The majority of marketing officers are still measuring video advertising using traditional metrics such as clicks and impressions, according to a new report by ViralGains, the digital video advertising platform, together with the Chief Marketing Officer (CMO) Council.
The survey of 233 senior marketing leaders during Q1 2018 found that marketers were not clear about the results of their digital video campaigns. Many admitted that they lacked the know-how. Despite this, 96% planned to increase their video ad budgets for 2018.
By taking a closer look at which metrics marketers consider to be a measure of success of their video campaigns, 56% rated click-through rates a top metric, followed by social sharing (40%), engagement (35%) and impressions and views (31% each).
Additionally, just 3% of respondents consider current Media Ratings Council (MRC) standards for video viewability to be reasonable. Unsurprisingly, many marketers are unsatisfied with the insights they gain from campaigns, but also the measurement tools available.
The research also noted that a whopping 87% of marketers are willing to pay a premium for campaigns that can guarantee them completed views.
Another 73% said they would prefer total transparency of traffic, views and engagements with their video ad campaigns. Furthermore, 40% of respondents want performance-based billing such as business outcomes versus just clicks and views.
Interestingly, more video ad spend was attributed to mobile web and apps compared to social or web banners.
“The research is clear – there’s a massive gap between how video advertising success is measured and the metrics that truly move the needle for brands,” explained Tod Loofbourrow, CEO, ViralGains. “Today’s CMOs need to deliver insight and attributable impact as well as scale. They are rising up to find solutions that leave behind impression-based buying and help them drive and understand meaningful business outcomes. That’s what we’re doing at ViralGains, and the results of this research validate what we’re hearing from marketing leaders across industries.”