The UK is struggling behind the US when it comes to recognizing key expressions in the online advertising industry, failing to identify key terms such as RTB, DSP and SSP in comparison to their US counterparts, according to new research.
According to IDC’s most recent report, the global growth in RTB is set to increase by 992% to £8.6 billion in 2016 with the European market in second place behind the US in terms of RTB display ad spending.
However, Adform’s poll of delegates at this year’s ad:tech London and ad:tech New York revealed that less than a third (32%) of UK marketers could correctly decipher the term RTB whereas two thirds (67%) of US marketers had no trouble with the acronym. When shown the other list of common specialist terms, only 26% of UK marketers were able to identify DSP as Demand side platform in comparison to 61% of US marketers and 18% could identify SSP as Supply Side Platform versus 53% of Americans in the digital marketing industry.
However, UK marketers are becoming increasingly frustrated with the inaccessibility of online display advertising solutions. So much so that 73% would prefer to use a fully functioning single platform to run all elements of their display marketing campaigns in the next five years, whereas under half of US marketers would opt for a single platform (40%).
Both markets did predict the same trends for the industry in 2013 with mobile predicted by 33% of UK marketers and 48% of US marketers to be the main driver of investment in online display campaigns next year. Equally, rich media was identified as a key growth area for the online display industry with three quarters of UK marketers (76%) and two thirds of US marketers (64%) expecting greater investment in rich media over standard display campaigns over the next 12 months.
Gustav Mellentin, CEO at Adform said: “While online display advertising has recently been the subject of great growth, these figures show that the UK market is at risk of falling behind the US if it doesn’t understand the terminology. This is concerning, especially when you consider some of the fantastic advances that are coming out of the European vendors. Display specialists need to ensure that acronyms don’t get in the way of accessible solutions that help achieve marketing goals and enable advertisers to run better campaigns.”
Mellentin added: “It’s not surprising that digital marketers are starting to prefer to run campaigns through a single platform but this currently highlights the difference between the UK and US markets. The industry landscape in the US continues to evolve with high numbers of vendors specialising in multi screen, rich media, dynamic ads, re-targeting, real time buying, tag management and campaign management. One platform that can deliver all the above features in a user-friendly solution with one point of contact providing local support is a cleaner and more effective method for advertisers to run better campaigns.”
Methodology
Results are taken from a poll of 120 delegates at this year’s ad:tech London and 120 delegates at ad:tech New York
Source:http://www.adform.com