As we march closer to the 2024 U.S. presidential election, CMOs and marketing leaders need to prepare for a significant shift in the digital advertising landscape. Election years have always posed unique challenges for advertisers, but the growing dominance of digital media has made the impact more profound than ever before.

In this article, we’ll explore the key factors that will shape the advertising environment in the coming months and provide actionable insights to help you navigate these turbulent waters.

The Digital Battleground

The rise of cord-cutting and the shift towards digital media consumption have fundamentally altered the advertising landscape in recent years. As traditional TV viewership declines, political campaigns have had to adapt their strategies to reach voters where they are spending their time: on digital platforms.

According to a recent report by eMarketer, the number of cord-cutters in the U.S. is expected to reach 65.1 million by the end of 2023, representing a 6.9% increase from 2022. This trend is projected to continue, with the number of cord-cutters reaching 72.2 million by 2025.

Moreover, a survey conducted by Pew Research Center in 2023 found that 62% of U.S. adults do not have a cable or satellite TV subscription, up from 61% in 2022 and 50% in 2019. This data further underscores the accelerating shift away from traditional TV and towards streaming and digital media platforms.

As these trends continue, political advertisers will have no choice but to follow their audiences to digital channels. In the 2022 midterm elections, digital ad spending by political campaigns reached $1.2 billion, a 50% increase from the 2018 midterms. With the 2024 presidential election on the horizon, this figure is expected to grow exponentially, as campaigns compete for the attention of an increasingly digital-first electorate.

For brands and advertisers, this means that the competition for digital ad space will be fiercer than ever before. As political ad spending continues to migrate to platforms like Meta, YouTube, and connected TV, the cost of advertising will likely surge, making it more challenging for non-political advertisers to reach their target audiences.

To navigate this complex and constantly evolving landscape, CMOs and their teams will need to be proactive, data-driven, and willing to experiment with new strategies and channels. By staying ahead of the curve and adapting to the changing media consumption habits of their audiences, brands can position themselves for success in the face of the electoral advertising onslaught.

Rising Costs and Limited Inventory

As political advertisers flood the digital market, the cost of advertising is expected to skyrocket. CPMs (cost per thousand impressions) will likely experience a steady climb throughout the year, with significant spikes anticipated in May, as college students come home from school and become more engaged in political conversations, and around major campaign events like presidential debates.

For media buyers and their teams, this means that the tried-and-true strategies of years past may no longer be sufficient. Brands will need to be nimble, adaptable, and willing to explore new tactics to stay ahead of the game.

Black Friday and Cyber Monday: A Perfect Storm

The challenges of election year advertising will be particularly acute during the critical holiday shopping season. Black Friday and Cyber Monday, which have historically been goldmines for advertisers, will be more expensive and competitive than ever in 2024, as they coincide with the final weeks of the presidential campaign.

To avoid being drowned out by the political noise, brands will need to start planning their holiday campaigns earlier than usual. Building up audiences and crafting compelling creative assets well in advance will be essential to success, as will a willingness to explore alternative channels and tactics. Relying on cold audiences come Q4 will lead to exceptionally high costs that may be detrimental to many businesses.

Navigating the Chaos

While the challenges of election year advertising can seem daunting, there are steps that media buyers and their teams can take to mitigate the impact and even thrive in this environment. Here are a few key strategies to keep in mind:

Start early and plan for contingencies: Begin planning your Q3 and Q4 campaigns as early as possible, with a focus on building up your target audiences and developing a robust library of creative assets.

Be sure to build in contingency budgets to account for potential cost increases, and be prepared to pivot your strategy as the landscape evolves.

Embrace alternative channels: Consider diversifying your media mix to include channels that may be less impacted by political ad spending, such as influencer marketing, podcast advertising, or sponsored content. Investing in owned media channels, like email marketing and mobile apps, can also provide a direct line to your customers without the need to compete for ad space.

Owned channels will be more important than ever. Use cheaper months leading up to the election to build your email lists and existing customer base so that your BF/CM can leverage your owned channels and warm audiences.

Craft compelling, shareable content: In a crowded and noisy advertising environment, creating content that resonates with your target audience will be more important than ever. Focus on developing authentic, engaging content that aligns with your brand values and speaks directly to your customers’ needs and desires.

By tapping into the power of emotional triggers and social proof, you can create content that not only cuts through the clutter but also inspires organic sharing and amplification.

Reflections

The 2024 election year will undoubtedly bring new challenges and complexities to the world of digital advertising. But by staying informed, adaptable, and strategic in your approach, you can navigate this landscape successfully and even find new opportunities for growth and engagement.

As a media buyer or agnecy, your role in steering your brand through these uncharted waters will be critical. By starting your planning early, embracing alternative channels and tactics, and focusing on creating authentic, resonant content, you can not only survive but thrive in the face of election year disruptions.

So while the road ahead may be uncertain, one thing is clear: the brands that approach this challenge with creativity, agility, and a steadfast commitment to their customers will be the ones that emerge stronger on the other side.

The post Battling for Attention in the 2024 Election Year Media Frenzy appeared first on DigitalMarketer.

Did you know that the compound annual growth rate in the digital marketing industry is projected to be 13.9% until 2026? The market is expected to reach $786.2 billion by that time frame. 

This shows the importance of staying on top of new developments and adapting strategies accordingly — especially if digital marketers want to take advantage of the growth in 2023. 

Whether you’re a seasoned marketer or just starting out, keep reading to equip yourself with the right tips to slay your digital marketing game and stay ahead of the curve. 

