The GOP might need to take a page from the business community and focus on marketing after Tuesday's election, Republican former presidential hopeful Tim Pawlenty said.
"The Republican party is doing well at the state and local level," the former governor of Minnesota told CNBC's "Squawk on the Street" on Tuesday. "But you can't be a national governing majority party when you consistently lose young people, women, Hispanics and Latinos, other minorities and modest-income and blue-collar workers. That is not a formula for a national majority. And if you keep pushing a product and you keep losing, you eventually got to get a better product or better marketing. So we're going to face a soul-searching moment here after tomorrow."
Pawlenty, who ran for president in 2012, now heads the Financial Services Roundtable, an advocacy group for industries such as banking, insurance, finance and credit card companies. He said that while he supports neither Hillary Clinton nor Donald Trump for president this year, he has some opinions on what the new president can do for the financial services industry.