We compare multicandidate elections under plurality rule versus ranked choice voting (RCV). We examine a widely held presumption that RCV more effectively incentivizes candidates to pursue broad campaigns that can appeal to all voters, rather than targeting a narrow segment of the electorate. That presumption is correct when preference transfers are competitive, that is, when multiple candidates have a reasonable chance of securing voters' second‐choice support. However, when transfers are uncompetitive due to partisan, ethnic, or cultural alignments, that presumption is reversed: RCV can strengthen candidates' incentives to pursue targeted campaigns.