May 2024 Edition
Talking Points
The intersection of marketing and the Olympics presents a unique opportunity. Brands can connect with a global audience, leverage their digital engagement programs, and shift consumer behaviors. As the 2024 Paris Olympics loom on the horizon, marketers should adapt their strategies to align with evolving online content consumption and consumer preferences.
The digital landscape is now a cornerstone of Olympic viewership, with billions of people tuning in to digital platforms to witness their favorite athletic events. The 2020 Tokyo Olympics saw a staggering 28 billion video views on digital platforms, marking a 139 percent increase from the previous games in Rio de Janeiro. With digital media surpassing traditional media in many markets worldwide, the 2024 Paris Olympics offer brands a rare chance to tap into the momentum of Olympic online content.
To effectively capitalize on this opportunity, marketers must first understand how the Olympics influence consumer behavior and then adjust their advertising strategies accordingly. Three key factors will shape marketing decisions leading up to the Paris Olympics.
1. Increased digital engagement
The Olympics presents a prime opportunity for brands to attract organic traffic through targeted digital marketing campaigns. By incorporating Olympic-themed content into digital marketing and forging new content marketing partnerships, brands can enhance audience engagement and align more closely with their customers’ values.
2. Programmatic advertising
With audiences gravitating towards streaming platforms for live sports, marketers can adapt their channel mix to meet consumers where they are. programmatic advertising during the Olympics offers brands a chance to connect with viewers in real-time, while innovative features like virtual concessions provide novel ways to engage audiences.
3. Strategic budgeting
Marketers should also anticipate higher advertising costs during the Olympics as demand for digital advertising space escalates. Strategic budgeting is essential. To optimize campaign effectiveness and ensure a strong return on investment, businesses can select channels with lower ad costs, budget for peak times, and evaluate channel ROI. These are critical steps in maximizing advertising impact during this high-demand period.
The 2024 Paris Olympics present a unique opportunity for marketers to leverage the global platform of the Games to enhance brand visibility and connect with audiences worldwide. By understanding the dynamics of online content consumption, shifting consumer behaviors, and strategic budgeting, marketers can position themselves for success in this dynamic environment.
Based on Why Online Content Consumption During the Olympics Matters to Marketers by Johanna Wahlroos and 3 Ways the Summer Olympics Could Impact Marketers’ Decisions in 2024 by Coegi.
