Creating an Electronic Trading System
At the recent Admap conference on Electronic Media Trading, I was pleased to be asked to describe how commercial radio had set about creating an electronic trading system. This has been managed through an initiative called JICRIT (Joint Industry Commercial Radio IT), and it was encouraging to hear at the same conference that other media are considering following the JICRIT model.
There are two key reasons why JICRIT has succeeded and why we were able to launch JET (the electronic trading system that enables JICRIT) at the end of June this year. Despite the fact that this is a computer system, the reasons have nothing to do with technology and both are about collective will.
THE COLLECTIVE WILL
First, the commercial radio industry agreed that electronic trading was in its collective longterm interest. All radio groups agreed that they should not seek to compete with each other on this particular aspect of client servicing and that the objective should be to gain an advantage against other media. This collective will was initially present at chief executive level but then flowed down to all levels within the radio groups.