Adotas is pleased to offer this article from WIREWAX CEO Steve Callanan
There’s no doubt that real, tangible data is part of the everyday in the modern digital world. It’s universally accepted that the wealth of data we have at our disposal today has changed practically every industry, and the advertising sector can arguably benefit the most from real-time results and analysis.
At WIREWAX we collect 150 data points for every second of every video viewing from millions of users every day. New research from WIREWAX indicates:
· 25.5% of all interactive video viewings are repeats
· Half of all interactive video viewings happen on mobile
· Shoppable retail videos outperform shoppable TV
· Typically, online video loses between 1/3 to 1/2 of its audience before 30 seconds of playback. Compare this to WIREWAX interactive video, which only loses, on average, just 18% of its audience by 30 seconds of playback
· Average click through rates across interactive videos is 16.4%, peaked at 78.66%. On average, 45.28% of WIREWAX audiences actively click or touch tags on WIREWAX interactive video.
· Average duration of a WIREWAX interactive video is 2 minutes, 31 seconds
· Consumers spend an average of 1 minute, 19 seconds in an interactive video experience
Data is unquestionably a powerful resource but positive application and strategic reaction to that knowledge is where the real power lies.
With a WIREWAX video, your performance metrics aren’t just ‘how many views’ or, if you’re lucky, ‘how long people stuck around for’, that you may get elsewhere; you’re now presented with a wealth of behavioural metrics that tell you how people are interacting with your content, clicks, touches, dwell times, engagement, retention; even how device, environment and time of day affect interactive behaviour. We even record mouse cursor position every second that can be presented back to the owner in the form of an interactive heatmap. The insight into how audiences respond is unprecedented and fascinating. We had to engineer our own systems to cope with, what we call, the ‘fire hose’ of data that comes back to our servers every millisecond.
Data allows marketers to react and adapt almost instantly to trends, succeeding or failing campaigns, or target-audience sentiment with basic tools like Google Analytics, Brandwatch and Omniture or just simply reading tweets or alerts themselves. They can be more nimble than ever, reviewing performance cheaply and efficiently to fine-tune a live or yet-to-launch concept. They can learn invaluable lessons from the past and apply them immediately to the future. But just because there’s so much valuable data at our fingertips, that doesn’t mean it’s always being used effectively.
The difference between the ‘Mad Men’ era and now, is that the ad guys had to make it work first time or else. Campaigns would cost infinitely more than they do today and they could only measure success by sales of the product or service weeks or months down the line. Therefore, it was imperative that the campaign was the best it could be, polished, fine-tuned and considered. Because of this, you could argue that campaigns are less refined, more disposable and lacking elegance. We remember the global, big-budget campaigns of yesteryear that are still considered genius ad strategies but how many digital campaigns today have made such a significant impact?