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.
[TAG4]The post Battling for Attention in the 2024 Election Year Media Frenzy appeared first on DigitalMarketer.
Frequently Asked Questions
What are some of the benefits of an entrepreneurial mindset
Entrepreneurship has many advantages. First, you can become independent. You no longer rely on others.
This makes you independent and free to pursue your dreams. It helps you make connections with other entrepreneurs who share similar interests and challenges.
You gain confidence. As an entrepreneur, you're always learning new things. This gives you the ability and flexibility to change quickly. Thinking outside the box means you won't get stuck in a rut.
Our freedom to create our businesses is free from the restrictions imposed by society. We have the freedom to decide what and how to live our lives.
We have two options: follow the crowd, or fight it. You can choose to succeed or fail. We can choose either to fail, or win.
The freedom is exhilarating. But it comes with its fair share of 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. Try new things. You will eventually achieve your goal if you are willing to learn from your mistakes.
These lessons will help you to stay on the right track when you embark on your journey.
Remember:
- Entrepreneurship is a lifestyle choice.
- When you run your own business, you're the boss.
- Be careful of following fashion trends.
- The measure of success is not money, but freedom.
- Your personal and professional lives must be balanced.
- Set clear expectations.
- Always be open with your team.
- You must do something if you want to see something happen.
What are the 3 motivations of an entrepreneur?
Entrepreneurs' three most important motivations are freedom, money, and knowledge.
- Freedom means having the ability to do whatever you want whenever you want. This is why we become entrepreneurs when constrained by our current job or life situation.
- Money is also very important because we would not even consider starting a business without it. You can live without food, water and shelter but you cannot survive without money.
- Knowledge is the third motivation. Entrepreneurship is a constant learning process. We often read books, attend seminars and take online courses to learn how to make products and services.
This is what makes us succeed and helps us achieve our goals. It gives purpose and meaning to our lives.
These three factors are what made us entrepreneurs. These three things are what keep us going each day.
If we don't have these three things, we may pack up our bags and head home. We will never be truly happy if these three things are missing.
What are the five important factors of motivation in entrepreneur?
Motivation is the key ingredient to success. Without it, nothing would happen. Without it, we wouldn't even be here.
Motivational psychology studies how people behave when they are motivated. When we are motivated, we can achieve amazing feats. It's clear, however, that motivation has limits.
These five motivational factors are essential:
- Autonomy – The freedom of choice
- Mastery – The ability to master your skills
- Purpose - The sense of purpose
- The feeling of belonging - relatedness
- Reciprocity - the desire to give back
These motivators might seem to be applicable to your business. In reality, however, each provides a slightly different perspective on why people act as they do.
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 more. There are many others. But which ones are most relevant to your specific situation? That depends entirely on you.
Write down three words to describe your ideal working environment. Take those words and adapt them to your current workplace conditions.
If you are having trouble coming up ideas, ask yourself "Why am I doing it?" The answer will help you identify your goals.
Once you have a clear vision of your goals, you can start to see where you are right now. You can use that information to determine if it is time for you to make changes.
If you don’t want to make any changes, it's time to assess your options.
To make progress, however, you must first think about ways to motivate your self.
Which motivator is the most powerful? It's hard for us to say. Instead of focusing on one factor, try focusing on all five.
This will allow you to achieve your ultimate goal, becoming a successful entrepreneur.
How can entrepreneurs motivate their employees to do well?
Motivation can come in any form. Motivation doesn't have to come from a specific place. All that matters is that it motivates them. Motivation is important for every business, regardless of whether it's a stick or carrot approach.
Employees who feel motivated are more likely to do well. If you want a team that performs better, give them the tools to feel empowered and engaged.
You need to create an environment where they feel valued. You need to create a place where they feel safe and respected. They can share their ideas freely without fear of being punished.
They need a company culture that encourages them to succeed. This is how you keep your best people happy, loyal, productive and satisfied.
To maintain the culture you have to reward the successful behaviors. This means bonuses when goals are met, offering training opportunities, increasing pay raises, and providing perks such as health insurance.
You also need to provide clear direction and communication. Make sure everyone understands what is expected and why.
Make sure your policies and procedures are written down and communicated. Assure that there is someone who can ensure they are adhered to.
And most importantly, communicate frequently. Make sure your team is informed about the latest happenings in the company. Let them know what's happening and what's next.
Communication is essential, and taking care of your team will ensure that you remain ahead of the rest. They'll take care of you.
It could cost you big time if you don't have a good relationship with your employees. Research has shown that companies with high levels in employee engagement are more productive and profitable than those that have difficulty keeping their top performers.
It is important to realize that not all employees want to work at the same speed. Some people prefer to work alone, while others enjoy working in teams. There are different ways to motivate each individual, and it's up to you to find yours.
One example is that some people respond better to recognition, while others may prefer incentives. Whatever works for you, ensure it aligns with the company's goals.
The leader is ultimately responsible for setting the tone. Open-minded. Listen to your team. Don't forget to listen.
What motivates entrepreneurs?
