If there's one thing that is certain during any political season, it's the intense roller coaster associated with advertising that includes ad displacement and rate premiums. Many small businesses are affected or worried they will be affected by political advertising. Political spending can flood the market, leaving little room for traditional advertising that is standard for any business to continue running smoothly.
In fact, My Corporation reports that 71% of small business owners feel worried about the upcoming election, 38% feel very concerned, and 33% are somewhat concerned. The uncertainty about new laws and regulations has small businesses nervous about what lies on the other side - halting their advertising to wait out the storm. Despite the hostile environment of election years, however, many experts say "at the end of the day, not too much will change either way."
Here are some solutions for marketers to cut through the political noise and continue marketing during voting season to ease your worries and get you back to business.
Focus on OTT and Streaming
State and national campaigns often lean towards broadcast TV to reach the masses of voters. This will give you the valuable opportunity to take advantage of over-the-top (OTT), and if you're new to it, you can count on a media partner for help with OTT strategies and campaigns.
In the following ways, OTT can take you marketing to the next level:
- Maintain your brand awareness with OTT ads
- Stay visible with your target audience
- Provides better targeting abilities
- Multi-device retargeting capabilities (i.e., deliver an ad on OTT, encourage an action just after on a viewer's second screen device)
Another advantage of OTT is that it's a strategy that will continue to be relevant in the years to come, so it's more beneficial to get familiar sooner rather than later. Allied Market Research reports that the global OTT market size is expected to reach $1,039.03 billion by 2027, up from a value of $121.61 billion in 2019.
Count on a Well-Rounded Digital Strategy
Digital marketing is efficient and provides advertising results any time of the year, especially since you can track and measure your results in real-time to inform important decisions on a current campaign (i.e., adjust strategies when necessary and improve your content, wording, etc.). Digital marketing can be beneficial during this time of year, so keep digital marketing strong during voting season.
Keep your brand visible with:
- Social media
- Online display ads
- Radio ads
- Email campaigns
- Content marketing
Digital advertising mediums, in addition to OTT, will continue to drive traffic to you and increase brand awareness. Marketing efforts won't fall behind during voting as long as you don't fall behind in your marketing.
Nurture Relationships with Existing Customers
Existing customers are an essential component of sales and business, yet companies big and small often make the mistake of overlooking existing customers to focus on new customers. Not only does it cost less to nurture an existing customer rather than acquire new ones, but research shows that you make more money from your current customer base.
According to Small Business Trends, the probability of selling to an existing customer is 60-70%, while the chance of selling to a new prospect is 5-20%. The report also found that repeat customers spend 33% more than new customers, and just increasing customer retention by 5% can increase your profits by 25% to 95%.
Ways to nurture customer relationships and increase sales:
- Engagement: stay connected through social media and email to improve engagement (i.e., comment and respond, personalize experiences, stay consistent, etc.).
- Exclusivity: send email promotions that reward loyal customers (exclusive discounts, sales, and promotions).
- Appreciation emails are popular as well (anniversaries, birthdays, etc.).
- Experience/service: optimize customer experience (74% of consumers are at least somewhat likely to buy based on experiences alone).
- Understanding: know your target audience and use that insight to reach them (56% of customers stay loyal to brands which "get them").
- Stay true to your brand/audience: appeal to mutual values and opinions (89% of customers stay loyal to brands who share their values).
Navigate The Storm With a Media Partner
Marketing can be challenging during any turbulence, especially for new and/or small businesses. Working with a media partner during these times can ensure that your advertising stays on track and business continues smoothly. Political campaigns will be everywhere, trying to take up space wherever they can. Still, a partner like Meredith Arizona is familiar with the tactics and better able to help you break through the political noise. This isn't the time to sit back and worry. It's time to take action and adjust your strategy!