Online Display Advertising Benchmark Report

1. Online Display Advertising Benchmark Report Online Advertising & Real-Time Bidding Benchmarks, Insights & Advice Conclusions and Findings from 317 Survey Responses in June 2013 © 2013 Demand Metric Research Corporation. All Rights Reserved.   Sponsored By: Benchmarking Report

2. TABLE OF CONTENTS 3 4 5 6 8 9 Introduction Executive Summary Research Methodology Marketing Medium Effectiveness Online Advertising Landscape Online Display Advertising Importance RTB Vendor Landscape Analyst Bottom Line Acknowledgements 10 11 12 13 15 16 17 18 20 21 Average Monthly Budget Spend Geographical Targets for Online Ads Top Benefits from Online Ads RTB Awareness & Usage Understand How RTB Works Perception of RTB Effectiveness Future Plans to Use RTB TABLE OF CONTENTS 3 4 5 6 8 9 Introduction Executive Summary Research Methodology Marketing Medium Effectiveness Online Advertising Landscape Online Display Advertising Importance RTB Vendor Landscape Analyst Bottom Line Acknowledgements 10 11 12 13 15 16 17 18 20 21 Average Monthly Budget Spend Geographical Targets for Online Ads Top Benefits from Online Ads RTB Awareness & Usage Understand How RTB Works Perception of RTB Effectiveness Future Plans to Use RTB

3. INTRODUCTION Online display advertising has and continues to be a staple for digital marketers. For many years, advertisers purchased online advertising much like they purchase traditional print advertising: select a media property, buy space and schedule the advertising to run.   In the past few years, a new approach for buying and selling online advertising has emerged: real-time bidding (RTB). This approach uses technology to sell online advertising through an exchange, where advertisements are purchased – and served – on demand. While online advertising has always had far more immediacy than print advertising, with RTB, that immediacy becomes almost instantaneous. Furthermore, the platforms that support RTB don’t just blindly serve up ads online: they offer the ad buyer the opportunity to purchase impressions for a specific audience across a broad spectrum of websites that have ad inventory to sell.   RTB promises online ad buyers substantially more efficiency and effectiveness, and Demand Metric conducted research, sponsored by AcuityAds, to understand the impact RTB is having on the online advertising landscape. The goals for the study were to gain a better understanding of the online display advertising landscape, and the adoption, use and impact that RTB is having on it. Thank you to all those who participated in the survey. We really appreciate your input! Jerry Rackley, Chief Analyst Demand Metric jerry@demandmetric.com | + 1 (405) 213 0050 3 INTRODUCTION Online display advertising has and continues to be a staple for digital marketers. For many years, advertisers purchased online advertising much like they purchase traditional print advertising: select a media property, buy space and schedule the advertising to run.   In the past few years, a new approach for buying and selling online advertising has emerged: real-time bidding (RTB). This approach uses technology to sell online advertising through an exchange, where advertisements are purchased – and served – on demand. While online advertising has always had far more immediacy than print advertising, with RTB, that immediacy becomes almost instantaneous. Furthermore, the platforms that support RTB don’t just blindly serve up ads online: they offer the ad buyer the opportunity to purchase impressions for a specific audience across a broad spectrum of websites that have ad inventory to sell.   RTB promises online ad buyers substantially more efficiency and effectiveness, and Demand Metric conducted research, sponsored by AcuityAds, to understand the impact RTB is having on the online advertising landscape. The goals for the study were to gain a better understanding of the online display advertising landscape, and the adoption, use and impact that RTB is having on it. Thank you to all those who participated in the survey. We really appreciate your input! Jerry Rackley, Chief Analyst Demand Metric jerry@demandmetric.com | + 1 (405) 213 0050 3

