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As we approach the 2024 US presidential election, CMOs and marketing leaders must prepare for a significant shift in the digital advertising landscape. Election years have always presented unique challenges for advertisers, but the growing dominance of digital media has made the impact more profound than ever before.
In this article, we examine the key factors that will shape the advertising environment in the coming months and provide actionable insights to help you navigate these turbulent waters.
The digital battlefield
The rise of cable television and the shift to digital media consumption have fundamentally changed the advertising landscape in recent years. As traditional television viewership declines, political campaigns have had to adapt their strategies to reach voters where they spend their time: on digital platforms.
According to a recent report from eMarketer, the number of cord cutters in the U.S. is expected to reach 65.1 million by the end of 2023, up 6.9% from 2022. By 2025, the number of cutters is expected to reach 72.2 million.
Additionally, a survey conducted by Pew Research Center in 2023 found that 62% of U.S. adults do not have a cable or satellite television subscription, up from 61% in 2022 and 50% in 2019. This data underscores the increasing shift away from traditional Television TV and towards streaming and digital media platforms.
As these trends continue, political advertisers will have no choice but to follow their audiences to digital channels. In the 2022 midterm elections, digital ad spending by political campaigns reached $1.2 billion, a 50% increase over the 2018 midterm elections. With the 2024 presidential election just around the corner, this number is expected to grow exponentially as election campaigns compete for the attention of an increasingly digitally-oriented electorate.
For brands and advertisers, this means competition for digital advertising space will be fiercer than ever. As political advertising spending continues to shift to platforms such as Meta, YouTube and Connected TV, advertising costs are likely to rise, making it more difficult for non-political advertisers to reach their audiences.
To navigate this complex and ever-evolving landscape, CMOs and their teams must be proactive, data-driven, and willing to experiment with new strategies and channels. By staying ahead of the curve and adapting to the changing media consumption habits of their audiences, brands can position themselves for success in the onslaught of election advertising.
Rising costs and limited inventory
As political advertisers flood the digital market, advertising costs are expected to skyrocket. CPMs (cost per 1,000 impressions) are likely to see a steady increase throughout the year, with significant spikes in May as students return home from school and become more involved in political conversations, as well as major campaign events such as presidential debates.
For media buyers and their teams, this means that the tried-and-tested strategies of years past may no longer be enough. Brands must be flexible, adaptable and willing to try new tactics to stay ahead of the curve.
Black Friday and Cyber Monday: A perfect storm
The challenges of election year advertising will be particularly acute during the critical holiday shopping season. Black Friday and Cyber Monday, which have historically been bonanzas for advertisers, will be more expensive and competitive than ever in 2024 as they coincide with the final weeks of the presidential campaign.
To avoid being drowned out by the political noise, brands need to start planning their holiday campaigns earlier than usual. Building an audience and creating compelling creative assets in advance will be critical to success, as will a willingness to explore alternative channels and tactics. Relying on a cold audience in the fourth quarter will result in exceptionally high costs that can be detrimental to many companies.
Navigating through chaos
While the challenges of advertising in an election year can seem daunting, there are steps media buyers and their teams can take to mitigate the impact and even thrive in this environment. Here are some important strategies to keep in mind:
Start early and plan for contingencies: Start planning your Q3 and Q4 campaigns as early as possible, with a focus on building your audiences and developing an extensive library of creative assets.
Be sure to include contingency budgets to account for potential cost increases and be prepared to adapt your strategy as the landscape evolves.
Use alternative channels: Consider diversifying your media mix to include channels that may be less affected by political ad spending, such as: E.g. influencer marketing, podcast advertising or sponsored content. Investing in owned media channels like email marketing and mobile apps also allows you to connect directly with your customers without having to compete for advertising space.
Own channels will be more important than ever. Take advantage of cheaper months leading up to the election to build your email lists and existing customer base so your BF/CM can leverage your own channels and engage your audience.
Create Compelling, Shareable Content: In a crowded and noisy advertising environment, it becomes more important than ever to create content that resonates with your target audience. Focus on developing authentic, engaging content that aligns with your brand values and speaks directly to your customers' needs and wants.
By harnessing the power of emotional triggers and social proof, you can create content that not only clears the clutter but also encourages organic sharing and amplifying.
reflections
The 2024 election year will undoubtedly bring new challenges and complexities to the world of digital advertising. However, if you are informed, adaptable, and strategic, you can successfully navigate this landscape and even find new opportunities for growth and engagement.
As a media buyer or agency, your role in steering your brand through this uncharted territory is critical. By starting planning early, leveraging alternative channels and tactics, and focusing on creating authentic, engaging content, you can not only survive but thrive in the face of election year disruption.
While the path ahead may be uncertain, one thing is clear: the brands that approach this challenge with creativity, agility and unwavering commitment to their customers will be the ones that emerge stronger on the other side.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
