In the not-so-distant future, political ads will reign supreme, flooding our airwaves and social media feeds. It’s the circus we call election season, and amidst the chaos, businesses like yours are left wondering how this will impact your advertising efforts.
With the 2024 elections approaching and primaries just around the corner, our clients are already starting to feel the pressure. Spending is already ahead of pace and projected to be the most expensive cycle yet, with an anticipated total of $10.2 billion. Luckily, we’ve been through the trials of election season before and are always keeping up to date with the latest in the industry to help businesses like yours stay afloat. Here is a full breakdown, including challenges you can anticipate and suggestions on how to continue preparing for a successful marketing year.
Increased competition for ad space
One of the biggest challenges for advertisers during election season is increased competition for ad space. Political advertisers have huge budgets and are willing to pay top dollar to secure prime ad space. This can drive up the cost of advertising for all businesses and lead to higher acquisition costs.
Inventory is going to be a premium
Another challenge for advertisers is the reduced availability of ad space during election season. Political ads often occupy a significant portion of the ad space, making it more difficult for commercial advertisers to reach their target audiences.
The hotspots: areas of highest competition
In 2024, broadcast television will continue to hold the largest share of ad spend for political advertising. While cable TV will still command big budgets, keep an eye on the rising star of the advertising community – Connected TV (CTV). CTV is anticipated to attract the biggest increase in media dollars.
Don’t forget, advertising varies across states. With early nominating contests, states like Iowa and New Hampshire have experienced the heaviest spending thus far. The concentration will soon shift to primary states and general election battlegrounds. It’s essential to keep these dynamics in mind when launching your campaigns.
Despite the challenges, there are ways to prepare for the election season and even some opportunities for advertisers to leverage for optimal success!
Plan Ahead: The early bird gets the worm, or in this case, prime ad space at the best rates. To prepare for the impact of political advertising, it is essential to plan early and book ad spaces as soon as possible.
Unleash Your Creativity: With voters drowning in a sea of political ads, it’s time to cut through the noise with creativity that packs a punch, engaging your target audience like never before and leaving a lasting impression.
Be Positive: While politics can get messy, keep your ads positive, informative, and inspiring. Spread the good vibes to build a deeper connection with your audience. Trust us, they’ll appreciate it.
Target Voters: Leverage election season to your advantage by targeting ads to specific voter demographics or focusing on issues that resonate most with your audience, essentially reaching your ideal customer base even more effectively.
Be Realistic: If competing with major advertisers seems daunting, consider exploring less competitive media channels that still deliver high impact without draining your resources.
Condense and Conquer: Optimize your media dollars by focusing them on the most relevant and effective channels. This strategy ensures a concentrated impact, even with limited resources.
Seek Out Professionals: If the challenges of election season are leaving you concerned, don’t hesitate to reach out to marketing agencies like us. We’re here to guide you through this unfamiliar territory and help you make the most of your media dollars.
By following these tips, you can minimize the challenges and maximize the opportunities that election season presents. If you’re concerned about how your advertising campaign may be affected, contact us to find out how you could get more out of your media dollars.