February 2009
The Interactive Advertising Bureau (IAB) and the American Association of Advertising Agencies (AAAA) have announced agreement on actions that will reduce the costs and complexity of buying and selling interactive advertising.
The announcement was made at the IAB’s Annual Meeting, ‘Ecosystem 2.0: Brands Battle Back.’
The two industry associations joined forces to create the ‘4A’s/IAB Reinvention Task Force’ to focus on the following three areas:
The recent E- Business Interactive Standards, a beta release of an XML-based solution for automating the transfer of business documents, standardizes order information including requests for proposals, insertion orders, and invoices between advertising agencies and media companies. Beta testing partners will be implementing and refining this solution throughout 2009. www.iab.net/ebiz
As interactive has grown and changed, so have the contractual requirements. The IAB and 4A’s are committed to updating the current standard Terms and Conditions language in 2009 to reflect the current operational and marketplace environment.
Solving the discrepancy problem is a top priority for both agencies and publishers, and a method for detecting discrepancies during a campaign is essential.
“The timing of these initiatives could not be more important for our industry,” said Randall Rothenberg, President and CEO of the IAB.
“We must re-double our focus on costs as we continue to revolutionize the business of marketing. These efforts will only enhance the value of interactive for all stakeholders and consumers.”
“At a time when agencies and media companies are evolving the nature of their relationships and their businesses, the Reinvention Task Force is a critical step in improving the most fundamental elements of how we operate,” said Nancy Hill, President and CEO of AAAA..
“These solutions will help drive revenue and allow all partners to more effectively scale operations.”
Though publishers and agencies have been developing sophisticated media buying and selling tools for years in the interactive space, they have often been difficult to integrate. The ‘E- Business Interactive Standards’ will provide immediate operational efficiencies, enable scalability for all partners, and, by eliminating a large part of multiple entry, will reduce communication errors between publishers and agencies.
“The collaboration between publishers and agencies on the Reinvention Task Force has enabled us to accelerate the process by which these standards are implemented across the digital ecosystem,” said Zack Rogers, VP of Revenue Operations, CBS Interactive and the Publisher Lead of the Reinvention Task Force.
“We are pleased at the progress we have made to date on the Reinvention initiative,” said David Cohen, Executive Vice President, US Director of Digital Communications for Universal McCann, Chairperson of the AAAA Digital Marketing Committee, and the agency lead of the Reinvention Task Force.
“Through an impression exchange solution and consistent nomenclature for RFPs, insertion orders and invoices we believe that we have taken an important first step towards achieving that goal. Our attention will now turn to widespread adoption of these standards and working through the next iteration of industry standard Terms & Conditions.”
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