1. Follow industry leaders and influencers

Industry leaders or influencers in digital marketing are individuals who have established themselves as thought leaders in their fields, and have earned a large following due to their valuable insights and expertise.

To identify the right ones to follow, start by doing some research. Look for those with a track record of accurately predicting trends and providing valuable insights. You can search for keywords related to your industry on social media platforms like Twitter, Instagram, and LinkedIn.

Even a simple Google search can do the job!

Once you’ve identified potential influencers, it’s important to follow them across various platforms, including their social media, blogs, and even podcasts. This will give you a well-rounded view of their insights and perspectives. You can also use tools like Feedly or Flipboard to create a customized news feed of content from your favorite influencers.

Another great way to engage with influencers is by commenting on their content and participating in their online communities. By adding value to the conversation, you can build relationships with influential figures in your industry and stay on their radar. 

Finally, tools like Hootsuite or Buzzsumo can help identify influencers and track their content. Hootsuite allows you to monitor social media conversations and track specific keywords or hashtags, while Buzzsumo provides insight into content that’s trending in your industry.

Pro-tip: Looking for some influencers to get started with? Here are some of our favorites:
Neil Patel — known for his expertise in SEO and content marketing 
Gary Vaynerchuk — known for his expertise in social media marketing 
Rand Fishkin — founder of Moz, recognized authority on SEO and content marketing.
2. Attend digital marketing conferences and events
Whether you’re looking to build your skills, explore new marketing strategies, or connect with like-minded professionals, attending industry conferences can be an invaluable experience. 

Conferences and events also offer exposure to new marketing strategies, tools, and technologies. You can learn about the latest trends and best practices in digital marketing, as well as gain hands-on experience.

To find relevant conferences and events, research conferences in your specific niche and choose ones that align with your interests and goals. 

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Once you’ve chosen a conference, plan your schedule to make the most of your time. Be sure to attend workshops and breakout sessions to learn about specific topics in depth. One other thing: take advantage of networking opportunities to build relationships and exchange ideas with other attendees and presenters.

Pro-tip: Some popular digital marketing conferences include: 
Social Media Marketing World
Content Marketing World
MozCon
3. Collaborate with other professionals and brands 
Working with other professionals and brands in your industry allows you to learn from their experiences and gain new insights into marketing strategies and tactics.

Here are some collaboration tips to keep in mind: 

Identify potential collaborators who share your target audience and marketing goals. Look for businesses and individuals who complement your brand and its values. 

Develop a mutually beneficial partnership. This could include co-creating content, cross-promoting each other’s products or services, or collaborating on a joint marketing campaign.

Building relationships is key to successful collaborations. Take the time to get to know your collaborators and understand their businesses and goals. Be sure to communicate clearly and work together to establish shared objectives.

Use social media to connect with potential collaborators, share each other’s content, and promote joint initiatives.

Measure and analyze the resultsof your campaign. Conduct website audits and track key metrics such as website traffic, social media engagement, and sales, and use this data to optimize your future collaborations.

A great example of a successful digital marketing collaboration is the #LikeAGirl Campaign partnership by Always and Girls on the Run.

Source: Beloved Brands

The popular feminine hygiene brand amplified the success of its viral 2014 marketing success by teaming up with Girls on the Run in 2019 to support the National Access and Inclusion Initiative. Over $750,000 has been donated over the last two years, shining a philanthropic light on Always’ brand image. 
4. Join industry organizations and groups
Joining industry organizations and groups can provide many benefits that can help you stay ahead of the curve. 

You can gain access to exclusive industry information and resources, such as primary research and reports that can help you stay up to date with the latest trends and best practices.

There will also be opportunities to network and build relationships with other professionals in your field. This can be especially valuable for freelancers and entrepreneurs who may not have as many opportunities to connect with others in their industry.

To identify the right organizations:

Research industry organizations and choose ones that align with your interests and goals. 
Attend events and participate in committees to build relationships and gain exposure for your work.
Volunteer to help with events or initiatives to build your skills and experience.

Pro-tip: Examples of industry organizations and groups include the following: 
American Marketing Association
Interactive Advertising Bureau
Content Marketing Institute
5. Experiment with new marketing techniques and technologies
Experimenting with new marketing techniques and technologies can help you reach wider audiences and engage customers in new ways.

However, when identifying the new tools and methods at your disposal, it’s important to choose the ones that align with your brand’s goals and audience. 

For example, if you’re targeting Gen Z, you might experiment with video formats on growing social media platforms like TikTok or Instagram Reels to reach that audience.

Source: Digital Marketing Institute

A great way to do this is by experimenting with new tactics on a small scale to test their effectiveness before growing. You can do this through A/B tests on your website, by running a small ad campaign on a new platform or by testing a new content format to see how it performs before investing more resources.

Examples of new marketing techniques and technologies that digital marketers can experiment with include AI tools like ChatGPT, virtual and augmented reality and voice search optimization. 

If a new marketing trend or technology doesn’t work out, be prepared to pivot your strategy and try something new. 

Experimentation involves taking risks, and not every experiment will be successful. The key is to learn from your failures and adjust your strategy accordingly.
Conclusion
As we move into 2023, it’s important you look out for exciting emerging trends in the year ahead, like AI and machine learning, social commerce, the rise of the ‘creator economy’, and focus on customers’ personalized experiences. 

By keeping up with the latest trends, you can ensure your brand’s success in the fast-paced digital landscape. So let’s get out there and embrace the future of marketing!

The post How To Keep Up With Marketing Trends In 2023? 5 Tips For Digital Marketers appeared first on DigitalMarketer.