Stagwell (NASDAQ: STGW), the only global marketing services network with bipartisan political advocacy, media, and insights firms, convened disruptive digital publishers and media groups for a two-day summit 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. The presenters – Ampersand, Axios, iHeartMedia, MiQ, Nexstar, Politico, Puck, Punchbowl News, TelevisaUnivision and Urban One – discussed 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, personal beliefs and more.
According to Stagwell's omnichannel media agency Assembly – which in 2020 placed the largest single media buy in history during the Mike Bloomberg for President Campaign – the 2024 cycle is slated to surpass $12 billion in advertising spend and unfold across an expansive array of online and offline channels as the digital marketing revolution fully transforms politics.
"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. 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," said Mark Penn, Chairman and CEO, Stagwell.
Mark Penn in Conversation with Assembly Director of Political Strategy Tyler Goldberg
Penn joined Assembly Director of Political Strategy Tyler Goldberg for a candid chat about the upcoming election cycle and Stagwell's role as a network in the political and media ecosystem, spanning advocacy firms SKDK and Targeted Victory, insights agencies The Harris Poll and HarrisX, and more.
"Fully integrated campaigns remain elusive for many political players in this fragmented media landscape, 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," said Goldberg.
In this interview, they shed light on why marketers should keep a close eye on the political landscape when it comes to spending and crafting creative messages. Stream it here, and find key takeaways from Stagwell's Political Media Day presentations below:
Reaching Overlooked Audiences
- Start early and educate; don't just rely on Get Out The Vote efforts at the end of the cycle.
- Black and Latino audiences often feel taken for granted. Reach these underserved audiences where they are. Whether that's Spanish language programming or genre radio, be creative in targeting.
- Find the persuadable voters. Swing voters are watching the more centrist and local news outlets rather than the big-name hyper-partisan channels.
- Audiences care about individual talent. Journalist influencers who have built up loyal audiences and local broadcast teams who feel familiar to their viewers are extremely valuable in this contentious political environment.
- Be authentic. Multicultural groups have their own interests, and they can tell when campaigns are pandering – basically the core tenet of Assembly's Advocacy Consulting Technology (ACT).
- Don't drop traditional broadcast. Everyone wants an alternative to broadcast, but it's still the primary scaled option with the most reliable data.