Just because you advertise doesn’t mean anyone will buy your product. From Ryan McMaken at mises.org:
Michael Bloomberg dropped out of the Democratic Party’s primary this week, but not before he spent more than $500 on political advertisements. According to Bloomberg (the news service, not the man),
Through Friday [Feb 21], he’s spent $505.8 million on broadcast, cable, radio and digital ads, according to Advertising Analytics. That’s an average of $5.5 million a day since he officially became a candidate.
It’s also $190 million more than all of his active Democratic rivals combined, including billionaire hedge-fund founder Tom Steyer, have spent on political ads.
This all netted Michael Bloomberg a whopping twenty-seven delegates. That’s more than $18 million per delegate. This means Bloomberg didn’t even succeed in becoming a spoiler or a kingmaker at the Democratic convention this summer.
In short, the failed Bloomberg ad blitz serves as a helpful reminder that advertising doesn’t actually make people do anything. Ads on YouTube and TV—even when they are released in a veritable torrent as Bloomberg’s ads were—are not enough in themselves to convince people to vote for someone.
We saw a similar issue during the 2016 election, when Hillary Clinton outspent Trump 2 to 1. Indeed, among so-called outside groups (such as super PACs), “Pro-Clinton ads outnumbered pro-Trump ads 3 to 1—a mind-numbing 383,512 ads for Clinton compared to 125,617 supporting Trump.”