As we approach the 2024 U.S. presidential election, Chief Marketing Officers (CMOs) and marketing executives must brace for a transformative shift in the digital advertising landscape. Historically, election years have presented unique hurdles for advertisers, but with the escalating influence of digital platforms, the effects are more pronounced than ever.

In this article, we’ll delve into the pivotal factors that are set to shape the advertising arena in the upcoming months and offer actionable strategies for navigating these turbulent waters.

The Digital Battleground

The surge in cord-cutting and the changing tides of media consumption have revolutionized the advertising landscape. With traditional television viewership on the decline, political campaigns are compelled to rethink their strategies and focus on engaging voters on digital platforms where they are increasingly active.

According to a recent eMarketer report, the number of cord-cutters in the U.S. is projected to reach 65.1 million by the end of 2023, marking a 6.9% increase from the previous year. This trend shows no signs of slowing down, with estimates predicting 72.2 million cord-cutters by 2025.

A survey by the Pew Research Center in 2023 further highlights this shift, revealing that 62% of U.S. adults no longer subscribe to cable or satellite TV, an increase from 61% in 2022 and 50% in 2019. This trend underscores the rapid migration from traditional TV to streaming and digital media platforms.

As these shifts persist, political advertisers will be compelled to transition their strategies to target audiences on digital channels. In the 2022 midterm elections alone, digital ad spending surged to $1.2 billion, a 50% increase from the 2018 midterms. With the impending 2024 presidential election, this figure is expected to escalate further as campaigns compete for the attention of an increasingly digital-savvy electorate.

This transformation in digital ad spending also means that brands and advertisers will face increased competition for digital ad inventory. As political ad budgets flow into platforms like Meta, YouTube, and connected TV, the cost of advertising will likely soar, potentially making it more difficult for non-political advertisers to connect with their target audiences.

To successfully navigate this ever-evolving landscape, CMOs and their teams must be proactive, data-driven, and prepared to explore innovative strategies and channels. By staying ahead of the curve and adjusting to changing media consumption behaviors, brands can set themselves up for triumph amid the electoral advertising frenzy.

Rising Costs and Limited Inventory

As political advertisers flood the digital marketplace, the price of advertising is expected to escalate dramatically. Cost-per-thousand impressions (CPMs) will likely continue to rise throughout the year, with major spikes anticipated in May when college students return home and become more engaged in political discourse, as well as during pivotal campaign events like presidential debates.

For media buyers, this indicates that traditional strategies may no longer suffice. Brands will need to be agile and open to exploring new approaches to stay competitive.

Black Friday and Cyber Monday: A Perfect Storm

The challenges associated with election year advertising will be particularly pronounced during the critical holiday shopping season. Black Friday and Cyber Monday, typically lucrative periods for advertisers, will face heightened costs and competition in 2024, coinciding directly with the final weeks of the presidential campaign.

To cut through the political noise, brands must plan their holiday campaigns well in advance. Establishing target audiences and creating compelling creative assets early will be crucial, along with a willingness to explore alternative channels and tactics. Relying on cold audiences as Q4 approaches could result in exorbitant costs detrimental to many businesses.

Navigating the Chaos

Although the chaos of election year advertising can appear overwhelming, there are key steps that media buyers and their teams can take to lessen the impact and even thrive in this complex environment. Here are essential strategies to consider:

Begin early and plan for contingencies: Start preparing your Q3 and Q4 campaigns as soon as possible, focusing on audience-building and creating a comprehensive library of creative content.

Incorporate contingency budgets to accommodate potential cost increases, and stay flexible to pivot your strategy as conditions evolve.

Diversify your channels: Explore adding alternative media channels that might be less impacted by the surge in political ad spending, such as influencer marketing, podcast advertising, or sponsored content. Investments in owned media channels—like email marketing and mobile apps—can also create a direct link to your customers without vying for ad space.

Owned channels will be increasingly valuable. Use the months leading up to the election, which are typically less expensive, to build your email lists and engage your existing customer base, ensuring that Black Friday and Cyber Monday strategies leverage these channels and warm audiences.

Create compelling, shareable content: In a saturated advertising environment, crafting content that resonates with your audience is critical. Focus on generating genuine, engaging material that aligns with your brand’s values and addresses your customers’ needs and desires.

By leveraging emotional triggers and social proof, you can develop content that not only cuts through the noise but also encourages organic sharing and amplification.

Reflections

The upcoming election year is sure to present new challenges and complexities in the realm of digital advertising. Nevertheless, with proactive strategies and adaptive thinking, brands can successfully navigate this landscape and even uncover new avenues for growth and engagement.

As a media buyer or agency, your expertise in guiding your brand through these uncharted waters will be pivotal. By commencing your planning early, exploring alternative channels and tactics, and fostering authentic, resonant content, you can not only weather the storm but also emerge stronger in the face of election year disruptions.

The road ahead may be uncertain, but it is clear that brands approaching this challenge with creativity, agility, and an unwavering commitment to their customers are poised to thrive.