It’s an election year in the United States, a year where we will see record political ad spending. While political advertising is often considered a separate game from other industries, the trends set by campaigns ripple through to the rest of the marketing atmosphere. What will be the 2024 version of Nixon and Kennedy sail on live television Or Obama embraces social media will be, and what will be the impact on the advertising industry as a whole? Here are five trends all advertisers should watch.
1. Joe Biden embraces TikTok
President Biden’s campaign is on TikTok, even as the the platform remains prohibited on government apparatus. While a TikTok ban is far from impossible, marketers who embrace the platform can breathe a sigh of relief knowing that it likely won’t happen anytime soon.
While the importance of TikTok is nothing new to marketers, Biden’s use of TikTok reinforces how important it is to be on a platform used by 77.2% of U.S. adults aged 18 to 24, according to our May 2023 forecast. And with more political information available on TikTok, more older adults could also be enticed to access the platform.
2. Ad buys from political groups mean less inventory for everyone
Television political ad spending will reach $7.06 billion this year, according to our December 2023 forecast. With campaigns and PACs buying inventory, ad prices may rise, particularly in areas such as broadcasts. news and business.
People will be drawn to the news and political coverage. So while these ad buys may become more expensive, they may also be more impactful. At the same time, these ads could be risky. “In a year where traditionally news distribution platforms see an increase in advertising, I don’t know if we’re going to see the same increase,” said Pam Zucker, chief strategy officer at Interactive Advertising. Desk. “This year, I think people are really concerned about brand safety when it comes to the media environment.”
Be sure to weigh this scale when purchasing advertisements on television and news websites.
3. This election won’t just take place on linear television
Digital political advertising spending will reach $3.46 billion, 45.0% of which will be spent on connected television (CTV). As a reminder, 19.0% of digital political ad spend was on CTV in 2020. Granted, there is more CTV inventory to sift through this year, and CTV ad spend in the U.S. will be about three times higher in 2024 than they were in 2020, according to our October report. Forecast 2023. But advertisers should still be aware of the impact this will have on inventory.
4. Platforms will face pressure to establish AI policies
The risk of deepfakes and AI misinformation is high this election season. Platforms like Facebook and TikTok have already implemented strategies to label AI-generated content, but as the stakes rise, the need for robust AI policies will become more acute.
Marketers should monitor new information coming from platforms to avoid misinformation and avoid possible liability for not properly labeling content. Strict AI policies may prove attractive to advertisers who are wary of brand safety concerns related to content served alongside misinformation. On the other hand, they may harm advertisers’ ability to use generative AI in ad creative.
5. Take a stand – or not – and respect that decision
Last year, Bud Light’s about-face on its collaboration with transgender influencer Dylan Mulvaney And Target removing certain LGBTQ+ pride displays left consumers upset. Some 77% of consumers say they would abandon brands that reverse their support for diversity, equity and inclusion commitments, according to the Association of National Advertisers’ Alliance for Inclusive and Multicultural Marketing.
With controversial topics at stake in this election, determine your branding strategy on social issues. Ask your team questions about your position and your silence, then respect those decisions.
You don’t want to be caught in a 49ers Super Bowl overtime situation, not knowing the rules of the game when you are already playing. The U.S. presidential election is a time of division, massive change, and (especially recently) shifting norms. Make sure your brand values and strategies are clear and that you are prepared for how you will handle messaging, regardless of the outcome. Keep in mind that consumer sentiment could be very different at the end of the year than it is now. And be prepared to adjust if necessary.
This was originally featured in the eMarketer Daily newsletter. For more news, statistics and marketing trends, subscribe here.