Despite their fundraising success in the last election, Democrats "simply did not spend their money as effectively as Bush," the Washington Post concludes in an "extensive examination."
"In a $2.2 billion election, two relatively small expenditures by Bush and his allies stand out for their impact: the $546,000 ad buy by Swift Boat Veterans for Truth and the Bush campaign's $3.25 million contract with the firm TargetPoint Consulting. The first portrayed Kerry in unrelentingly negative terms, permanently damaging him, while the second produced dramatic innovations in direct mail and voter technology, enabling Bush to identify and target potential voters with pinpoint precision."
In addition to those tactical successes, the Kerry campaign "was outorganized and outthought, as Democratic professionals grudgingly admit."