New Engen Election Insights Dashboard Trends to Watch in Q3, and What Brands Can Do About Them

Considering all of the recent election news, now feels like the perfect time to highlight the key trends we’re seeing on the New Engen Election Insights Dashboard. If you aren’t yet familiar with the dashboard, it’s a free, customizable tool built by our team of analysts to empower brands and digital marketers with the information they need to navigate the upcoming election season. For more information, check out this guide to using dashboard.

A High-Level Look at 2024 Political Ad Spending

Political advertising spend hit a yearly high of $8.7M in mid-June, and has remained above $6.5M in the weeks since. In February, EMARKETER forecasted that political spending would outpace 2020 by 30%, though current fundraising data suggests this number could be lower. Notably, congressional spending currently exceeds presidential spending by 50%, which means that the impact to advertisers could be felt at a regional level. Because of this, brands should monitor their geo-level campaign data.

The majority of political spending is happening on TV, with 50% of digital spend going toward CTV. Both parties focusing their media spend on YouTube, OTT, and Meta, though there are some key differences between how Republicans and Democrats are distributing these funds.

While Democrats are primarily tapping into YouTube and Meta (both Facebook and Instagram), Republicans are favoring OTT, YouTube, and Facebook (over Instagram), and haven’t shied away from X (Twitter). And the two major political parties aren’t the only players in the market - Political Action Committees (PACs) and political interest groups, ranging from Americans for Prosperity to The Human Rights Campaign, have allocated 65% of their media spend to these platforms, compared to just 43% in 2020.

👀 One thing we’re watching for: the Harris campaign will likely invest heavily TikTok in its effort to reach younger, specifically Gen Z voters. Keep an eye on this channel in the coming weeks and be prepared to adapt if costs begin to rise.

2024 Election Season CPM Forecast

Mark these dates on your calendar: CPMs are expected to ramp during the week of September 23rd, and peak during the week of October 28th.

Be prepared for CPMs to increase moderately by 2-3% from now until late September. On September 23rd, CPMs will begin to ramp up by as much as 10% and will hit a peak high on October 28th. After the election on November 5th, CPMs will fall by 2-3% for a brief period before they pick back up for the holidays.

What You Can Do in the Weeks to Come

Here are six actions that brands and digital marketers can take in the weeks leading up to November 5th.

1. Continuously monitor CPMs by checking the dashboard every two weeks. Compare current costs against previous periods to identify trends in real time. Keep tabs on CPMs across time, audiences, and channels, to distinguish between the usual noise and macro-level factors (i.e., the election).

2. Consider cheaper buying strategies when CPMs get too high. Investing in upper-funnel media, especially in late Q3 and early Q4, can help to keep aggregate costs down.

3. Be prepared for major events like the Democratic National Convention or debates, which can draw attention away and impact CVRs. Be ready to act quickly to adjust budgets or, in extreme cases, pull ads.

4. Analyze geographic and demographic data. Swing states and certain zip codes will see above average political spending, so it’s important to understand if your strategy relies heavily on these areas or is otherwise hyper-localized. Again, monitor closely, and consider adjusting your budgets at the geographic level.

5. Be proactive with CTV and YouTube, which are the most likely channels to feel the impact from heavy political spending. Proactively work with partners to shore up your media mix, local inventory exposure, dayparts, etc.

6. Stay vigilant in your brands safety efforts. Ensure your block lists and ad placements are set up correctly, and leverage in-platform controls to efficiently manage budgets. Plus, don’t forget to keep a constant pulse on consumer sentiment by monitoring discussions, relevant trends, and brand mentions.

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