IAA Fireside Chat explores risks and rewards of brand involvement in policy, political matters
By Zion Rufus
In a recent fireside chat hosted by the International Advertising Association, Molly Fluet, Media Solutions Executive at POLITICO, engaged in a conversation with Jeffrey A. Greenbaum, Managing Partner of Frankfurt Kurnit and a global advertising lawyer.
The discussion revolved around the increasing need for brands and businesses to engage in political and policy issues, the associated risks of remaining silent, and the importance of understanding the entire ecosystem in policy communications.
Molly Fluet emphasized that brands are now compelled to engage in various policy issues, which are not necessarily partisan but encompass areas like sustainability and technology. According to Fluet, being part of the policy conversation is vital for businesses, as being left out can lead to regulatory challenges or missed opportunities.
Fluet stressed that in the current fractured world, brands must have opinions and take a stance on political or policy issues.
She cited a study by Edelman, which revealed that CEOs are trusted more than policymakers, making it crucial for businesses to voice their perspectives. Policymakers often turn to industries for their expertise on complex issues, fostering a dual relationship between industry experts and policymakers.
Jeffrey A. Greenbaum added that brands are driven to engage due to consumer expectations, corporate responsibility, and the competitive aspect of taking a stand on issues.
He highlighted the IAA’s recent report, showing that consumer perception of a company’s sustainability efforts significantly impacts brand value. Additionally, the regulatory aspect poses challenges as governments can make laws that affect companies and industries.
Greenbaum also stressed the importance of considering all aspects when engaging in policy communications.
Fluet further affirmed the significance of understanding the entire ecosystem surrounding a brand, which includes government affairs, marketing, communications, and executive teams, noting that a strong policy communication strategy requires comprehensive insight into the brand’s interactions with the political audience, which includes policy makers, political elites, and opinion informers.
These audiences, she added, play pivotal roles in shaping policies and are essential targets for effective policy communications.
The professionals also emphasized the need for brands to participate actively in policy conversations, understanding that their voices matter in shaping the political landscape, and revealing that by engaging in policy communications and demonstrating thought leadership, brands can influence policies, foster brand value, and navigate the evolving political and regulatory environment effectively.
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