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The thing is that ad ROI is super hard to measure for branding campaigns. Coca-Cola can't tell exactly what their Facebook ROI is and a lot of the people who buy ads for those types of companies have incentives to overrate the ROI of these ads, too (because thats basically the rating of their work).

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Interesting, I suppose I never thought about it from the perspective of an advertiser who is not direct response driven. That is, there may actually be players in the exchange who are buying eyeballs -- not conversions.

Of course. You can't click on a billboard and those have existed forever.

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