Planning for Election Season: A Guide for Advertisers

As the upcoming US election nears, advertisers need to be ready for the increased competition and resultant rising costs of media. To prepare for this challenging time, this guide will help you maintain performance and capitalize against your competition.

What You Can Expect

Major Surge in Advertising Expenditure

Prepare for advertising spends to increase exponentially during this period. At current levels there is an expected increase of 30% from the previous 2020 presidential election

Over $16 billion will be spent on advertising in the US in the build up to the election, resulting in increased competition across key acquisition channels.?

“Costs Per” Metrics to Rise

More competition means ‘cost per’ metrics will see a surge, too. Campaigns advertisers have been running for months will show less efficiency and lower scale. Expect to see increases in both Cost Per Mille’s (CPMs) and Cost Per Clicks (CPCs) across key platforms.

Shifting Battle Grounds?

Political parties continue to build on previous election advertising trends. To reach and engage younger audiences they are reallocating marketing dollars from traditional channels (TV and Radio) to more versatile and targeted platforms - Connected TV (CTV), short-form video (YouTube/TikTok) & social platforms.?

What You Can Do

Plan Ahead

Competition might be stiff, but this period is critical for brands. Don’t be scared of the challenge; instead, analyze your marketing mix and double down on initiatives that have shown the strongest performance. Trim the fat! This is not the time to roll out new test campaigns, be laser focused in your strategy. By doing this, you will reduce wasted marketing dollars and give yourself the best chance of capitalizing in the crowded market.

Optimize Your Marketing Mix

Popular channels like YouTube, Meta, and CTV will be intense battlegrounds for the election. Where possible, consider shifting some of your budget towards less competitive but potentially more effective channels during this time. Search and Audio Ads are strong options.

Focus on Your Existing Customer Base

Never underestimate the value of your existing customers. CRM solutions and upselling strategies are always cost-effective. These initiatives should be prioritized, especially when acquiring new customers becomes more expensive.

Explore Cost-Effective Alternatives to Paid Media

Reduce your exposure to high competition by leveraging alternative marketing strategies:

1. Double down on SEO efforts to boost brand visibility and organic traffic.
2. Produce high-quality, informative, and engaging content for your website and social channels.
3. Focus on conversion rate optimization (CRO). Analyze your website's funnel reports and run A/B tests to improve the consumer's path to conversion. Remember, a frictionless site is a fruitful one.

Stay Dynamic and Flexible

There's no one-size-fits-all solution for Q4, especially in an election year. Be prepared to adapt your strategy as needed. Understand your data intimately and be ready to react quickly to areas of efficiency during this time. The ability to assess, pivot & execute quickly will give you the best chance to capitalize on increased online consumption during this time.?

Conclusion

The upcoming election season presents both challenges and opportunities for businesses. By adhering to the above initiatives, you can navigate this period successfully.?

Remember, the key is to plan ahead, be proactive, and adapt swiftly to your data signals. With the right strategy, your business can thrive even in this highly competitive environment.