INSIGHTS TO ACTIVATE
ELECTION ACTION: WHY BUSINESSES NEED TO PREPARE TODAY FOR 2024’S UNCERTAINTY
No one knows who will win America’s election – but we can forecast what might happen under a Trump or Biden presidency. Here’s why brands need to act on that today.
INSIGHTS TO ACTIVATE
ELECTION ACTION: WHY BUSINESSES NEED TO PREPARE TODAY FOR 2024’S UNCERTAINTY
No one knows who will win America’s election – but we know what will happen if either Biden or Trump wins. Here’s why brands need to act on that today.
Key Takeaways
1
After a year of historic and polarizing elections around the world, the political and regulatory landscape in 2025 could look very different for businesses.
2
Two very different outcomes are both highly plausible for the presidential election, each with major implications.
3
Using scenario planning will help your business mitigate the risks and potential outcomes associated with possible electoral outcomes.
1
After a year of historic and polarizing elections around the world, the political and regulatory landscape in 2025 could look very different for businesses.
2
Two very different outcomes are both highly plausible for the presidential election, each with major implications.
3
Using scenario planning will help your business mitigate the risks and potential outcomes associated with possible electoral outcomes.
Later this year, the U.S. and the world at large could be suddenly and radically different – or it could be largely the same.
That’s the power of an election. While there will be 70 major elections around the world, making 2024 perhaps the biggest year for democracy in the history of the world, few loom larger than the rematch between Donald Trump and Joe Biden.
That creates high stakes for businesses, especially those that operate on a long timeline or are heavily affected by government regulation. Notably, this includes healthcare and pharmaceutical companies who rely on government approval; automotive, whose environmental goals could shift drastically in different directions; goods that rely on imported parts or components that could face a more tariff-heavy system; AI and tech platforms that could face increased regulation in different directions; financial services companies, which are affected by the strength of the dollar and interest rates that will impact how much money consumers have in their wallets and businesses have on their balance sheets. Oh, and there’s brand risk all over the place.
But there’s good news: Both Biden, Trump and their political parties have spoken about their plans for how they will govern, and businesses can start the process of planning today for these known unknowns. Depending which candidate wins, and by how much, we could face social unrest, major changes in federal spending and regulation, legislative gridlock, or a retreat from the global stage. Forecasting and scenario planning can help transform the tension around elections into proactive strategic conversations with your stakeholders.
“Ultimately consumers make choices based on the benefits they are seeking and which product delivers the best for them.
Regulation and policy operate out of the line of sight of many consumers, but they play a significant role in shaping and constraining product and portfolio strategy. Gaming out how to optimize your product can unlock both obvious and hidden opportunities to grow share and conquest.”
Dennis Syrkowski
Director, Global Consumer Insights
Read on to learn how you and your brand can proactively plan for potential futures to develop future-facing strategies that will mitigate risk and set brands up for success, no matter what takes place.