-channel convenience. Mail-in ballots won over walk-in voting just as digital commerce is winning in this age of pandemic shutdowns of onsite commerce and work.
Convenience now joins price and quality as fundamental consumer buying expectations. Figuring out how to deliver a superior consumer experience through multi-channel convenience is job one for your marketing strategy. Companies that can figure out their formula of digital technology and work culture to deliver a “personal touch” through multi-channel convenience platforms will win customers and market share.
The 2020 election has validated that diversity, female leadership and disruptive technologies that cost less, mean more, and deliver superior convenience are reshaping America. This is now the business path for achieving competitive advantage.
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