NEW YORK: The Advertising Research Foundation (ARF) is launching an initiative to show "How Advertising Works", with the aim of highlighting "some hard truths" about the impact of communications.
Gayle Fuguitt, president/ceo of the organisation, discussed this topic while speaking at its 2014 Industry Leader Forum in New York.
And she reported that the "How Advertising Works" effort will tap into "more than six decades of insight" in reaching its goal.
"We're going to spend 2015, 2016 and 2017 moving [that content] forward," Fuguitt continued. (For more, see Warc's exclusive report: ARF unveils new "How Advertising Works" initiative.)
One of the main motivations behind this idea is economic in nature, as marketers are seeking to leverage big data in ever more deep and rigorous ways.
"A hundred billion dollars are going to pour into the insights-and-analytics field in the next three years. That's a 72% increase in growth," said Fuguitt.
The Advertising Research Foundation's program will also be grounded, at least in part, on a "measurement mandate" it shares with many of the industry's foremost trade associations.
Among these groups are the 4A's (American Association of Advertising Agencies), the Association of National Advertisers (ANA), Interactive Advertising Bureau (IAB) and Media Rating Council (MRC).
These bodies are collectively interested in several "key platforms" as they attempt to bring a new set of more standardised metrics to marketing, Fuguitt said.
Items on this list include identifying cross-platform GRPs and ROI and successfully incorporating creative quality into modelling.
"Since great advertising is fuelled 75% by creative quality and 25% by media," said Fuguitt, the formulation of a creative metric "is critical and important".
Further priorities involve supporting real-time course correction and encouraging collaborative processes, she added, in order to get "the right insight to the right decision maker at the right time".
Data sourced from Warc