This year, the US will be the only country with a hotly contested election, but there are also other crucial and competitive elections taking place all around the world, with roughly 49% of the world’s population voting this year.
In the United States, the 2024 election cycle is expected to be record-breaking in terms of media spending, and in a highly polarized society, every vote counts. As we have seen in previous election cycles, we can expect to see an increase in misinformation, fake news, ad fraud, and unethical use of data. This year, marketers are also adding AI to the challenges they must overcome.
In this unpredictable environment, advertisers run the risk of unwittingly associating their brand with undesirable content. At the same time, brands and advertising agencies are powerful players in the industry, and how they spend their media budgets is more important than ever.
While opting out is not an option for most advertisers, agencies and brands are exploring ways to build resilience and prepare for a turbulent media cycle. In addition to understanding the challenges of 2024, brands and agencies are working to protect media buying, which is essential for responsible advertising and mitigating reputational risk.
Identifying the influence of political issues allows you to control your advertising presence
It’s essential for marketers to monitor where their brand stands on world issues and the news cycle. For some companies, politics and social events are a fundamental part of their customer engagement, while for others, they aren’t.
Understanding the extent to which companies should play an activist role is important because it will affect how and where media dollars ultimately flow.
For example, while it’s understandable that brands may want to pull advertising from news content this year for brand safety reasons, cutting funding from reputable news outlets is not the way to build a stronger media environment for the future. Brands need to navigate some tough questions.
Testing strategies, regions and voter preferences is essential to a successful election campaign.
Brands and agencies can test creative and voting preferences within different regions through September to understand what works and what doesn’t, allowing them to build purposeful campaigns.
Once the election cycle is in full swing, there may be a lack of time to get creative and test new things, so summer is the perfect time to see how your campaigns are performing. Sitting down with your partners to discuss detailed visibility into your media placements is a valuable opportunity for brands and agencies.
Brand-safe, scalable environments like TV and DOOH offer an additional layer of protection
Associations like the ANA and OAAA are encouraging brands and agencies to pursue brand-safe environments this year in venues like TV and DOOH. It’s also important to closely monitor how different ad platforms are responding to the election. While platforms can’t ban election-related discourse, some are banning election-related ads, while others are putting safety protocols and tools in place to combat misinformation. While there’s probably no guarantee of absolute safety, the right partner can provide visibility and expertise to brands and agencies.
Planning with delayed ad price increases in mind can help you maximize your campaign ROI.
If every brand and agency follows the ANA’s advice and flocks to brand safety opportunities, costs will rise, in some cases dramatically, just as they will in key battleground states in the crucial six weeks before voters head to the polls.
If brands and agencies plan now, allocating budgets according to expected timelines, allocating budgets for siding costs during potentially more expensive periods, and prioritizing channels and tactics that will provide the highest return on investment, they can get the most bang for their buck.
The media industry may be in for a tough ride, so now is the time to plan and establish key partnerships to weather the current. Brands and agencies that prepare their campaigns now will be able to maximize their media investments while mitigating risk in the lead-up to a tumultuous and consequential 2024 election cycle.
Sponsor: Digilant
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