After over two decades of marketing and advertising experience (including leading a full-service agency), I have helped my fair share of organizations navigate the tricky footing of trying to market their organization during an election year.
The 2024 election cycle is shaping up to be a landmark year in terms of political advertising spend. Marketers and business owners need to be aware of the challenges and approach this year strategically.
Here’s what you need to know to effectively manage your marketing during an election year in 2024 and beyond.
The 2024 election cycle is predicted to see the highest political ad spend in history. With over $154 million already allocated for presidential election ads, we’re seeing an unprecedented demand for ad space.
This influx of political ads means increased competition for consumer attention and advertising space, especially in battleground states. I’ve seen firsthand how this saturation can hinder businesses. It's crucial to be prepared and adapt your strategies accordingly—more on this later.
Political advertisers are utilizing digital platforms like never before. This year, we are on track to see a 156% spike in political digital ad spend since 2020, highlighting a significant shift towards digital platforms. This means more competition not only in the traditional media landscape, but also online.
Consumer behavior changes significantly during election years, especially presidential election years. As Americans await the election results, consumer confidence typically wains, resulting in a slower moving and more hesitant economy. Fewer large purchases such as homes, cars, electronics and vacations are made. However, once the election results are in and the dust settles, spending generally rebounds.
The sheer volume of political ads can make it more difficult to capture consumer attention. Consumers often feel ad fatigue, making it more challenging for your ads to stand out. To combat this, you may need to increase the frequency of your ads while also refining your messaging.
Advertising costs, including cost per thousand impressions (CPM) and cost per click (CPC), can rise significantly during election years. This increase is especially prominent on broadcast channels like television and radio, as well as connected TV (CTV). The effect is greatest in battleground states, but can be seen in markets throughout the country.
Although you may not be competing with political advertisers for votes, you are competing with them for ad space. The high demand for advertising space during election years leads to reduced available ad spots, driving up costs.
To avoid burning through your budget too quickly, it’s essential to plan your advertising spend carefully. If you don't have one in-house, you should consult a savvy media planner who will help you get the most out of your budget.
Start by understanding your state's political landscape. If you’re in a battleground state, you’re likely to see an especially high spike in political ad spending. Know your target market and whether it overlaps with the markets being targeted by political advertisers. If so, you'll likely need to adjust your strategy to avoid the cutthroat competition and soaring costs.
Develop campaigns that are highly specific to your audience. Use mediums that allow for narrow targeting to keep costs in check and reduce wasted spend. This will help ensure that your ads reach the right people without overspending.
Plan your advertising around key political dates such as caucuses, primaries and the general election. Consider reducing or pausing your ad spend during these peak times—this year that will be September through October—to avoid the highest costs and most intense competition.
Consider leveraging different advertising mediums to help you save on costs. In many cases, search ads, targeted and contextual display ads, and streaming audio are more cost-effective alternatives to traditional broadcast advertising. Depending on the popularity of ad mediums in your state, these methods may help you reach your audience without competing directly with as many political ads.
Navigating an election year requires expertise. A great way to get experts on your side is working with an agency with specialists in media planning and placement.
In our case, we at Creative Noggin are a full-service agency. This means we can guide your marketing from strategy to creative to media planning and beyond as your outsourced marketing department or as an extension of your internal team.
Marketing during an election year presents unique challenges, but with careful planning and strategic adjustments, you can keep resonating with your audience, just like many of our clients have. By understanding the impact of increased political ad spending, adapting your strategies to mitigate costs, and working with experienced professionals, you can maintain your marketing effectiveness and achieve your business goals.
Need help with creating and executing your winning election year strategy? My experienced team can serve as your outsourced marketing team or as an extension of your internal team. Reach out to schedule a strategy call and we'll explore how to help you thrive throughout and beyond this cutthroat election year.
