During global marketing services network Stagwell's recent two-day “Political Media Days” summit of media groups and digital publishers, its omnichannel media agency Assembly gave its prediction of the 2024 election cycle ad market, which it sees as reaching an unprecedented $12 billion.
The agency, which in 2020 placed the largest single media buy in history during the Mike Bloomberg for President Campaign, also foresees political ad buys unfolding across a wider array of online and offline channels, as the digital marketing revolution fully transforms politics.
Stagwell's summit, with a mission to inform brands as well as local and national candidates about the political media opportunities that should be top of mind heading into the 2024 election cycle, included presenters such as iHeartMedia, Urban One, Nexstar, TelevisaUnivision, Axios and Politico.
“I used to joke that brands spent more money marketing hamburgers than politicians spent campaigning to run a nation, but that's no longer the case,” Stagwell Chairman and CEO Mark Penn says. “With the explosion of digital channels, political campaigns are at the forefront of targeting techniques and marketing innovation because they are always trying to outdo their competitors, and those tools are necessary in today's lower-growth commercial world.”
Topics of discussion at the summit included the importance of reaching overlooked audiences, building trust with a skeptical public, and balancing multiple mediums in a landscape where consumers are wildly varied in their spending habits, information sources and personal beliefs.
Among the key takeaways: don't drop traditional broadcast, as it remains the primary scaled option with the most reliable data; reach underserved audiences such as Blacks and Latinos with creative targeting, including using radio; reach swing voters with more centrist and local news media; and start early and educate voters as opposed to relying on “Get Out The Vote” efforts at the end of the cycle.
"Fully integrated campaigns remain elusive for many political players in this fragmented media landscape,” Assembly Director of Political Strategy Tyler Goldberg says, “and we're proud to work alongside our partners across Stagwell to help modern brands and candidates get the most out of the expansive universe of audiences, channels, and targeting methods available in this upcoming cycle."
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