Battling for Attention in the 2024 Election Year Media Frenzy

By Jennifer Allan April 18, 2024 15 mins read 78 Views

As we march closer to the 2024 U.S. presidential election, CMOs and marketing leaders need to prepare for a significant shift in the digital advertising landscape. Election years have always posed unique challenges for advertisers, but the growing dominance of digital media has made the impact more profound than ever before.

In this article, we’ll explore the key factors that will shape the advertising environment in the coming months and provide actionable insights to help you navigate these turbulent waters.

The Digital Battleground

The rise of cord-cutting and the shift towards digital media consumption have fundamentally altered the advertising landscape in recent years. As traditional TV viewership declines, political campaigns have had to adapt their strategies to reach voters where they are spending their time: on digital platforms.

According to a recent report by eMarketer, the number of cord-cutters in the U.S. is expected to reach 65.1 million by the end of 2023, representing a 6.9% increase from 2022. This trend is projected to continue, with the number of cord-cutters reaching 72.2 million by 2025.

Moreover, a survey conducted by Pew Research Center in 2023 found that 62% of U.S. adults do not have a cable or satellite TV subscription, up from 61% in 2022 and 50% in 2019. This data further underscores the accelerating shift away from traditional TV and towards streaming and digital media platforms.

As these trends continue, political advertisers will have no choice but to follow their audiences to digital channels. In the 2022 midterm elections, digital ad spending by political campaigns reached $1.2 billion, a 50% increase from the 2018 midterms. With the 2024 presidential election on the horizon, this figure is expected to grow exponentially, as campaigns compete for the attention of an increasingly digital-first electorate.

For brands and advertisers, this means that the competition for digital ad space will be fiercer than ever before. As political ad spending continues to migrate to platforms like Meta, YouTube, and connected TV, the cost of advertising will likely surge, making it more challenging for non-political advertisers to reach their target audiences.

To navigate this complex and constantly evolving landscape, CMOs and their teams will need to be proactive, data-driven, and willing to experiment with new strategies and channels. By staying ahead of the curve and adapting to the changing media consumption habits of their audiences, brands can position themselves for success in the face of the electoral advertising onslaught.

Rising Costs and Limited Inventory

As political advertisers flood the digital market, the cost of advertising is expected to skyrocket. CPMs (cost per thousand impressions) will likely experience a steady climb throughout the year, with significant spikes anticipated in May, as college students come home from school and become more engaged in political conversations, and around major campaign events like presidential debates.

For media buyers and their teams, this means that the tried-and-true strategies of years past may no longer be sufficient. Brands will need to be nimble, adaptable, and willing to explore new tactics to stay ahead of the game.

Black Friday and Cyber Monday: A Perfect Storm

The challenges of election year advertising will be particularly acute during the critical holiday shopping season. Black Friday and Cyber Monday, which have historically been goldmines for advertisers, will be more expensive and competitive than ever in 2024, as they coincide with the final weeks of the presidential campaign.

To avoid being drowned out by the political noise, brands will need to start planning their holiday campaigns earlier than usual. Building up audiences and crafting compelling creative assets well in advance will be essential to success, as will a willingness to explore alternative channels and tactics. Relying on cold audiences come Q4 will lead to exceptionally high costs that may be detrimental to many businesses.

Navigating the Chaos

While the challenges of election year advertising can seem daunting, there are steps that media buyers and their teams can take to mitigate the impact and even thrive in this environment. Here are a few key strategies to keep in mind:

Start early and plan for contingencies: Begin planning your Q3 and Q4 campaigns as early as possible, with a focus on building up your target audiences and developing a robust library of creative assets.

Be sure to build in contingency budgets to account for potential cost increases, and be prepared to pivot your strategy as the landscape evolves.

Embrace alternative channels: Consider diversifying your media mix to include channels that may be less impacted by political ad spending, such as influencer marketing, podcast advertising, or sponsored content. Investing in owned media channels, like email marketing and mobile apps, can also provide a direct line to your customers without the need to compete for ad space.

Owned channels will be more important than ever. Use cheaper months leading up to the election to build your email lists and existing customer base so that your BF/CM can leverage your owned channels and warm audiences.

Craft compelling, shareable content: In a crowded and noisy advertising environment, creating content that resonates with your target audience will be more important than ever. Focus on developing authentic, engaging content that aligns with your brand values and speaks directly to your customers’ needs and desires.

By tapping into the power of emotional triggers and social proof, you can create content that not only cuts through the clutter but also inspires organic sharing and amplification.

Reflections

The 2024 election year will undoubtedly bring new challenges and complexities to the world of digital advertising. But by staying informed, adaptable, and strategic in your approach, you can navigate this landscape successfully and even find new opportunities for growth and engagement.

As a media buyer or agnecy, your role in steering your brand through these uncharted waters will be critical. By starting your planning early, embracing alternative channels and tactics, and focusing on creating authentic, resonant content, you can not only survive but thrive in the face of election year disruptions.

So while the road ahead may be uncertain, one thing is clear: the brands that approach this challenge with creativity, agility, and a steadfast commitment to their customers will be the ones that emerge stronger on the other side.

