Speaking at the MediaTel INSIGHT Online Media Seminar, held yesterday in conjunction with the MediaGuardian, key industry figures called for a common planning currency for the internet.
Giles Ivey, sales director of AOL, commented that there was “no measurement bible currently in place for online” and asserted the need for this issue to be addressed within the industry.
Chris Ward, commercial director of MSN and Andrew Walmsley, founder of i-level both agreed that a single online planning currency was needed in order for advertisers to take full advantage of the internet.
However, Ward pointed out, that although needed, anything that is introduced into the online marketplace needs to be “cost effective” and concerned with measuring engagement and not just reach and frequency.
He said: “Measuring reach and frequency is old media language, it doesn’t take into account engagement which is what new media is all about.”
Ivey argued that although the internet is a fast moving industry, “we shouldn’t act too quickly”, suggesting that media bodies need to spend another three to six months in order to “create a more robust planning system.”
He said: “What we don’t want is five to ten years down the line for the system to be proven not robust enough.”
Ward also asserted that currently there isn’t enough cross media research conducted for online, calling for more research looking at the link between online spend and offline sales.
The panel agreed that although necessary there was a long way to go in terms of finding and implementing a common measurement currency, with Walmsley saying that media owners needed to “adopt a new way of talking to advertisers to make them understand the impact of online.”
Ray Snoddy, media journalist and analyst added: “It is absolutely imperative for all you guys to get a hold on the market and what’s actually going on.”
The MediaTelINSIGHT Online Media Report is available to subscribers from the Executive Reports section above, or for non-subscribers to purchase at www.mediatelinsight.co.uk/reports priced £225. The report features the latest forecasts and current marketplace dynamics for the Online market.
