As digital marketers, one of the most difficult times to navigate is U.S. presidential elections. Every four years, we have to anticipate volatility in costs across all platforms. The 2024 election promises to be a landmark year, not only in the political realm but also in the world of digital marketing. With political ad spend set to break records, marketing teams need to prepare for heightened competition, escalating costs, and shifting audience behavior. Here’s what you can expect and how to effectively manage paid advertising campaigns during this election cycle.
What to Expect During the 2024 Election Cycle
Skyrocketing Advertising Costs
The U.S. presidential election significantly impacts advertising costs, especially in battleground states. As Election Day approaches, we anticipate ad expenses to spike even further. Here's a breakdown of what to expect:
- Battleground States: If you're targeting key swing states such as Pennsylvania, Georgia, or Arizona, prepare for a 15-50% increase in CPM (Cost Per Thousand Impressions) for platforms like Connected TV (CTV) and paid social.
- Non-Battleground States: While the increase may not be as steep, you should still plan for a general 10-20% rise in costs nationwide, as political campaigns drive up demand for ad space.
- Google Ads: Even if you're not directly competing with political keywords, expect a 5-30% rise in CPC (Cost Per Click) due to higher demand, particularly for competitive keywords.
With over $154 million already allocated to U.S. presidential election ads and political digital spending projected to jump 30% compared to the previous election year, this surge is bound to strain available ad space across digital platforms.
Platforms and Metrics Affected
The platforms most impacted during this period include:
- Connected TV (CTV)
- Display Ads
- YouTube
- Paid Social Platforms (Facebook, Instagram, etc.)
Metrics most affected will be CPC and CPM, with higher costs across the board as political campaigns fight for premium ad placements.
Strategic Adjustments to Stay Ahead
Successfully navigating the election cycle requires proactive measures to mitigate rising costs and disruptions. Here are some strategies to implement to prevent impacts to performance:
- Diversify Your Platforms
To avoid being overly reliant on any single platform, spread your budget across multiple channels. If your campaigns are heavily focused on paid social media, consider increasing your paid search ad spend while reducing social budgets. This will give you more flexibility to maintain performance without getting priced out by political campaigns.
- Adjust Messaging for the Times
During politically charged times, neutrality is key. Tailor your messaging to resonate with your audience without wading into divisive political issues. Stick to topics that are relevant and engaging but avoid any direct political references.
- Maintain Budget Flexibility
Remain flexible with your marketing budgets- be open to reducing cost if you’re not seeing an effective return. This will allow you to adjust ad spend in response to market fluctuations, consumer behavior, and changes in ad space availability.
- Optimize Campaign and Bidding Strategies
For Google Ads, switch your bidding strategy to Target ROAS (Return on Ad Spend) or Target CPA (Cost Per Action). For Facebook Ads, leverage Cost Cap or ROAS Minimum objectives. These strategies will help you maintain efficiency while keeping costs in check.
- Avoid Running New Ads on Facebook After October 20
Facebook typically changes its review processes and enforces stricter ad policies in the weeks leading up to the election. Running new ads on Facebook Ads Manager from October 20 through November 4 may lead to delays, denials, or reduced support due to an overloaded system. Similarly, consider holding off on launching new YouTube campaigns during this period, as YouTube tends to be more sensitive to political content during elections.
What to Do If Performance Declines
Despite your best efforts, you may still see a decline in performance due to rising competition, increased cost, and platform restrictions. If that happens, here are some steps you can take:
- Exclude Swing States
Focus your campaigns outside of the following 2024 swing states where competition will be fierce:
- Arizona
- Nevada
- Georgia
- Wisconsin
- Michigan
- Pennsylvania
- North Carolina
Additionally, consider excluding potential swing states like Colorado, Florida, Iowa, New Hampshire, Ohio, and Virginia. This can help reduce your exposure to inflated costs.
- Update Bidding Strategies
For Google Ads, switch to Target CPA or Target ROAS to optimize your campaigns for better cost efficiency during periods of high competition.
- Limit Exposure to Impacted Platforms
If you're seeing a significant hit to performance on certain platforms, consider pausing or reducing ad spend on those platforms and focusing on ones where you're seeing better ROI.
Be Prepared for Policy Changes
Election seasons often bring heightened scrutiny on digital platforms, leading to changes in advertising policies, especially around political or sensitive content. Keep an eye on any updates from platforms like Facebook, Google, and YouTube, and ensure that your ads align with brand-safe content. This is especially important to avoid negative associations or backlash during this period.
Prepare for:
- More intense ad reviews: Prepare alternative creatives and messaging that you can quickly swap in if your original ads are flagged or restricted.
- Reducing ad copy updates: Limit the number of updates you make to your ad copy in the lead-up to the election. Frequent updates might trigger extra scrutiny and delays.
By planning ahead and adapting to the complexities of the 2024 presidential election, you can maintain strong campaign performance while keeping costs under control.
For more personalized strategies on managing your paid advertising during the election period, feel free to contact our team. We’re here to help you navigate these challenges with expert insights and proven strategies.