HOT DOG! IT’S ALMOST THE FOURTH!
Next week, millions of us are going to grill, we’re going to eat, and we’re planning to spend—to the tune of $9.4 billion, or around $90 per person. According to the National Retail Federation, this year’s anticipated July 4th food spending will be essentially flat to 2023, down by only 1%—within their study’s +/- 1.1% margin of error. And because it wouldn’t be Independence Day without red, white & blue paraphernalia: 31% of those celebrating plan to purchase additional patriotic items. (NRF: Study conducted June 6-9, 2024)
ADVERTISING’S GROWING BUDGET SHARE
Ad spending, which was already the largest line item in marketers’ budgets, has grown by a few percentage points—up 3% for B2B marketers, and 4% for B2C since 2022. In their State of Marketing Report, Salesforce also found that CMOs are spending less on events and sponsorships and have reduced the overhead cost of external partners—a sign that marketers are taking on more of the work themselves in an effort to save money, or at least shift it to ad spending. (Salesforce: June 23, 2024)
GOP PLANS BIG AD PUSH TO RETAKE SENATE
While we’re on the topic of ad spending, the National Republican Senatorial Committee has earmarked $100 million for advertising to gain control of the chamber they lost in the 2020 elections. Their plan, which understandably hasn’t been shared in detail, is to spend big in key battleground states—particularly Ohio, Nevada, Michigan, and Arizona. Each will receive a multimillion dollar TV and digital investment. Party leaders hope that this spending, along with independent donor budgets, will offset the fundraising gap between them and Democrats. In a clever strategy, it is expected that the GOP will place “hybrid” ads in conjunction with official campaigns—which will allow them to pay the lower ad cost available to candidates. Tip: If you want to advertise your product in any market that’s even a little bit swingy, secure that inventory before it’s gone. (Politico: June 20, 2024)
BUT HOW DO YOU REACH SWING VOTERS?
Advertising in swing states is one thing… targeting voters in those states is another. With the key blocs of suburban women, young Gen Z-ers and Black voters being frequent social media users, you might think those platforms would be used as advertising venues. This isn’t necessarily the case, since social media is often seen as “the problem” when it comes to mis- and disinformation. Instead, television will once again dominate; just over $7 billion of the $12 billion spent on political ads will be invested in linear TV, with streaming also receiving a large share. Local TV stations are trusted sources of live state/local news and remain an effective environment for ads. (MediaPost: June 21, 2024)
THIS WEEK IN VIDEO HISTORY
June 29, 1964 – NBC greenlights Gene Roddenberry’s pilot script for a sci-fi show called Star Trek. The show would last three seasons and 79 episodes before being canceled due to low ratings.
In 1979, Star Trek was resurrected as a movie that went on to become a thirteen-film franchise and spawned nine additional TV series, with another currently in development. (And this doesn’t even include the secretly awesome 1973-74 animated series.)
Live long and prosper, indeed!
