The Presidential Election and Your Small Business
by Larry Slusser on January 17th, 2008
The presidential election will impact your small business. The question is not if, but when and how. You have control over much of the impact, depending on how you choose to vote. Your business can wait for election events and be reactive, or you can get out front and be proactive.
You see many businesses choosing to use the election and other current events as inspiration for marketing campaigns that capitalize on the public awareness of the political events. How could you do this for your small business?
* Create voting buttons for new products to be carried on your site and have your own “election”
* Using the theme of your own “primary”, allow your customers to decide your next offering or product to put on sale
* On your website, simulate a “debate” between a couple of your products and services and your competition’s. Make sure not to violate any copyright laws during your mock debate and always change the names to protect the innocent (and not so innocent).
Try not to appear political in your marketing ideas as far as taking sides with candidates or issues. Although it is perfectly OK to use the election as a marketing topic, you don’t want to take sides – stay out of the actual politics.
On a more serious note, be aware of the campaign issues and the potential impact to your business. For example, if you import products from outside the US, make sure you are aware of the candidate’s positions on trade and other related issues. Depending on which candidate wins, you may need to shift the strategy of your business to more or less depend on overseas suppliers.
With the economy being very sensitive during election years, make sure your business strategy incorporates this knowledge into your planning. This may not be the best year for expansion of your small business, or it might be depending on how your niche is reacting to this economy. Take steps to recession-proof your small business .
Make sure your company is providing products and services where the rubber meets the road. You want your business to be seen as indispensable to your customers, so they will continue to purchase your products and services pretty much no matter what the economy does or who is elected president.
Update your business plan , taking into account the election, the issues, and the economy. Have viable alternatives for each of the major scenarios you believe possible within your niche segment. Stay informed, make time to study, and don’t hesitate to take action when you know the time is right.
Presidential elections, difficult economic conditions, and changes in governmental policy present challenges that can be viewed as obstacles or opportunities, depending on your viewpoint. If you view them as opportunities you can make your business better and improve your situation throughout this next election year.