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Frequently Asked Questions

What are the five important factors of motivation in entrepreneur?

Motivation is key to success. Without it, everything would fail. In fact, it would be impossible to exist without it.

Motivational psychology is the study of how humans behave when motivated. When we are motivated, we can achieve amazing feats. There are limits to our motivation.

These are the five most motivating factors:

Autonomy: The freedom to make your own decisions
Mastery - the ability to master skills
Purpose – The sense of purpose
Relatedness – The feeling that you are part of something larger
Reciprocity, the desire to give and receive

You may feel that these motivators could be applied to your business. You may feel that each of these motivators could be applied to your business. However, each offers a slightly unique perspective on why people act the same way.

One person might desire autonomy in order to live the life he chooses. Or perhaps he seeks mastery because he wants to become more skilled at his job.

So on. These are only a few examples of motivations. There are many other motivations. But which ones are relevant to your particular situation? This is entirely up to you.

I would recommend writing down three words that describe your ideal job environment to help you determine this. Then take those same words and apply them to your current working conditions.

If you're having difficulty coming up with ideas then ask yourself, "Why do I do this?" If you can't think of any ideas, ask yourself: "Why am I doing this?" This will help identify your goals.

Once you've identified your goals, it is possible to begin to assess where you are at the moment. You can use that information to determine if it is time for you to make changes.

You don't have to change anything. It's time you evaluated your options.

If you want to make changes, you need to think of ways to motivate you.

Which of these motivators is most effective? It's difficult to say. Instead of focusing your attention on one factor only, think about all five.

This will enable you to reach your ultimate goal: being a successful entrepreneur.

What is the importance of motivation for entrepreneurs?

Motivation is what drives us forward when things seem difficult or hopeless. It helps us face our fears and make difficult decisions.

Motivation is also a driving force behind success. Lack of motivation can cause us to become lazy, unmotivated or unproductive, ultimately leading to our failure.

To unlock your potential, you must find ways to motivate. You need to find a way of staying motivated every day.

It is like a muscle. The more you work it, the stronger it will become. If you don't exercise it, it begins to atrophy and weaken.

Self-motivated entrepreneurs are the best. They set goals, plan their progress, and then follow through.

Sometimes, however, you might need some help to stay motivated. These are three easy steps that can help you stay motivated.

Step 1) Get inspired. Find an inspiration figure. Someone who is already achieving your goals.

Step 2. Establish small goals. Make sure that each goal is reachable. You should be focusing on the next step and not the final goal. You can reach big goals quicker by breaking them into smaller pieces.

Step 3: Reward your self. When you achieve your goals, reward yourself. It doesn't have be something tangible, it could just be time spent doing something you enjoy.

Motivation is a choice. Choose to be happy and to succeed, and to live an abundant life.

If you're ready to transform your life, get started today. The first step is to decide to change. Next, take action. Start living your dreams right now.

What keeps an entrepreneur motivated?

My biggest motivator is the freedom to do whatever I want to achieve my goals. There are limitations on how much people can earn, save and invest, buy, borrow, rent or drive, eat, sleep, play, and fly in this world. We don't have to live within those limitations. We are free to pursue our dreams and make them come true.

But we cannot let ourselves become enslaved by these limitations. We can't allow ourselves to be enslaved by these limitations. We are the captains and crew of our ships. We are the architects of our lives.

I am motivated by the desire to create wealth beyond all my wildest fantasies. To create businesses that surpass the limits of human potential. To create businesses that make a difference in the lives of everyone.

To create more powerful companies than any government, more influential that any religion, longer-lasting than time itself.

It's why I'm here. Entrepreneurs need to grow faster than others. That's why I work hard. Because when you succeed everyone wins.

What are the rewards of being an entrepreneur?

Entrepreneurship has many advantages. First, you are more self-reliant. You can no longer depend on others.

This allows you to be your own boss and can allow you to follow your dreams. It also helps you build relationships with other entrepreneurs because you share similar challenges and interests.

You gain confidence. You're constantly learning new things as an entrepreneur. This gives you the ability to adapt quickly and be flexible. This will allow you to think outside of the box and not get stuck in a rut.

We are no longer bound to the regulations and rules that society places on us when we start our own businesses. We have the freedom to decide what and how to live our lives.

You have the option to choose to go against the flow or follow the crowd. You have the power to be successful. You have the choice to fail or win.

The freedom you have is exhilarating. You also have to take responsibility. Because you will be responsible for all that happens within your company when you assume this role.

You must be able to take risks if you want success. Don't be afraid trying new things. You can reach your goal if your willingness to learn from past mistakes

These are some of the lessons you should keep in mind when embarking on your journey.

Remember:

Entrepreneurship can be a lifestyle choice.
When you run your own business, you're the boss.
Be cautious about following the trends.
Not success is measured in money, but in freedom.
Balance your personal and professional life.
Set clear expectations.
Always be open with your team.
Be persistent if it's your desire for something to happen.

What motivates entrepreneurs?

We are motivated by passion. But, we have an inborn desire to create something meaningful and make a difference. To make a lasting difference for our loved one and ourselves.

To give back. To give back. To leave a legacy.

