It certainly is not “business as usual” with a business man in the White House. Donald Trump’s presidency has made retailers, restaurants, hotels, car manufacturers, airlines, tech firms and others give pause. How should they handle the new realities of the desires of their customers vs. their desire to win favor with the new administration vs. their desire to maximize profits vs. their desire to be mindful of employee concerns. It is exacerbated by these three factors:
- A president who is quick to publicly criticize people and companies who he feels have slighted him or his family.
- Increasingly vocal communities who are prepared and organized to boycott anything Trump including those of his daughter, sons and wife.
- Social media channels that allow people to quickly react, share and fire up the bases.
So what’s a business to do? How should companies market their products to have the best possible appeal for sometimes competing interests?
It would be an agonizing decision for a retailer to decide if they should continue to carry Ivanka Trump’s jewelry, for example. Here are some of the likely internal conversations:
If we keep the jewelry…
- Will we be a target of #grabyourwallet boycott?
- Will it increase our bottom line because of high demand for the product?
- Will it be prestigious and proper considering the family’s influence and standing?
- Will it make our employees and shareholders proud?
If we pull the jewelry…
- Will we be the subject of President Trump’s Twitter outburst?
- Will we be the target of Trump supporters’ boycotts?
- Will we cross the line between business and politics?
- Will our decision be misunderstood and cause a social media/PR nightmare?
The only way to handle the new reality is to be true to yourself. This includes the brand, customers, employees, shareholders and values. This alignment of who you are, what you do and how you react starts with a solid business and marketing plan. Responses to your decisions, if needed, should be thoughtful yet swift, honest but concise, explanatory but not defensive.
Need a business plan refresher? Get thoughts from Tim Berry, author of Lean Business Planning and Founder of Palo Alto Software.
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Leisa Chester Weir
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