The Incorporated Society of British Advertisers (ISBA) and marketing consultancy Ebiquity have joined forces with the goal of providing insight and improving industry standards in marketing effectiveness and attribution.
It marks one of the few partnerships that ISBA has established to help deliver against its manifesto, which includes a focus on marketing effectiveness.
The advertising body said that one of the first projects the duo will undertake is an assessment of the various models in the marketplace with a view to providing both to help both ISBA members and Ebiquity clients the tools to achieve accountability of their marketing investments.
It will be led by Matt Stockbridge, the growth analytics manager for confectionary giant Mondelez, through his role as chair of ISBA's Insight and Effectiveness steering group.
“Improving effectiveness and ROI for advertisers is one of ISBA’s key goals and is set out in our manifesto,” said director general Phil Smith of the alliance.
“We believe our partnership with Ebiquity will important in achieving this and we look forward to delivering more insight and knowledge to our members.”
It comes after a substantial report from Ebiquity was released earlier this year, which sought to expose the many misconceptions marketers hold about the value of different media channels.
Surveying 116 industry leaders, Ebiquity found that many (wrongly) placed value in the effectiveness of digital channels (namely online video and social media) for brand building when the reality - based on data from 75 industry studies – found TV and radio to be best for brand-building on a range of attributes, followed by newspapers, magazines and out of home.
“With the exception of TV, advertisers undervalue traditional media, especially radio. They overrate the value of online video and paid social,” the report stated.
“There is a clear disconnect between the scale of investment in online media and the value it delivers. Re-evaluating the media mix may help advertisers better achieve long-term brand growth.”
Many advertisers and agencies are seeking to take control of this divide that exists between perception and reality. WPP agency Wavemaker recently joined forces with Ogilvy to create an Effectiveness Lab while some brands, including Direct Line and Virgin Atlantic, have set up in-house ‘effectiveness’ units to tackle the problem.
“As the pressure for accountability of marketing investment increases, evidence-based marketing is becoming critical for today’s marketers," said Michael Karg, cheif executive of Ebiquity.
"We are very pleased to be entering into a strategic partnership around Marketing Effectiveness with ISBA, which will enable us to jointly elevate knowledge levels, develop innovations and formulate standards for the benefit of ISBA members and our clients.”