We do it because we love what we do. Because we feel compelled to live life fully and experience success in ways that matter.

We are driven by a sense of purpose and mission that can never be fulfilled through money alone.

The key here is to find a way to combine business with pleasure. Entrepreneurship is more than a job. It is a way of life.

Because of this, I am passionate about helping entrepreneurs succeed. My goal is for them to be financially free and have a lasting impact in the world.

My life is proof that creating value is the best thing. The sharing of your knowledge and expertise to the rest.

It's not enough just to build a great service or product. First, you must understand your customers. What they are looking.

You'll always be able to improve your offerings if you do. This will ensure that you always offer more value.

Customers will be more satisfied if you offer more value. Plus, more customers will mean more sales. You will also generate more revenue if you sell more services and products. You will eventually be financially independent if you have more revenue.

You see, money does not always equal everything. It's the end in itself. It's not the goal in and of itself.

It is not enough to focus on money if your goal is to live a full and happy life. You must also focus on making a positive impact. Contributing. Leaving a legacy. Making something of value. It's something that is unique. You can add meaning to others' lives and your own.

Entrepreneurship requires risk-taking. However, this does not mean you should have any rules. It is about being flexible. Adapting. Adjusting. Improving.

You can succeed as long as you remain true to yourself, uphold your values, and keep your integrity.

Entrepreneurship is a calling. A vocation. You have the chance to contribute. To create wealth. To shape history.

You will be your best self when you embrace all these aspects.

You will not be stopped.

What makes an entrepreneur a success?

There are two types if entrepreneurs: those who make money or those who work part-time.

They approach their business differently. That is what makes them different. People who make money want to make more money. While people who make time want to make more, they are more focused on making money.

Money-makers are driven by financial freedom. Their goal: to be wealthy and stay rich.

They are motivated by fear, greed, and a sense of entitlement. They don't care about the long-term because they know they will have a happy life after they achieve their goals.

This type of person is often referred to as a hustler. They are focused on the bottom line and seek ways to increase revenue, without regard for quality.

Others make it a full-time job. These entrepreneurs are driven by passion. They want to create something that is meaningful and will last forever.

They are motivated by altruism. They are motivated to do great work. They are passionate about creating services and products that make a difference.

These people are sometimes called dreamers. They are driven and inspired by vision. They understand that success takes hard work, perseverance, and dedication.

They are creative, which is the most important attribute of these entrepreneurs. These entrepreneurs are always searching for new opportunities.

They thrive on the unknown. They will spend hours researching any topic that interests them. Because they enjoy learning new things, they are always open for new ideas.

They can also adapt easily to change. They are not afraid to get dirty and do whatever it takes in order to win. They won't accept mediocrity.

What type of entrepreneur would you be? Do you have a burning desire to make money or a burning desire for meaning?

Congratulations if you answered yes both questions. You are a successful entrepreneur.

Over the years, I have met many successful entrepreneurs and observed one thing: passion.

Successful entrepreneurs aren't defined by monetary wealth alone. Their impact is what defines their success.

For example, Steve Jobs was known for his philanthropic efforts but wasn't rich. He didn't own a house until his mid-40s.

His wealth came from his ability to create products that changed the world. And that is what makes him special.

It is not about accumulating wealth. It's not to build empires or amass power.

Your job will be to build relationships between customers and partners. To build trust. To help others succeed.

To make a positive impact. This is your legacy. It's not your bank account.

Let's chat if you are ready to build a legacy that will be remembered.

Social Media University teaches you how passive income can be earned online. How to market your business and make it grow automatically.

Statistics

“Life is 10% what happens to you and 90% how you react to it.” (oberlo.com)
I shifted my motivational point from something huge (and undefined) to improve by just 1% each day. (carolroth.com)
"Most of the time when people ask me about motivation, 80 percent of the time, I attribute it to gratitude. (entrepreneur.com)
Invest at least 30% managing those with authority over you and 15% managing your peers.” (americanexpress.com)
"If you improve by just 1% every single day, in several months, you will have improved by 100%. (carolroth.com)

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How To

What are five motivational elements for entrepreneurs?

Entrepreneurs seek financial independence as their main goal. Because they want to be in control of their destiny, this is the main motivation for entrepreneurs. They also want enough money to support their families and provide for their own needs.

They also feel motivated by the desire for helping others. Many business owners who succeed are motivated by the desire to help others.

These are just a few of the motivations.

Passion is essential to success. You must love what it takes to be passionate. You can't have passion if you don’t like what you do.
Vision - A vision is an image of where you wish to go. When we dream, we imagine ourselves there. When we dream, we feel excited because our dreams could become a reality.
Courage - Don't fear failure, face it head-on. While failure is inevitable, it doesn't mean you have to fail. Although success is not guaranteed, it is possible to achieve your goals if you keep moving forward.
Belief - Believe in yourself. Don't let doubt stop you from achieving your goals. Fear is often the cause of doubt. Fear keeps us stuck in our comfort zone. So break out of your comfort zone and move towards your goals.
Persistence - Keep going even though the odds seem stacked against you. Everybody makes mistakes. However, if perseverance is your key to success, you will achieve your goals.

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