Younger and older people experience the world a bit differently. For instance, if you’re over 25 you probably can’t hear a tone at 14,400 hertz. The older you are, the more likely you are to experience colors as “washed out” instead of vibrant.
The tradeoff is that older people have more wisdom, right?
That’s something to ponder as we assess the results of our recent survey of more than 200 media agency decision-makers. The report showed a sharp divide between how such execs over 30 and under 30 think about advertising and programmatic. The results bring into question how younger agency execs might be experiencing the digital advertising video boom differently than their older counterparts, and what this shift in views might mean for the future of advertising. What’s more, the findings show the industry that there’s clearly work to be done to help all marketers get with the video advertising program.
From a glance at the data, one generalization is that young execs are less worried about ad fraud than their older counterparts. A closer look reveals that millennials have misgivings about measurement, viewability, and in general about video as an ad medium. Regarding fraud, some 76% of execs under 30 consider ad fraud a “less than crucial concern.” They hold that view even after major brands found out they were running ads alongside questionable content, and some 250 advertisers pulled spending from YouTube. Since the news broke, Google has installed new brand safety measures.
When it comes to metrics, some 57% of under 30s said they “do not wholly trust” current accepted measurements. Some 20% of under-30 media agency execs rely on viewability measurement tools versus 30% of execs overall. Twenty-eight percent of execs under 30 said they consider viewability standards to be a “key assurance” when buying inventory for video. That compares with 60% for ad pros in the over 30 year-old range.
Millennial execs were also skeptical about video as an ad medium. While 84% of older execs said they thought video was the most effective medium to get a client’s branding across, some 56% of under-30s thought that there were more effective ways to advertise than video. While 90% of older execs think video ad spending will increase significantly in the future, just 33% of under-30 execs believed this to be the case.
What does it all mean?
While there’s lots of research about what millennial consumers want, there isn’t much about millennial executives, particularly in the ad industry. Previous studies about millennial execs like this one from PricewaterhouseCoopers, has found that this cohort is dubious about corporate promises in general, a natural outcome of having come of age during the 2008 financial meltdown.
Younger people appear more blasé about video metrics, but they may actually see viewability as less important than simply making good ads. Along with some wariness regarding video metrics and lack of standardization, they may be more focused on quality of the creative and of the ad environment overall. In any case, there seems to be a lot of potential in the advertising industry to show video’s value and demystify it for agency professionals, older and younger alike.
Jonathan Gardner, VP, Communications, Turn.