Around the world, governments are placing a razor-sharp focus on enhancing their competitiveness. Canada is no exception, and its capital markets are pivotal to this effort - but seizing their growth potential requires careful government engagement and policy advocacy.
Phil Harwood, Partner at FGS Longview, and John McKenzie, CEO of TMX Group, sat down for a recent panel event at the TMX Equities Trading Conference to explore how organizations can best educate and influence policymakers to bolster Canada’s position in the global business landscape.
Specifically, Phil outlined a few essential elements of successful public affairs communications:
Solutions-based campaigns
Public servants are often already aware of the same challenges companies are looking to fix (as is the case with competitiveness). What they don’t necessarily know is how to fix it. Advocacy campaigns should go beyond identifying the problem to provide specific, actionable solutions officials can leverage.
Politically sellable messaging
For many politicians, reelection is a top priority - one that requires winning policy support from constituents. Translating technical business or regulatory issues into plain language that resonates with everyday people helps politicians gain more traction for the company’s cause without unnecessary hurdles.
Analysis and education
Policymakers themselves, who may not be deeply versed in sector-specific knowledge, may also need some support in deciphering why and how their decisions produce certain downstream effects. Lending expert analysis to equip them with a clear view of how decisions might impact outcomes helps them to better understand the company’s position and make informed choices.
Consensus and focus
Policymakers are only human – they are constantly faced with competing priorities, limited bandwidth and high turnover within their departments. The more industries can coalesce around individual solutions, the easier it is to cut through the noise and capture officials’ attention. Moreover, the more momentum and urgency the group can put behind a single solution, the greater the chance of moving the needle.
Tailored communications
Still, not every policymaker is the same. It is key for groups lobbying for change to understand the nuances of the administration they are looking to engage. For example, newly elected Prime Minister Mark Carney is building a decision architecture based in data. Companies who provide evidence-backed arguments will have a greater chance of winning his favor than those who fail to connect their cause to clear data. Understanding these preferences allows for a targeted, tailored approach with a greater probability of success.
Ultimately, meaningful change starts with meaningful engagement. Canadian companies and policymakers share a common objective: driving growth and innovation in the capital markets to secure Canada’s place in the global economy. By combining tailored communications, consensus-building and data-driven advocacy, organizations can foster productive partnerships that transcend individual agendas and deliver lasting impacts.
