The Business of Democracy

As the world waits for the results of this record-breaking election, it is significant to reflect on the unique connection between business and democratic affairs.  When collaborating with clients to develop digital products or launch strategies, I frequently refer to one of my favorite books, Principles: Life and Work. Written by Ray Dalio, one of the world’s most successful investors and entrepreneurs, the book outlines unconventional strategies used to achieve unique results at his firm Bridgewater and Associates.

“To be good,” Dalio states, “something must operate consistently with the laws of reality and contribute to the evolution of the whole; that is what is most rewarded.”

The most ingrained tenet of the democratic process lies within its promise to uphold national interests and satisfy the needs of as many constituents as possible. For business success, your product or service should similarly address the needs of as many target audience members as possible. Additionally, your marketing strategies should focus on your company’s commitment and success in solving those needs.

To achieve this, client acquisition and retention efforts should place a heavy focus on the following two points:

Research

How well do you know your clients? You could have the world’s best product or service. However, if your customer does not feel as though they NEED it, your business will run into challenges down the road. Leveraging your understanding of what motivates your target audience, their preferred communication styles and methods, as well as their current behavior allows you to transform your product or service into something they would consider to be a “need” or “must-have.” 

The Collection and Integration of Feedback

Failure to make your product or service an iterative design can be disastrous for your company. I always recommend that my clients conduct a variety of surveys for planning and development purposes (pre-surveys) or maximization and retention efforts (post-surveys). Regardless, a company must prioritize communication from its client base to remain competitive. Alternatively, if you have a new product, consider offering a Beta launch to ensure it is received and functioning as intended. Once the information has been collected and analyzed, your company is then responsible for making necessary adjustments, if at all.

All in all, as with Democracy, your company should be informed by “your people.” Remain open and aggressive in ensuring your customer’s voices are being heard and reflected in what your company has to offer. 

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Sherron Pearson

Co-Founder & CTO of Mint

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