In the realm of global advertising, one size never fits all. Just as every country possesses its unique nuances and demands, so do your brand partners. Selecting the appropriate monetization solution tailored to each brand’s distinct needs and strategic goals is essential for establishing a scalable and enduring data monetization strategy. Here’s a guide to navigating these intricacies and ensuring you deliver optimal value to your partners.
Understanding Your PartnershipsBegin by dissecting your existing collaborations with each brand:
- Are you in a symbiotic relationship where mutual growth is the cornerstone?
- Have you solidified direct commercial agreements with shared objectives and regular performance evaluations?
- Is data sharing and transparency deeply embedded in your collaborative framework?
Partners that align with these criteria signal a collaborative ethos, fostering mutually beneficial growth. Through data sharing, efficient decision-making is propelled, delineating strategic partnerships from transactional ones.
Data Transparency
Scrutinize the depth of data transparency within your partnerships:
- Do you share sales data? And is such data used to set rule based targeting?
- Do you share inventory data?
- Do you share campaign effectiveness and evaluation data?
The more data you share with suppliers already, the more appetite and the more mature they will be to utilise more data from you. Those who do not receive data, will need to be educated more before being put on a more sophisticated program.
Activations
Assess the activation readiness of your partners:
- Does the supplier have a set marketing budget put aside for you?
- Does the supplier activate multiple times throughout the year with you (Minimum 2)
- Do you have regular conversation about on-site visibility and search rank?
- Do they regularly launch new products with you and support this with activation?
If a supplier ticks all these boxes, then they understand the importance of investing in you as a retailer. To support them fully (and encourage disproportionate investment in the future) then a more sophisticated data-sharing program will enable them to identify more opportunities, know who to target and then measure campaign impact using retailer insights.
Does your supplier tick all these boxes?
Fantastic. We have ourselves a highly mature and strategic partner. For suppliers like this, we would recommend working on our ‘Partner’ plan as this means they are able to use your data to entirely transform the way they collaborate with you as a retailer, meaning you both win.
Does your supplier tick barely any of these boxes?
That’s also fine, the less strategic a client is, the need to deliver such a sophisticated program declines. For such suppliers, we would recommend working on our ‘Grow’ or ‘Collaborate’ programme to ensure they are getting maximum value through receiving only the data they need. Then over time, as they recognise the value the data brings them, they can be worked up the funnel to become a more strategic supplier.
By offering the right plan to the right brand, you maximize your revenue opportunity by delivering the highest numbers of brands to sign up, but also the highest percentage of those retained by ensuring they are receiving maximum value from the service.
We have gone through this process with many different retailers of all shapes, sizes, verticals and geographies. It’s a very important exercise to help identify the opportunity, shape the size of prize and create your strategy.
Ready to optimize your monetization strategy?
To delve deeper into this process and explore how we can assist you, request a demo today. Let’s embark on this journey together and chart a course for transformative collaboration and sustainable growth.
