Today, we’re talking about the economic impact of election years on global markets. It’s a topic that we think may be more captivating than the latest reel trends on Instagram, and maybe just a little bit more important for marketers.
2024, a year of global elections.
This year the whole world tuned in to witness the drama, debates, and downright spectacle of elections in most countries. Everywhere you turn, you’re bombarded with political ads, campaign speeches, and endless analysis from pundits and armchair commentators alike. Even the president’s Biden campaign is on TikTok (even if the platform is banned on government devices in the USA).
This means that ad prices may rise in certain periods of the year, according to the demand of publicity space. And in the dynamic landscape where politics intertwines with commerce, the economic ramifications of election year on global markets cannot be overlooked.
Navigating the price peaks.
One of the tangible effects of this heightened political activity is the corresponding surge in advertising costs. Ad buys from political groups mean less inventory for everybody else. With demand for publicity space soaring, particularly during peak periods such as election debates and polling days, marketers are confronted with the challenge of optimizing their budgets amidst escalating prices. This necessitates a strategic approach to resource allocation, prioritizing channels and tactics that offer optimal returns on investment.
Adjust campaign timing for elections.
Arrange your campaigns to steer clear of major election dates to lessen the effects of increased advertising competition and cost surges. Take into account the timing of elections in certain regions to steer clear of advertising during peak political engagement.
Adapting to the environment.
However, amidst the turbulence of election cycles, there lies an opportunity for innovation and adaptation. Marketers adept at thinking outside the traditional advertising framework can capitalize on alternative avenues to engage with their target audience. From leveraging social media platforms to orchestrating guerrilla marketing campaigns, the possibilities are manifold for those willing to explore unconventional strategies.
Utilize diverse advertising platforms.
Broaden your utilization of advertising platforms beyond the densely saturated CTV, TV, and radio, particularly in battleground states. Investigate digital platforms such as paid search, DOOH, and streaming audio, which could present more cost-efficient prospects owing to varying degrees of political campaign influence.
Partner with marketing specialists.
Team up with regional marketing experts or agencies proficient in maneuvering through election cycles. Their expertise can prove invaluable in adapting strategies to the ever-changing advertising terrain, guaranteeing seamless campaign execution amidst the demanding circumstances.
Keeping your cool.
Amidst the frenetic pace of electoral fervor, maintaining composure and strategic foresight is paramount. By closely monitoring market dynamics, tracking key performance indicators, and remaining agile in their approach, marketers can navigate the fluctuations of election years with confidence and resilience.
Our conclusion.
The impact of political seasons on marketing budgets in an electoral year is a multifaceted phenomenon that demands careful consideration and proactive adaptation. By embracing the challenges posed by heightened advertising costs and leveraging innovative approaches to audience engagement, marketers can harness the opportunities inherent in these dynamic times.
If you want to collaborate with us, leave us a message.