4. EXECUTIVE SUMMARY  A survey was used to collect the data for this study, and its analysis provides these key findings:   §  A substantially bigger percentage of large companies (70 %) use online display advertising than do small (54 %) and medium- sized (53 %) companies, and large companies ascribe more importance to it. §  Online display advertising delivers a wide range of benefits, the most important of which is the ability to target consumers, followed closely by measurability. As a solution, RTB enhances both of these benefit areas, yet the awareness of RTB is low, with only 11 % of respondents currently using it and 58 % having not heard of it prior to this survey. §  Better awareness and understanding of RTB stand in the way of broader adoption. Of those who claim a moderate to advanced understanding of RTB, 67 % of them perceive that online campaigns with RTB are slightly to much more effective, compared to just 42 % of all RTB users in the survey. §  The RTB market is still emerging and maturing. It’s a relatively level playing field for vendors at present, and price has not yet become the major differentiator in their offerings. This report details the results and insights from the analysis of the study data. 4 EXECUTIVE SUMMARY  A survey was used to collect the data for this study, and its analysis provides these key findings:   §  A substantially bigger percentage of large companies (70 %) use online display advertising than do small (54 %) and medium- sized (53 %) companies, and large companies ascribe more importance to it. §  Online display advertising delivers a wide range of benefits, the most important of which is the ability to target consumers, followed closely by measurability. As a solution, RTB enhances both of these benefit areas, yet the awareness of RTB is low, with only 11 % of respondents currently using it and 58 % having not heard of it prior to this survey. §  Better awareness and understanding of RTB stand in the way of broader adoption. Of those who claim a moderate to advanced understanding of RTB, 67 % of them perceive that online campaigns with RTB are slightly to much more effective, compared to just 42 % of all RTB users in the survey. §  The RTB market is still emerging and maturing. It’s a relatively level playing field for vendors at present, and price has not yet become the major differentiator in their offerings. This report details the results and insights from the analysis of the study data. 4

5. RESEARCH METHODOLOGY The Demand Metric 2013 Online Display Advertising Survey was administered online over a period of June 20th to July 5th, 2013. During this period, almost 350 responses were collected, 317 of which were complete and not duplicates and were therefore included in the analysis. All members of the Demand Metric community received email invitations to participate in the survey, and participation was encouraged through a random draw incentive for an iPad Mini. While respondent email addresses were collected in order to facilitate the prize drawing, no identifying information was considered in the analysis of the survey data.   Summarized below is the basic information that was collected about survey respondents to enable filtering and analysis of data:   Number of Employees: §  Zero to 25 (40%) §  26 to 100 (19%) §  101 to 250 (10%) §  251 to 1,000 (15%) §  1,001 to 10,000 (12%) §  Over 10,000 (4%)     Primary Job Role of Respondent: President, CEO or Owner (22%) Marketing Management (44%) Marketing Consultant (11%) Sales Management (6%) Other (17%) Type of Organization: §  Private Sector (60%) §  Ad Agency (6%) §  Marketing Agency (12%) §  Non-Profit (8%) §  Other (14%) 5 RESEARCH METHODOLOGY The Demand Metric 2013 Online Display Advertising Survey was administered online over a period of June 20th to July 5th, 2013. During this period, almost 350 responses were collected, 317 of which were complete and not duplicates and were therefore included in the analysis. All members of the Demand Metric community received email invitations to participate in the survey, and participation was encouraged through a random draw incentive for an iPad Mini. While respondent email addresses were collected in order to facilitate the prize drawing, no identifying information was considered in the analysis of the survey data.   Summarized below is the basic information that was collected about survey respondents to enable filtering and analysis of data:   Number of Employees: §  Zero to 25 (40%) §  26 to 100 (19%) §  101 to 250 (10%) §  251 to 1,000 (15%) §  1,001 to 10,000 (12%) §  Over 10,000 (4%)     Primary Job Role of Respondent: President, CEO or Owner (22%) Marketing Management (44%) Marketing Consultant (11%) Sales Management (6%) Other (17%) Type of Organization: §  Private Sector (60%) §  Ad Agency (6%) §  Marketing Agency (12%) §  Non-Profit (8%) §  Other (14%) 5

