We have two types of advertising methods physical print and digital. All advertisements can be measured regardless of the type; however we can measure digital advertisements better than physical.
All advertisements should be measured based upon your KPI & goals & reason for the advertisement.
When you send out a direct mail campaign you measure the effectiveness by the National average response rate x direct marketing pieces going out= estimated KPI. After you send out the campaign your formula is KPI / Direct Mail Inserts Sent Out.
In digital marketing however we have highly effective measures we can use to determine the effectiveness of your ad campaign.
Google analytics & digital marketing dashboards in social media, search engine marketing and more allows us to calculate our efforts down to the penny.
They also give us the ability to see other data such as age, income, geographical location & more.
To answer the question, yes, advertisement’s effectiveness can be measured.