Trade associations representing the U.S. financial sector were repeatedly ranked among Washington, D.C., policy leaders as the most effective industry advocates on Capitol Hill, according to a new survey released by APCO Worldwide.
The survey, which quizzed policy leaders on what public-policy characteristics make associations effective in achieving their policy goals, asked Washington insiders to rank 50 specific trade sectors to identify which ones they believe are the most effective in delivering policy results for their members. Groups representing the financial services sector were collectively ranked as the most effective. The retail/general business sector came in second place, followed by healthcare, energy and extraction, technology, manufacturing, transportation and food and beverage.
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| Top performing trade group sectors. |
Financial services, retail and general business, healthcare and food and beverage all posted higher effectiveness ratings this year compared to 2023, according to the survey.
Respondents were also asked to name the specific associations that best exemplify the characteristics needed to support their members. Once again, trade groups representing the U.S. financial sector were top performers in this year’s study, followed by trade groups representing retail, manufacturing and health groups.
The top-rated group for the most categories was the American Bankers Association, which topped the list for lobbying, multilateral impact and local impact. Retail group the National Retail Federation also earned three top mentions: for events, media relations and grassroots capabilities. The Bank Policy Institute earned the top spot for social media as well as for providing a unified voice. The International Franchise Association was viewed as a top player for bipartisanship and coalition building. The National Federation of Independent Businesses was listed as a top information resource, the American Dental Association earned a top spot for self-regulation and the American Hotel and Lodging Association topped the list for member representation.
When it comes to what characteristics policy leaders believe today’s trade groups must excel at to achieve results for their members, lobbying topped the list, followed by membership mobilization, multilateral impact and providing a unified voice. Other top-performing characteristics included being an industry reputation steward, social media, events, media relations, and serving as an information resource, while local impact, bipartisanship, self-regulation, coalition building, grassroots and member representation bottomed out the list.
According to APCO’s survey, Washington, D.C., policy leaders view trade groups as generally more effective advocates in 2024 than in previous years. The 50 trade associations ranked in the year’s survey earned an aggregate score of 68.3, compared to 67.7 last year.
APCO’s 10th annual TradeMarks study surveyed more than 330 Washington policy leaders, which included congressional staff, executive branch officials and private sector executives. Research for the study was conducted between June and August.
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