6. MARKETING MEDIUM EFFECTIVENESS 60% said Email Marketing was a ‘most’ effective marketing medium, followed by 58% for Word of Mouth. While the focus of this study was online display advertising, it was necessary to get the big picture with respect to perception of effectiveness of a broad range of promotional marketing mediums. To do this, the survey asked respondents to identify, from a list of possible choices, any of the mediums that have been most effective. An “Other” category allowed respondents to enter any mediums not listed. Virtually all of these mediums can have an online component or influence. For example, an email marketing campaign can link to a website that also serves up advertising. Online advertising and content can trigger Word of mouth referrals, and online display advertising through social media is growing rapidly.     6 189 186 163 111 108 99 97 85 82 55 45 0 20 40 60 80 100 120 140 160 180 200 Marketing Mediums by Effectiveness MARKETING MEDIUM EFFECTIVENESS 60% said Email Marketing was a ‘most’ effective marketing medium, followed by 58% for Word of Mouth. While the focus of this study was online display advertising, it was necessary to get the big picture with respect to perception of effectiveness of a broad range of promotional marketing mediums. To do this, the survey asked respondents to identify, from a list of possible choices, any of the mediums that have been most effective. An “Other” category allowed respondents to enter any mediums not listed. Virtually all of these mediums can have an online component or influence. For example, an email marketing campaign can link to a website that also serves up advertising. Online advertising and content can trigger Word of mouth referrals, and online display advertising through social media is growing rapidly.     6 189 186 163 111 108 99 97 85 82 55 45 0 20 40 60 80 100 120 140 160 180 200 Marketing Mediums by Effectiveness

7. This analysis of marketing medium effectiveness looked at the data by size of company to determine if there are differences, and indeed there are. It is interesting, although perhaps not surprising, that small companies (defined here as 100 or fewer employees) rank Word of Mouth as the top marketing medium. Few will argue that it is highly effective, with a perceived low cost, but the perception is also that it is difficult to control. In the digital age, Word of Mouth and social media are virtually one and the same. Medium-sized companies (between 101 and 1,000 employees) rank Word of Mouth third, and it ranks ninth on this list for large companies (over 1,000 employees).   Whitepapers appear third on the list of effective marketing mediums for large companies, and case studies (not shown) rank fourth. This may result from larger companies executing content marketing strategies, a strategy which many small and medium companies are still learning about and embracing. Both whitepapers and case studies are proven and excellent fulfillment collateral for online display ads and promotions. 7 71% 56% 50% 0% 20% 40% 60% 80% WOM Email Social Small Companies 59% 49% 48% Email Social WOM Medium Companies 60% 53% 49% Large Companies MARKETING MEDIUM EFFECTIVENESS – BY SIZE Marketing Medium Effectiveness – By Size of Company This analysis of marketing medium effectiveness looked at the data by size of company to determine if there are differences, and indeed there are. It is interesting, although perhaps not surprising, that small companies (defined here as 100 or fewer employees) rank Word of Mouth as the top marketing medium. Few will argue that it is highly effective, with a perceived low cost, but the perception is also that it is difficult to control. In the digital age, Word of Mouth and social media are virtually one and the same. Medium-sized companies (between 101 and 1,000 employees) rank Word of Mouth third, and it ranks ninth on this list for large companies (over 1,000 employees).   Whitepapers appear third on the list of effective marketing mediums for large companies, and case studies (not shown) rank fourth. This may result from larger companies executing content marketing strategies, a strategy which many small and medium companies are still learning about and embracing. Both whitepapers and case studies are proven and excellent fulfillment collateral for online display ads and promotions. 7 71% 56% 50% 0% 20% 40% 60% 80% WOM Email Social Small Companies 59% 49% 48% Email Social WOM Medium Companies 60% 53% 49% Large Companies MARKETING MEDIUM EFFECTIVENESS – BY SIZE Marketing Medium Effectiveness – By Size of Company

8. ONLINE DISPLAY ADVERTISING LANDSCAPE How widely used is online advertising? The study survey asked the following question to find out: “Do you use or purchase online display advertising, either for your organization or on behalf of a client?” The results of this question were: Yes: 56% No: 44% The usage of online display advertising varies significantly between small or medium and large companies, as this chart illustrates. The study did not gather data to understand why large companies use online display advertising more than small or medium-sized companies; the data only tells us that they do.   8 54% 53% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% Small Medium Large Online Display Ad Usage by Company Size ONLINE DISPLAY ADVERTISING LANDSCAPE How widely used is online advertising? The study survey asked the following question to find out: “Do you use or purchase online display advertising, either for your organization or on behalf of a client?” The results of this question were: Yes: 56% No: 44% The usage of online display advertising varies significantly between small or medium and large companies, as this chart illustrates. The study did not gather data to understand why large companies use online display advertising more than small or medium-sized companies; the data only tells us that they do.   8 54% 53% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% Small Medium Large Online Display Ad Usage by Company Size

