ViralGains and The CMO Council say nearly all (96%) of brands their surveyed had plans to increase their video advertising budgets over the next year. Researchers polls more than 200 senior marketing leaders to come to their results. What is more staggering, though, is how brands are currently measuring their video success.
The report shows that while more than three-fourths (78%) of CMOs want to directly link video ads to sales, they continue to settle only for using click and impression based metrics to analyze the success of campaigns. These brand leaders also report they aren't satisfied with the current state of video analysis or measurement, a sign that innovators in the space could make headway with better analysis.
"Video is an inherently powerful medium because stories with sight, sound and motion strike an emotional chord for viewers that has the potential to lead to deep connections with brands. But the industry standards for measuring this impact are all over the place, so how can brands tell what's working and what isn't?" said Tod Loofbourrow, CEO, ViralGains.
Other interesting findings from the State of Digital Video Advertising report include:
• Half of those surveyed plan to increase video budgets by at least 25%
• 87% 'will pay a premium' for guarantees of completed ads and deeper customer metrics
• 73% want traffic, viewer, and engagement transparency in their analysis
"Today's CMOs need scale, effectiveness and accountability when it comes to digital video, and it's time for the industry to rise up with a solution that ties together the power of digital into a meaningful standard for buying video and measuring successful business outcomes. That's what we're doing at ViralGains--it's time to fix this broken system, and based on the results of this research, it's obvious that marketing leaders from across verticals agree," said Loofbourrow.
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