A new white paper jointly authored by Barb Chief Executive Justin Sampson and Work Research Managing Partner, Tony Regan ‘Signals in the Noise’, outlines the explosion of digital media over the past 30 years, and why, with over £20bn invested in advertising annually, media accountability and joint industry oversight of audience research in the form of the joint industry currencies (JICs) is so important.
Signals in the Noise, which follows a successful event held at the IPA in May, explains how the advertising industry has reached a critical point where there is an abundance of data about media audiences, however this increase in quantity has not always translated into an increase in the quality of data. As such, the report asserts the value of JICs, which deliver specific audience data for each medium that is characterised by transparency, objectivity, and accountability, at a combined cost-effective price of 0.27% of total media advertising spend (£60m).
The paper also highlights the trustworthiness of JIC data and makes the point that if agencies are not using JIC data, Signals in the Noise provides a useful checklist of questions to ask of the data they are using.
Says Justin Sampson, Chief Executive, Barb, and report author: "In this modern world of data abundance, advertisers and their media agencies are entitled – indeed obliged – to ask which data should be trusted to support judgements that are integral to decisions about which media to invest in, and how much to invest.
JICs are an expression of the underlying collective values of our industry, providing great value and should form the bedrock of all campaign evaluation and audience measurement.
Says Belinda Beeftink, Research Director, IPA: "We all know there’s a remarkable amount of audience measurement data available – but how much of it is trusted, accountable and transparent? In this sea of data, we need beacons of the industry to keep us safe from the rocks of unreliable data, opaque data, and misinformation, to help us chart our passage through to safe waters. This is where JICs play a crucial role."Read the full ‘Signals in the Noise’ report for free