2024 ELECTION: POLITICAL SPENDING HITS ALL-TIME

WHAT BRANDS NEED TO KNOW ABOUT MEDIA DURING THE ELECTION

By: John B. McGrane, Director of Brand Communications

 

Political ad spending is expected to reach $11 billion in 2024, according to a Vivvix analysis,
making it one of the fastest-growing advertising sectors. This is a considerable increase
compared to the $8.9 billion spent during the 2022 midterms and $8.3 billion in 2020 according to
eMarketer. Ad buys from political groups mean less inventory for everyone else.
This political spend surge promises to significantly reshape the media landscape, forcing brands
to adapt or risk getting drowned out.

• TV: TV remains the champion, with two-thirds of spending expected to land there. Expect
  local TV ad rates to skyrocket, especially in battleground states, potentially surging 30%
  during peak periods. This means higher costs for brands competing for ad slots,
  particularly during prime time news and popular shows.
• Digital: Digital platforms are chomping at TV’s heels. Connected TV (CTV) is projected to
  grab 13% of the pie, with platforms like Hulu and Roku seeing a significant boost. Brands
  targeting younger demographics will need to adjust their digital strategies to navigate this
  burgeoning space.
• Social Media: Platforms like Facebook and Twitter will benefit from an estimated 15%
  spending increase. However, political ads often attract negative attention, potentially
  spilling over onto adjacent brand content. Navigating this minefield will require careful
  targeting and content filtering strategies.
  • President Biden’s campaign is embracing TikTok

What brands can do to break through the crowded media landscape

• Plan and Budget Early: Anticipate higher advertising costs during election cycles and
  allocate budgets accordingly. Early planning can often help secure better ad placements.

• Diversify Ad Channels: Expand advertising to less saturated channels or platforms not
  heavily used for political ads, like niche social media platforms or specialized digital
  media. Don’t underestimate alternative channels like niche podcasts, streaming services
  or even gaming platforms to reach audiences.

• Leverage Non-Paid Strategies: Increase focus on organic growth strategies, content
  marketing, and community engagement to maintain visibility without relying solely on paid
  media.

• Bold Creative: Find new and innovative ways to use creative content and personalized
  messaging to grab attention.

• Align on politics: Discuss with your agencies how much political content you are
  comfortable with being around. Review influencer partnerships for any red flags during the
  campaign flight (How active are they in this space? Are you comfortable with that?).

• Keep an eye on fraud. Bots could ramp up during this time. Be on constant lookout for
  fraud alerts.