Lisa Purpura
The 2024 political season is gearing up to be one of the most significant in terms of advertising spend. With estimates suggesting a 30% increase in spending compared to the 2020 election, B2B marketers must navigate this turbulent landscape with strategic precision. While B2B marketers might often feel like our audience are unique to us, it’s important to keep in mind that we share our audiences with B2C advertisers and politicians. We’re sharing targets with other advertisers B2B and B2C and political, so that needs to be considered. Here’s what you need to know to stay ahead of the curve and ensure your digital advertising campaigns remain effective.
Political ad spending in 2024 is estimated to hit $12.3 billion. Traditional media, especially TV, will be the primary beneficiary, with 72% of the budget allocated to these channels. However, digital media is also expected to see a considerable spike, with spending on platforms like Meta and Google growing by over 150% compared to the 2020 election. Despite this growth, digital media will still only account for about 10% of the total ad spend.
This surge in spending will have significant implications for all advertisers, including those in the B2B space. The equal-time rule mandates that political candidates must have the ability to advertise and possess first rights over any brand in the market. This regulation ensures that political ads will dominate the available inventory, leading to higher competition and costs for other advertisers.
One of the critical predictions for this election cycle is that political ad spending will begin earlier than in previous years, starting in late August and early September. This early start will create a scarcity of inventory, leading to several challenges for non-political advertisers:
Channels predicted to be most affected include Linear TV, OTT/CTV, YouTube, and Meta. Political ads will saturate these channels, accompanied by extensive political commentary. As the election approaches, the intensity of ad spending will escalate, peaking just before November 5th and dropping off significantly afterward.
For B2B marketers, navigating this period requires careful planning and strategic adjustments. Here are key considerations to keep in mind:
Many brands prefer to remain neutral in the political landscape, avoiding any association with political ads or commentary. It’s crucial to evaluate your brands’ comfort level of ads being displayed alongside political content. If your brand is uncomfortable, consider these strategies:
With the holiday season following the election, most B2B brands experience a slowdown in advertising activities. Retail advertisers, on the other hand, are likely to hold their budgets until after the election, then ramp up spending for the holidays. This dynamic creates an opportunity for B2B marketers to adjust their strategies:
The 2024 political season is poised to create a challenging advertising environment, but with strategic foresight and flexibility, B2B marketers can navigate these obstacles effectively. Here are some additional tips to help you adapt:
By staying informed and proactive, B2B marketers can mitigate the impact of the 2024 political ad surge and continue to achieve their advertising objectives. The key lies in understanding the market dynamics, planning ahead, and being ready to pivot as needed.
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