On Our Minds: The Political Ad Spending Race is Getting Hotter.

And we’re off! To say the last few weeks have been historic for presidential races is a bit of an understatement.? With President Joe Biden dropping out of the 2024 presidential race and endorsing VP Kamala Harris, the country is experiencing a political campaign landscape unlike any other, and advertisers are going to feel the effects. Presidential ad spend is already on the rise, likely hitting $2.16 billion dollars for the general election alone. That’s up 17% from 2020 according to the ad intelligence firm AdImpact. For key states, this means breaking through the clutter will require more strategic thinking than ever. Additionally, the renewed energy behind the Democratic ticket is already generating tons of online fodder for younger voters. The meme factory went into overdrive with the announcement of the vice president’s campaign, bolstered by Harris’s extremely quotable “You think you just fell out of a coconut tree?” remark from May 2023. With more attention than ever on the election, how can marketers make the most of their ad dollars?

For broadcast TV, networks are legally required to give candidates comparable ad space, and when an influx of spend comes into the market, that means other advertisers will have their TV spots preempted. Most stations are able to provide solid make-goods, but marketing teams should plan in advance, especially in the weeks leading up to the election. Connected TV and other digital video mediums won’t be immune. Democrats and Republicans have spent over $100 million combined so far this year in CTV alone. That trend is likely to continue as Democrats work to reach the younger demographics that streaming platforms offer. Marketers should account for higher CPMs in the market and the likelihood that prime inventory could sell out sooner that expected. Planning ahead and keeping campaigns to efficient, lower-funnel tactics will help marketers stay on-goal in a crowded mediascape.

The election is still three months away, but it’s clear that the road to November 5th is going to be unconventional, with new insights coming at every turn. It’s imperative that marketers are prepared to pivot and reassess as the culture shifts and the political landscape becomes noisier. The race may not have just started, but this heat is about to get much hotter.

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