Ten Cornerstones: Insights into media currency research worldwide
JICs, Joint Industry Committees & MOCs, Media Owner Committees
The trading currency for any advertising medium in many major countries around the world is typically developed, managed, and marketed by either a Joint Industry Committee, JIC, or a Media Owner Committee, MOC. A media’s trading currency is usually based on highly refined audience exposure research and measurement of the medium.
JIC & MOC organizations represent a standard for a consensus-based business structure and process that establishes a (singular) media trading currency for each medium measured. Some have been in existence for many years.
Globally JICs & MOCs reflect massive annual investments in ever more complex media research approaches. In reviewing the key values, principles, and requirements of various JICs & MOCs worldwide, it’s clear that there is no definitive document that provides their current core operational structure, principles and parameters.
It is genuinely hoped that this White Paper brings a comprehensive understanding of the role, operational parameters, principles, and values of JICs & MOCs in media currency research worldwide.
Consequently, we hope this White Paper will explain how and why these unique industry collaborative research operations, that underpin $billions in ad spend globally, work well.
We intend this Paper to be a living document that will continuously be polished and enhanced based on best operational practices and further expert input. It isn’t intended to mandate what “must be done” or provide a detailed roadmap that “has to be adhered to,” but rather identify the parameters of a better approach to a better and more flexible cost-effective system - a pathway to success. We believe these operational principles are flexible enough to be applied in any market.
The full White Paper is available here.
Background
The “Ten JIC Cornerstones” identified in the full White Paper and this summary have evolved from years of experience in many countries for many major media that ultimately have provided a single, agreed trading currency for the medium either managed by a representative multi-partite independent Joint Industry Committee, “JIC”, or by a media owner dominated multi-partite Media Owner Committee, “MOC”, each acting on behalf of media buyers, sellers, and advertisers.
While today each country’s media JIC or MOC may reflect some nuances on these cornerstones, based on dialogue with many international media research experts and a subsequent peer review, it is believed that this White Paper, represents the core operational principles, requirements and values for any organization that is entitled to label itself as a JIC or MOC.
When the principles and values of JICs/MOCs are understood and embraced there are significant real benefits for the media and advertising ecosystems. Pragmatic collaborative decisions within a JIC structure deliver cost efficiencies and reliable agreed metrics via a single trading currency for any medium in any country.
The 10 JIC/MOC Cornerstones
JICs/MOCs have well defined and specific parameters established over years of successful operations for different media in different countries worldwide. They include, but are not limited to, those outlined which are considered essential to their successful valid operation. The dimensions to each cornerstone are provided in the white paper.
Overall JICs and MOCs follow similar principles, structures, and operations. The differences between JICs and MOCs are driven primarily by funding and underwriting. The term JIC is used throughout the full White Paper, with the MOC exceptions noted and highlighted. (In some countries, notably the UK, “JIC’s” are now referred to as “Joint Industry Currency”.)
Design, develop and deliver a single, owned, copyrighted, credible, objective trading currency for a given medium!
Be Not-for-Profit.
Be fully transparent.
Have a tri-partite membership structure.
Have a tri-partite Board and Technical Committee exclusively from the membership ideally controlled equally by both the Sell-side and the Buy-side.
Be managed by a highly expert, strictly independent management and staff as a not-for-profit entity.
Establish and continually monitor “agreed” highly detailed and complex specifications as well as future developments and needs as they arise.
Ensure stringent RFP process (Request-for-Proposal)
Establish funding and set the access prices to the currency data for JIC/MOC members, Associate members, Third-Party Providers and industry users.
Research contractors/vendors/suppliers to the research/data industry are neither eligible for JIC/MOC membership nor should have any JIC management involvement.
Benefits of JICs
Does it really matter how we label the organisation? Yes!! Full rationale is included in the white paper.
Conclusions
The bottom line is that true JICs/MOCs save their local industries millions, year after year, and bring trust, stability, and cost effectiveness to the media buying/selling process. They are a great deal of work and certainly full of complexities and frustrations.
We look forward to receiving on-going insights and POVs, Points of View, from our international colleagues.