9. ONLINE DISPLAY ADVERTISING IMPORTANCE Only 49% of small companies, compared to 63% of large companies deem online advertising as important. After evaluating usage, the survey asked survey participants to indicate how important online display advertising is as a component of their marketing or lead generation plans. Only 8% of respondents indicated that it was not important; for all other respondents, it had some degree of importance, which varied by company size. The following graph depicts the percentage of respondents, by company size, indicating that online display advertising is “important” or “very important” as a component of their marketing or lead generation plans. Large companies, the biggest users of online display advertising, ascribe more importance to it as well. 9 49% 53% 63% 0% 10% 20% 30% 40% 50% 60% 70% Small Medium Large Importance by Company Size ONLINE DISPLAY ADVERTISING IMPORTANCE Only 49% of small companies, compared to 63% of large companies deem online advertising as important. After evaluating usage, the survey asked survey participants to indicate how important online display advertising is as a component of their marketing or lead generation plans. Only 8% of respondents indicated that it was not important; for all other respondents, it had some degree of importance, which varied by company size. The following graph depicts the percentage of respondents, by company size, indicating that online display advertising is “important” or “very important” as a component of their marketing or lead generation plans. Large companies, the biggest users of online display advertising, ascribe more importance to it as well. 9 49% 53% 63% 0% 10% 20% 30% 40% 50% 60% 70% Small Medium Large Importance by Company Size

10. . AVERAGE MONTHLY BUDGET FOR ONLINE ADS How much are companies spending on online advertising? 37% of companies are spending more than $10,000 per month. To go deeper on this topic of usage and importance, the study analyzed the reported average monthly budget allocations for online display advertising. This data again shows that large companies are the most active in the online display advertising market space. Probably by virtue of their size and resources, large companies are spending much more for online display advertising: 52% are spending on average over $20,000 per month. By contrast, 77% of small companies and 63% of medium companies are spending on average less than $10,000 per month for online display advertising. 10 2 Teams, 2 Managers 1 Team 2 Teams, 1 Manager < $10K 63% $10K-20K 15% $20K-50K 11% $50K-100K 8% $100K+ 3% Monthly Online Display Advertising Spend Budget

11. . GEOGRAPHICAL TARGETS FOR ONLINE ADVERTISING What geographical regions are companies targeting with online display advertisements? To continue looking at the online display advertising landscape, the survey asked respondents to indicate in which geographies they are targeting the online display ad impressions they are buying. It is not surprising that North America is the leading geography in which online advertising is targeted. When large companies are viewed separately from the aggregate data, they exceed the averages in the graph for each geography, most notably with 95% of large company respondents reporting they target North America with their advertising.   87% 27% 16% 13% 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Geographical Targets of Online Advertising 11

12. . TOP BENEFITS FROM ONLINE ADVERTISING Regardless of size, companies in the survey agree that the ability to target their advertising is the top benefit of online advertising. This benefit coincides with one of the primary advantages of RTB, but as this report will discuss, the awareness of RTB is low. The logical conclusion to draw from this data is that many companies are missing the opportunity to more precisely target their online advertising by not using RTB.   RTB improves the targeting of online advertising impressions at the impression level, not at the website level. During the RTB auction process, which occurs in the milliseconds before an impression occurs (the page with the ad loads), a prospective ad viewer’s demographic and psychographic profiles are evaluated, improving the precision with which impressions are served. The RTB process works not just for a single website with ad inventory, but across an broad spectrum of websites, extending the reach of an advertisers impressions as well – the third most important benefit for large companies.   Lower cost did not make the top three benefits list for any company size segment, but it was fourth for all segments. 12 82% 72% 54% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Targeted Measurable ROI Top Benefits from Online Advertising

