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Online video is one of the fastest growing areas in advertising. And with that growth come a host of opportunities for savvy marketers. However, despite the many advantages of online video, many advertisers remain wary due to various myths surrounding the medium.

The first myth is that online video is just too expensive. In -stream online video ads can cost between £20,000 and £30,000. Many advertising agencies think this is just ‘too expensive', especially compared to TV (around £5 per thousand for a rate-card weighted adult price). 

But wait... Is it really that simple? The fact is that comparing online to TV is almost like comparing apples to oranges - they're just not the same thing. Plus, heavy consumers of television tend to be older than heavy consumers of online, which is reflected in pricing. 

The thing to keep in mind is that TV and online audiences are vastly different. Don't think of it as TV vs. online - the two are entirely complementary. Recent research (including pieces from the IAB and Thinkbox) show the two media working together as the way forward in driving advertising value.

While we're on the subject of television, let's address another myth surrounding online video - that it lacks the reach of television. Ok, I concede that an ad during Coronation Street can reach 8,000,000 people. However, TV lacks the ability to target people who are specifically interested in a brand's products. This means that a large portion of those 8,000,000 will switch to a different channel, take a bathroom break or just plain ‘tune out' rather than actually watch the ad because it may not be relevant to them.

Online allows you to use behavioural, geographic, demographic or site retargeting technologies which means you can put your commercials in front of those consumers who are genuinely interested and likely to engage with the advertising.  

Another ‘TV vs. online video' myth is that online video is limiting when it comes to creative execution. In fact, online video creative has fewer boundaries than TV and can swiftly and cheaply adapt TV ads to turn them into a pre, post or mid roll commercial, or even an engaging, interactive and responsive in-banner ad.

Online video ads can run different executions for different sites, and can be specifically tailored to the audience, or even create journeys running across many different sites. The potential is huge - all you need is the breadth of imagination.

The truth is that it's never been easier to run an online video campaign.  Yes, it will involve a lot of different parties having to pull together - from the media agency to the creative agency and media owners - but the benefits to all can be fantastic. Not to mention, there are agencies who are able to manage the entire process holistically. Those completely new to the medium can also get up to speed by attending some of the myriad seminars and education programmes available - some are even run by agencies.

Where online video can really add value, however, is when it comes to analysis. For any given online video campaign, you can tell who watched your ad, for how long they engaged with the content (or at which point they dropped off), if they downloaded any information, which ads or pages they viewed the longest and, ultimately, if they completed any sales/registration process. All added to the measurability and accountability that is offered by online. Let's see TV offer you that!