Video advertisements are becoming the go-to ad format for brands looking to reach and engage consumers, however, a new study suggests that some advertisers lack the tools needed to measure the performance of this type of ad properly.
The study from video intelligence company BrandAds reveals that 60 percent of survey respondents believe they can't measure the impact of their campaigns with their current tools, and instead rely on banner metrics. For instance, more than 80 percent of respondents depend on metrics like impressions and clicks to measure their digital video ads. Plus, more than 80 percent of respondents claim to wait at least a full day to receive campaign data, which makes it impossible to implement real-time changes. Because of this, nearly 90 percent of the respondents would prefer to receive measurement data from third-party vendors instead of an ad network.
It is also important to note that more than 75 percent of respondents would like access to metrics like Viewability and Brand Lift to measure the success of their campaigns. Expense, however, is part of the reason advertisers are relying on simple metrics to measure the performance of their digital video ads. In fact, half of the survey respondents believe that the tools available for online video ad measurement are too expensive and create too much operational overhead.
"It's critical that brand marketers and agencies have access to timely, unbiased data when planning and evaluating the effectiveness of their digital video investments," says Avi Brown, co-founder and CEO at BrandAds. "These findings tell us, as an industry, that only trustworthy and accurate measurement of digital video ads across connected devices will unlock the true power of digital video advertising."