According to Insider Intelligence, Retail Media spend in the US is projected to double from 2023 to 2027, reaching a staggering $104 billion and comprising over 25% of US digital ad spend. This surge underscores the growing importance of retail media in the marketing landscape.
However, simply selling ad space isn’t enough to ensure long-term success. Rushing into this space without providing crucial insights for brands often leads to short-term gains rather than sustainable and scalable strategies.
So, what does successful retail media planning entail? Let’s delve into the key components:
Understanding Opportunities and Risks
Before brands invest, they need to grasp the why behind their investment. Retailer insights play a crucial role in providing this context. For instance, a brand may celebrate a 20% increase in sales, only to realize that the overall category has surged by 80%. This insight highlights areas where the brand needs to take action.
Identifying where to influence
Once brands recognize the challenges, they need to pinpoint where in the customer journey they can intervene to address them. Retailers equipped with granular data on shopper behavior within specific categories can guide brands on where to focus their advertising efforts. For example, understanding that 73% of page views originate from a particular category page directs advertising efforts effectively.
Quantifying Performance
In the realm of retail media, measurement reigns supreme. Retailers equipped to accurately gauge campaign success using the same data employed for planning enjoy a distinct advantage. This not only instills marketers with confidence in their expenditure but also empowers them to refine campaigns for enhanced returns in the future.
Successful retail media planning operates within the framework of Insights-Led Retail Media Planning. Retailers that adhere to this framework attract disproportionately high levels of investment compared to their counterparts.
Real-World Examples
Several clients have successfully implemented these strategies:
- A marketplace client collaborates closely, linking data insights directly to marketing activation.
- A retailer offers sophisticated media bundles to suppliers based on insights, justifying investments and quantifying success post-campaign.
- A large ePharmacy retailer aligns supplier marketing spend with data-sharing initiatives, resulting in increased marketing investment from brands
Embrace the Future of Retail Media Today
Ready to tap into the transformative potential of retail media? With the right insights and strategic approach, you can maximize your impact and drive growth in the competitive retail landscape. To delve deeper into maximizing ROI through retail media planning, watch our webinar “Maximizing ROI: The Art of Retail Media Planning“. Take the initial stride towards unlocking new avenues for engagement, revenue, and brand triumph.
