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Internet users don't even see most of the ads on a Web page, particularly if they're below the fold--whether the site is a highly trafficked media property or a niche blog. That's according to new research from MarketingSherpa.

The marketing research and consulting firm commissioned Eyetools to run an eye-tracking study with the goal of finding out how and whether on-page placement affected overall calculations of return on investment and return on ad spend (ROI and ROAS).

The study found that while an ad placed above the fold is visible to 100% of site visitors, only about 60% of them actually see it. At best, below-the-fold units are visible to roughly 70% of viewers, but only about a quarter of them actually see the ads. The ratios continue to trend downward as the ad units move from center placements to columns and spots on the far left side of the page.

Stefan Tornquist, research director at MarketingSherpa, said on-page placement is an overlooked metric when it comes to determining campaign effectiveness or ROI. It's partly due to the fact that delivery reports (whether supplied by the publisher, the ad network or a third party) rarely indicate what percentage of the media buy was served above or below the fold.