96 Percent of Marketers to Increase Video Ad Spend; Issue Call for Stronger Viewability Standards.
ViralGains, a digital video advertising journey platform, in conjunction with the Chief Marketing Officer (CMO) Council today released a study that investigated how digital video advertising is utilized throughout the customer journey.
The CMO Council surveyed a total of 233 senior marketing leaders in the first quarter of 2018 for this study. Results revealed that marketing leaders are still very uncertain about the results they’re generating from digital video, and many don’t have the knowledge they need to succeed, even as a staggering 96 percent set out to increase their video budgets in 2018 (and beyond).
The study indicated that while 78 percent of CMOs are increasingly held accountable for bottom-line metrics like sales, the vast majority are still measuring video ad success with traditional, awareness-based metrics like clicks and impressions, demonstrating a glaring disconnect that highlights an inability for marketers to derive the insights they need from video in order to drive meaningful business outcomes.
Moreover, only three percent of respondents believe that the current MRC standard for video viewability is reasonable, indicating dissatisfaction with today’s measurement standards and a desire for improved transparency and video engagement.
Other key findings from the report include:
- Nearly half of all marketers surveyed expect to increase their 2018 digital video ad spend by up to 25%
- 87% of marketing leaders are willing to pay a premium for campaigns that guarantee completed views and deep customer insights
- 73% of marketers want total transparency into traffic, viewers and engagement
- 40% want performance-based billing that is tied to real business outcomes versus just clicks and views
“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,” said Tod Loofbourrow, CEO, ViralGains (pictured left). “Today’s CMOs need to deliver insight and attributable impact as well as scale. They are 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.”