13. . RTB AWARENESS AND USAGE Do people know what real-time bidding (RTB) is and how it works? 58% had not heard about it until just now. Within this online display advertising landscape, to what degree is RTB in use and what kind of impact is it having? The survey anticipated that RTB might be a new concept to many participants, so a question was constructed to provide a brief description and test awareness of it: “For online display advertising, Real Time Bidding (RTB) allows display inventory to be purchased by the individual impression through a bidding system that unfolds in the milliseconds before a consumer loads a web page. Before reading this definition, which statement best described your awareness of RTB?” Here are the results for all survey participants.   13 58% 31% 9% 2% 0% 20% 40% 60% I had not heard of RTB before now I was aware of RTB but our organization is not using it Our organization is purchasing SOME of our online display ads using RTB Our organization is purchasing MOST of our online display ads using RTB RTB Awareness and Usage

14. . RTB AWARENESS BY COMPANY SIZE 60% of participants in large companies knew what RTB is compared to just 36% in small companies. Considering that 60% of the survey participants identified themselves as belonging to a private company – exactly the types of companies that are using online display ads – the usage of RTB is low at 11%. Given that 58% of survey participants reported no previous awareness of RTB, the low reported usage is not surprising. Even though RTB is not new, it appears that prospective users remain largely unaware of RTB. To provide more context about the awareness of RTB, Google reports that there are currently about 12,000 global monthly searches for “real time bidding”. Compare this search volume to a more familiar term associated with online advertising, “pay per click”, which currently receives 165,000 global monthly searches. The study data suggests that RTB may at present just have a foothold in terms of awareness among those who could use it. 14 64% 54% 40% 0% 10% 20% 30% 40% 50% 60% 70% Small Medium Large No Previous Awareness of RTB

15. . UNDERSTANDING HOW RTB WORKS It stands to reason that product/service companies, who each have something to sell, might have more awareness of RTB. This segment represents the largest set of responses to the survey, comprising 60% of the total. In terms of the importance of online display advertising, 92% of this segment’s respondents indicated that online display advertising was anywhere from somewhat to very important as a component of their marketing or lead generation plans. Their awareness of RTB was average, but what about their understanding? The survey asked respondents who are currently using RTB to rate their understanding of it, providing response choices of “None”, “Basic”, “Moderate” and “Advanced”. There is one other segment that merits a review when it comes to RTB usage: respondents who indicated that their role is marketing executive, director or manager. This was the largest “Role” segment in the survey, with 44% of respondents identifying themselves in this way. All of these respondents are purchasing at least some of their online display ads using RTB: no one in this segment reported not using RTB. 15 0% 60% 25% 15%5% 41% 28% 26% 0% 10% 20% 30% 40% 50% 60% 70% None Basic Moderate Advanced Understanding of How RTB Works Product/Service Companies Everyone Else

16. . REAL-TIME BIDDING (RTB) EFFECTIVENESS 67% of those who are using RTB perceive that it is slightly or much more effective than not using RTB. This study asked those respondents who reported some usage of RTB to rate the effectiveness of online display campaigns implemented with and without RTB. Understanding how RTB works does indeed change how its effectiveness is perceived. Of those respondents reporting a “Moderate” or “Advanced” understanding, 67% perceive that online campaigns with RTB are slightly or much more effective than those without. Compare this to 42% from the full set of responses, and the connection between understanding and perception of effectiveness is impossible to miss. 16 Much less effective, 5% Slightly less effective, 9% No difference, 19% Slightly more effective, 48% Much more effective, 19% Perception of Effectiveness of Online Ads

17. . FUTURE PLANS FOR REAL-TIME BIDDING (RTB) Any independent analysis of the market for RTB will indicate that as a solution, RTB is growing. Forecasting the growth of the RTB market was never a goal of this study. What was researched at a basic level was consideration: what plans exist to use (or not to use) RTB in the future?   Each survey respondent was given the opportunity to provide input by selecting a statement that best described future plans for using RTB, and 74% of the replies were “We have no immediate plans to try and use RTB”. Given the low level of awareness of RTB, this result is expected.   However, it seems unreasonable that those who had not heard of RTB prior to taking this survey could have plans to use it. The most helpful view of consideration, therefore, should come from those respondents who were aware of RTB, but are not currently using it. Almost one-third of survey participants who are not currently using RTB but are aware of it have plans to use it in the near future. This is a fairly robust consideration ratio, in line with a solution that is growing and gaining traction in the market. 17 No immediate plans 68% In the near future, 32% Future Plans to Use RTB

