Keynes CTV Demonstrates Incremental Lift & 12.8 iROAS for Net32
Introduction
Net32, a leading online marketplace for dental professionals, partnered with Keynes to evaluate the performance of Connected TV (CTV) within their digital mix. Though often perceived as a top-offunnel awareness tool, this test was designed to measure whether CTV could drive real, measurable growth. The outcome: CTV delivered clear incremental lift and exceptional efficiency, reinforcing its role as a high-performing channel within a performance-driven strategy.
The Challenge
Net32 had already been running digital campaigns with Keynes and sought to understand whether adding CTV to their media mix would produce true incremental value. CTV’s brand-heavy reputation often leads to doubts about its contribution to bottom-line results. This test aimed to answer that definitively—with statistically rigorous measurement and an emphasis on revenue impact across all customer types.
The Approach
Keynes structured a geo-based incrementality test with a 50% holdout to isolate CTV’s true impact. The campaign ran for six weeks, followed by a two-week post-treatment window to account for delayed conversions. The test was conducted and measured independently by Haus (haus.io), ensuring unbiased and rigorous evaluation. Performance was assessed at multiple points throughout the test, enabling clear readouts on both short- and long-term impact.
- Test Length: 6 weeks + 2-week post-treatment window
- Holdout Structure: 50%
- Primary KPI: Total revenue (sum)
The Execution
CTV campaigns were delivered to full-funnel audiences, ensuring broad reach and relevance. Measurement focused on total revenue lift across Net32’s entire customer base, capturing new, returning, and winback segments. Incremental revenue was measured at midpoint, test completion, and final post-treatment read. Efficiency improved over time, confirming delayed conversion behavior and reinforcing the need for post-test observation.
Midpoint Read: iROAS 4.89
End of Test: iROAS 9.06
Final Post-Treatment Read: iROAS 12.8
Lift was consistent across all customer segments, validating CTV’s measurable impact across the customer lifecycle. Notably, the test showed an incrementality factor of 0.86x—indicating that 86% of revenue from exposed users was truly incremental, not attributable to baseline behavior or other media.
The Results
CTV outperformed expectations, delivering a 12.8 iROAS and confirmed incremental lift across the entire customer base. The inclusion of a post-treatment window was critical, surfacing delayed conversions that are often missed in shorter attribution windows.
- iROAS Progression: 4.89 → 9.06 → 12.8
- Validated by: Broad-based lift and delayed conversions
Why it Stands Out
This wasn’t just a channel test—it was a performance proof point. By combining audience-first targeting with clean incrementality design, Keynes demonstrated how CTV can deliver measurable, cross-segment impact at scale. The results reinforced CTV’s role not as a complementary touchpoint, but as a core growth engine—built for efficiency, accountability, and sustained return
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