Is it possible for a brand to buy their way to the top, or do you actually have to be good at what you do? When delving deeper into Mike Bloomberg’s historical, most expensive presidential campaign, it became clear that money is in fact not enough to get you to where you want to be.
Did you know Bloomberg L.P. is the largest stock research platform in the world? The founder, Mike Bloomberg, spent the most significant amount of money on his advertising campaign for the 2020 presidential candidacy, over 676 million dollars. His political career took off when he was elected mayor of New York in 2001, 2005, and 2009. In 2019, Michael Bloomberg announced he would not run in 2020. After becoming dissatisfied with the democratic field, Bloomberg got worried. At the end of November, in 2019, Bloomberg started his campaign. Bloomberg drove his campaign by sheer wealth – he is the wealthiest presidential candidate in American history.
Bloomberg and Trump have had a lot of ups and downs in their relationship. Bloomberg said he was investing in the country by spending money to remove President Trump. The path Bloomberg’s campaign takes is of chaotic media domination, which has both pros and cons. Pros: he can test and learn where the ads get traction. Cons: it’s chaos. There are so many deleted tweets and a lack of meaningful content. He spent 40% of his budget speaking directly against Trump instead of convincing voters he was the best candidate. 64% of the budget was spent in battleground states rather than blue states.
Bloomberg was caught paying social media influencers. As millions of people were watching the presidential debate, Bloomberg was cranking out memes with influencers. Bloomberg’s campaign strategy was self-deprecating. They established a persona called Weird Mike. The meatball tweet showed he was a relatable guy, rather than a billionaire. He was almost brainwashing the public by sheer volume and repetitiveness. The campaign was unsuccessful in the sense that he dropped out of the race. Bloomberg went from 1 percent support to 15 percent support in just a few months using his meme army. However, it’s unclear whether the campaign may benefit his business endeavors, especially during the COVID-19 pandemic.
Overall, you can’t buy your way to the top as a brand if the product is flawed.
If you would like to hear two industry experts further dissect this topic, head over to The Marketing Rescue Podcast