Ask an Expert: Business lessons from the candidates' campaigns

— -- Q: Obama's campaign seemed better organized. Does that always translate into organizational strength? Does it in business? — Amy

A: Although I certainly have as strong political opinions as anyone, I always strive to maintain the separation of the church of small business and the state of elections. That said, from a business perspective, there is plenty to be said and learned, both good and bad, from both presidential candidates, to wit:

Understanding the market: In a different life I was a political junkie. I got a masters in public policy, was a Coro Fellow in Public Affairs, and worked on too many campaigns. One thing I learned back then was that, in presidential elections especially, new eras are a reaction to old eras and it is the candidate who best gets that who usually wins.

The strength of Ronald Reagan was a reaction to the perceived weakness of Jimmy Carter. We wanted a president like Bill Clinton, someone who could feel our pain, because many people felt that George H.W. Bush could not. George W. Bush banked on the fact that he promised to have more integrity than Bill Clinton.

Understanding the market is as important in business as it is in politics. You must correctly assess the market if you are going to win, and it is not enough just to have a hunch what potential and actual customers want, you have to be sure. So do what the pols do – poll your customers, talk to uncommitted customers, conduct focus groups, look at results, and change as necessary.

Branding out: In a recent New York Times piece, Maureen Dowd correctly pointed out that John McCain entered the campaign with one of the strongest brands in American politics: The steady, strong, straight talk expressing maverick.

But brands, both business and political, are not set in stone. You have to back up your brand with consistent actions if you want to maintain it. The mistake John McCain made is that he undercut that valuable brand by acting and speaking in ways that did not bolster his maverick image. Alternatively, Barack Obama was a cool customer from the get-go, and when the financial markets melted down, that coolness brand was reinforced by his actions, which in turn reinforced his brand.