A 24/7 Real Media study of behavioral marketing incremental performance showed that some campaigns experienced extremely steep performance gains. The study used 24/7's OnTarget behavioral targeting mechanism and found that the gains were greatly exaggerated when combined with contextual targeting - overlaying the behavioral targeting on top of already-divvied-up categories of media, such as "gamers" and "music lovers." Looking from the sell side of the industry, the study found that adding the targeting technology allowed publishers to charge about 3.6 times the prices they normally received.

The study campaigns were optimized based on click rates, conversion rates, return on investment, segment sizes and media pricing.

Interestingly, the study commented on 24/7's advertiser customers' attitudes and levels of knowledge about behavioral targeting. It found that expectations for behavioral targeting were unrealistically high due to hype in the industry over the past few quarters. Many "had a weak grasp of the detail," according to the study report. "Many still thought that behavioral targeting was a panacea that would create an audience for their message where none had been before."

The report indicates that the greatest benefit from the system seems to have been the increased use and value of tier three media, especially considering the price differences and availability of the different levels of quality of media. While the targeting increased premium content media by five percent, it increased tier two media's effective price by 86 percent and tier three media by 360 percent.

The data showed that click rates were actually higher for behaviorally targeted impressions that appeared on pages not relevant to the advertised product category, perhaps due to lack of relevant clutter.