With the 2024 elections now behind us, the conversation must now shift to how best to navigate president-elect Donald Trump’s agenda and his new administration.
While there was a wide range of political promises on the campaign trail, how Trump will actually approach policy – especially economic policy – and govern remains less clear, at least for the time being. The one certainty is that businesses must be prepared for anything, especially those in the financial sector.
From corporate taxes and rules around private-market investments, to ESG investing and regulation of crypto, there is much at stake for Wall Street. Many of our clients in finance are well prepared and have plans in place. We’ve been working with them for months, developing different scenarios and strategies on how to successfully work with the next administration. Now that we know the next President, it’s time to put those plans into action.
It’s not too late to create a plan for a successful Washington strategy. We won’t reveal all of our secrets, but here are four key steps to prepare your communications function for Trump’s second term.
Bolster Your Policy Communications Team
You may have a D.C. law firm or lobbyist on retainer, but you also need to have a strong policy communications team in place. These individuals know how to fluidly navigate Washington, regardless of party. They can craft a message that resonates with policy audiences, but also know the key reporters, and can push initiatives while also protecting corporate reputations. It’s a skill set that will be critical in navigating Washington over the next four years. Veteran GOP communicators, especially those with experience from the first Trump administration, have the insight and network to help your company navigate the many unknowns ahead. And with Sen. Elizabeth Warren likely to take the lead for Democrats on the Senate Banking Committee, it is important to also have someone on your team who knows how to work with the progressive wing.
Focus on Intros and Inroads Between Now and Inauguration
A new administration means new people pulling policy levers. Conduct a deep landscape analysis, mapping out the new power players. Simple research will identify the core team that orchestrated a Trump victory. Most of those individuals will soon have desks in the West Wing. Identify connections. Then dig deeper into the second and third rings to the lobbyists, advisers and aides. At the end of the exercise, you may not have a direct line to Susie Wiles, but you will likely have a roadmap that can connect you to the people who can make things happen.
Uplevel Your D.C. Media Strategy
Trump largely bypassed mainstream media, connecting with his voters where they were in what many are calling the first “podcast election.” Companies looking to communicate in Trump’s D.C. should follow suit, developing a D.C. media strategy focused on meeting the new policy influencers in their space. X, TikTok, Instagram, YouTube and Spotify (where you’ll find Trump friendly podcasts) are the new mainstream media. And while Trump says he’s not a fan of the Washington Post and New York Times, he reportedly still reads them every day, so don’t count them out.
The Value of Intelligence
Having knowledge of how Washington works is a pretty powerful advantage. It is critical for financial firms to have seasoned communicators on the ground who can sift through public communications - the policy briefings, press releases and congressional statements - and decipher what is real and what is rhetoric. Companies looking for an edge have policy communicators monitoring the media, reading between the lines, and gathering insights and intelligence to help them peer around corners for both obstacles and opportunities.
Avoidance is not a prudent strategy, and for many, may not be an option. Now is the time to get your house in order and be best prepared to navigate what will surely be an eventful next four years.
Natalie Short (Natalie.Short@edelmansmithfield.com) is a Senior Vice President at Edelman Smithfield and previously served at both the SEC and in the White House in the first Trump Administration. Sean Neary (Sean.Neary@edelmansmithfield.com) is the co-head of US Financial Services for Edelman Smithfield and previously served as the Communications Director for the Democrats on the Senate Finance Committee.