18. . RTB VENDOR LANDSCAPE & MARKET MATURITY The RTB vendor landscape is an emerging one. The survey participants were asked to identify any RTB vendors they were aware of, from a list provided to them. In addition, there was an “Other” option that allowed respondents to fill in the blank with vendors not on the provided list. The purpose of the question was simply to test awareness, not determine market share. These results depict a market where one vendor enjoys a higher level of awareness, but almost all vendors have meaningful degrees of recognition. The typical pattern for a market like this is, as expansion slows, consolidation accelerates. The primary vendor challenge in the market today is awareness, both of the RTB solution category and for visibility as a vendor who provides it. Vendors are battling solution ignorance more than they are competing with each other at present. As the market matures, this will change, vendors will acquire and be acquired, and the level of competition will increase.   18 49% 20% 20% 18% 16% 14% 14% 12% 8% 8% 8% 4% 0% 10% 20% 30% 40% 50% 60% Awareness of RTB Vendors

19. . RTB VENDOR LANDSCAPE & MARKET MATURITY One other indicator of this market’s maturity is cost. This survey asked participants to identify the online advertising benefits that are most important to them. Price, or low cost, was not identified as a top three benefit for any size company. It ranked fourth on the list of benefits for all size companies. Price always matters, but in emerging markets, it tends to matter less. As markets mature, vendors consolidate and the distinction between solutions starts to blur, price becomes a bigger issue in vendor selection. Up till now, at least, this doesn’t seem to be the case for the RTB market.   19 49% 20% 20% 18% 16% 14% 14% 12% 8% 8% 8% 4% 0% 10% 20% 30% 40% 50% 60% Awareness of RTB Vendors

20. . ANALYST BOTTOM LINE When it comes to online display advertising, the most important benefit it provides is the ability to target customers through this channel. As a solution, RTB excels at delivering a level of targeting precision that this survey reveals is highly coveted in online advertising. Yet, the awareness of the RTB solution, understanding of how it works and usage, are relatively low. Given that two- thirds of those who have a moderate to advanced understanding of how RTB works perceive that it outperforms online campaigns where RTB is not in use, it’s evident that there’s a knowledge gap.   RTB isn’t an ideal solution for everyone, but it’s certainly right for more companies than are currently aware of or using it. Over half of the survey participants reported that online display advertising was important or very important as a component of their marketing or lead generation plans. Of this segment, a full 77% either had not heard of RTB before this survey, or were aware of but not using it. The recommendation for these companies is to gain a better understanding of what RTB can do, as it is almost certain that some of these companies are missing opportunities.   As for the vendors, the task in the market now is educational. It is natural for vendors to compete with each other for business. Given the current state of RTB awareness, the vendors that do the best job of teaching, educating and being helpful about RTB and its benefits stand to gain the most in the long run. Focusing on competing with each other instead of helping educate the market is unproductive at present. Investing in high quality content that is easy to find is the best path to success and establishing market share, as customers will reward vendors who help them the most with their business. 20

21. . ACKNOWLEDGEMENTS Demand Metric is grateful for those members of the Demand Metric community that took the time to provide their input to this study.   Demand Metric thanks AcuityAds, the sponsor for this study. AcuityAds is real-time bidding (RTB). Its advanced RTB platform is powered by proprietary machine learning technology that allows advertisers to hyper-target their digital consumers across online display, video and mobile campaigns. In less than 3 years, AcuityAds has grown from 7 people crammed into one room, to over 50 people North America wide. It’s been proven by Fortune 500 companies across North America to connect with the right consumers, in the right places, at the right times and for the right price. 21

22. . ABOUT DEMAND METRIC BENCHMARKING Demand Metric is a marketing advisory firm serving a membership community of over 33,000 marketing professionals and consultants in 75 countries with consulting methodologies, advisory services, and a library of 500+ premium marketing tools and templates.   Demand Metric is conducting benchmarking research to provide metrics and data on key marketing initiatives, strategies and execution. Members can use this data to benchmark their performance against their peers and get an objective view of their organization's maturity with regard to specific marketing disciplines and competencies. If you’d like to work with us to conduct or sponsor a custom research study, email us info@demandmetric.com 22

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