Passion is what drives us. But we also have an innate desire to create something meaningful that makes a difference. To make a difference for our loved ones as well as ourselves.
To give back. To help others. To leave a lasting legacy.
We do it because we love what we do. We are driven to live a full life and enjoy success in the ways that matter.
We are driven by a sense of purpose and mission that can never be fulfilled through money alone.
This is where the key lies in combining business with pleasure. Entrepreneurship is more than a job. It is a way of life.
Entrepreneur success is what I am passionately interested in. My goal is for them to be financially free and have a lasting impact in the world.
I'm living proof of the fact that creating value is the best. Sharing your knowledge and expertise with others.
It is not enough to create a great product. It is essential to understand your customers' motivations and what they want. What they're looking for.
It will make you a better marketer and help you improve your product. You'll provide more value.
Customers will be more satisfied if you offer more value. You will also sell more products and more services if you have more customers. And if you sell more products and services, you will generate more revenue. If you can generate more revenue, your financial independence will be possible.
You see, money does not always equal everything. It is the means to an ending. Not the end in itself.
To truly live a rich, fulfilling life, you can't focus on just money. Make a positive impact. Contributing. Leave a legacy. Create something unique. Unique. It will add meaning to your life as well as the lives of others.
Entrepreneurship requires risk-taking. However, this does not mean you should have any rules. It's about being flexible. Adapting. Adjusting. Improving.
As long as you stay true to yourself, keep your values intact and maintain integrity, you won't fail.
Entrepreneurship should be considered a calling. A vocation. A chance to make a difference. To build wealth. To shape history.
When you embrace all of these things, you will be the best version of yourself.
You won't be stopped.
How can you motivate yourself to be an entrepreneur?
Find someone to motivate you. Ask someone who's working hard to reach his goals for how he achieved them.
Ask for advice, listen, learn and most importantly follow it. Admire someone who is successful.
Be the person you want to be. Learn from them. Learn from them. Follow their example.
Keep moving. Keep moving. Never stop learning. Never give up.
Don't listen to anyone who tells you you are incapable. Do not let anyone tell your that you aren't capable of following a specific path.
You may fail, but that doesn't mean you've failed. Failure can make you stronger. To learn more. To push harder.
Failure is just one step on the path to success.
Get started today! Get started today and you will be closer to your goals.
Are you still waiting?
Statistics
- That means for $150,000, you could have bought 10 percent of Airbnb." (entrepreneur.com)
- "Most of the time when people ask me about motivation, 80 percent of the time, I attribute it to gratitude. (entrepreneur.com)
- Our 10 years of research also shows that 75% of mentored entrepreneurs increased their revenue, and 82% of their businesses survived the first two years. (carolroth.com)
- "If you improve by just 1% every single day, in several months, you will have improved by 100%. (carolroth.com)
- “If you look to lead, invest at least 40% of your time managing yourself – your ethics, character, principles, purpose, motivation, and conduct. (americanexpress.com)
External Links
[TAG13]
[TAG16]
[TAG18]
- This is Jeff Bezos’s inspirational quote he keeps on his fridge
- Richard Branson is a billionaire. Here are my top ten tips for success
[TAG21]
How To
Here are 10 ways to motivate employees
Motivation is one of your most difficult tasks. It requires a lot of patience, perseverance, sacrifice, and effort. You need to know how to motivate people so that they work hard.
If you don't know what motivates someone, you won't be able to get him/her motivated. You can't help but wonder why your employee wants to make a change. This article will show you how to motivate your employee through different methods.
1. Make Them Feel Important -One of the best ways to motivate your employees is to let them feel they matter. If you can give your employees this feeling, it will let them know they are important and valuable. They should feel that they are doing good work and that their efforts make a difference.
2. Give Recognition - People enjoy recognition. The more recognition they receive, the happier they will be. Recognize your employees from time to again if you want them to be motivated.
3. Respect - Respect is an important part in any relationship. Respecting someone is the best way to motivate them. Respecting others is a way to show that you value them.
4. Encourage them to be open with you -Openness can also help motivate people. You encourage employees to share information and encourage them learning new things. And when they learn new things, they feel happy and proud.
5. Reward good work - When you reward someone for their hard work, it encourages them to do more. However, it is important to verify that they did a good work before you reward them.
6. Clear Goals - Giving employees something to aim at will help motivate them. Giving them a goal also makes them better workers.
7. Tell them what's happening - You might think that telling employees the details of your company's plans is a waste of time. It's an effective way to motivate your employees. Informing them about company plans helps them decide what to focus on.
8. Give Feedback - Feedback can be a great way for employees to feel better. Even though giving feedback takes some time, it's worth it.
9. Make sure they know their boss - This is a powerful way to motivate your employees. When you make them aware, they know exactly where to go if they need to talk to anyone.
10. Asking for help is one more way to motivate your staff. If you ask your employees for help, they will know that they can depend on you. They will feel that you care about them and that they can trust you.
Did you miss our previous article...
https://consumernewsnetwork.com/technology-news/profit-more-work-less-4-steps-to-niching-down-for-your-agency
