Thursday, 14 April 2016 – Johannesburg, South Africa: AD360, a collaboration between Columinate and Ornico, is a digital ad tracking solution that combines continuous consumer feedback on ads with media monitoring data like ad spend, flighting schedules and channels. During the period of September to December 2015, 6400 consumers were asked to provide feedback on all product and brand banking television ads. In total 28 ads were evaluated and close to real time feedback was available on the measurement. Surveys were deployed weekly on all new ads among a demographically representative sample of the banking sector.
What was astonishing is the amount of money channelled to ads that had very little consumer impact. Based on findings from AD360, it was determined that in the last quarter of 2015, banks spent R68, 9 million in television advertising that didn’t create strong positive consumer reactions.
One bank in particular had 70% of the measured ad spend channelled to ineffective ads. This begs the question whether advertising is pre-tested or stress-tested before going live?
The solution also highlighted missed opportunities. One particular bank had a stellar ad, which created the strongest positive emotions among consumers in the period,, but the ad itself received very little spend and wasn’t aired often enough to capitalise on the winning creative.
Boredom reigns supreme
A key element of AD360 is the measurement of the emotive impact an ad has. The model has been validated to show that positive emotions elicited in an ad makes for a more effective and liked ad. However, some emotions are more important than others. Feelings like love, excitement and happiness contribute more strongly to the ad’s success but unfortunately these emotions are few and far between in banking ads. What might not be much of a surprise is that the dominant emotions elicited by the banking sectors’ advertising are boredom, acceptance and neutrality. Boredom is also the single most prominent detractor from overall ad liking and sadly, one of the most prevalent emotions. With the exception of one bank, most ads unfortunately fail to hit the emotional-spot (so to speak).
AD360: superior insights, fast
Companies who subscribe to AD360 enjoy weekly updates and close to real-time insights on how their ads are doing relative to the competitive set. The insights allow brands to make strategic decisions in order to up spend for successful ads or to decrease spend for ads that are not on point. For more information on AD360 get in touch.