The long-term health and prosperity of the media industry are reliant on objectivity and confidence. This can only be maintained if trading data is understood and trusted.
Audience data is a cornerstone of the industry; it is fundamental to decision-making and monetary transactions. Data users are concerned, specifically when it comes to data collection and reporting techniques. These concerns are fuelled by a number of specific issues around the provision of online and proprietary data sets; are these sufficiently objective for advertisers?
Media companies should understand the commercial benefits of building a relationship with advertisers based on trust. Proven media metrics are vital in demonstrating the effectiveness of any media channel.
Media data needs to deliver a trusted assessment of the size and composition of a campaign’s audience. This is vital to calculate a campaign’s return on investment, whether the objective is driving sales, building brand awareness or any other goals. The need for consistent measurement of media exposure across channels can’t be underestimated; advertising campaigns benefit from the multiplier effect, which comes from using a variety of media channels.
There has been a notable erosion of trust in media data used by online businesses due to a series of avoidable data issues. Doubts about online audience measurement are leading to a crisis of faith.
The media industry is vibrant and innovative. There are exciting opportunities in all media sectors, but excitement about new opportunities shouldn’t get in the way of accountability. The money at risk is now at such a scale that transparency in audience data is a must have, not a desirable. Advertisers deserve to know that their media budgets are allocated and evaluated based on media audience data, which is produced to the high quality, industry-agreed standards they have become accustomed to. The UK advertising industry has a great heritage in this regard, and by using JICs in relation to online data, we can build upon this heritage as media further diversifies and evolves.
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