Solutions to Common Challenges With Retail Media Networks
By Erich Parker
Retail media networks provide wonderful marketing opportunities to engage the right shoppers and drive commerce. That said, the RMN landscape is very complex. Many brands are on a continuous learning curve, and they need the right agency partner across planning, activation and measurement.
Planning Challenge
All retail media networks are vying for budgets, and it can be difficult for brands to prioritize amongst them.
Our Solution
Our proprietary Impact OS planning tools, MarketMatch and Register, enable brands to make the right decisions with their RMN investments.
IMPACTOS
Impact OS is our proprietary suite of data-driven tools that deliver stunning results and bring meaningful change to your business.
REGISTER
Register uses the latest retailer intelligence to drive the success of your investments. This tool covers 30 top retailers across mass, grocery, c-store, dollar and drug and includes their strategies, promotional calendars, performance benchmarks and RMN overviews.
MARKETMATCH
MarketMatch leverages the power of data to identify retailers and media markets with the highest potential. We use it to evaluate BDI/CDI, velocity, contribution to sales, distribution and other factors to identify Grow, Defend and Emerging retailers and markets.
Activation Challenge
RMNs can make a positive impact on business, but for some brands, many RMN opportunities are out of reach based on size and minimums.
Our Solution
Our 40+ years of experience inform our decision to use either an RMN or an alternative retailer-specific solution—or some combination of the two.
To achieve specific objectives, consider the following alternative approaches.
Growing HHP
If RMN first-party data isn’t an option, use data from Nielsen, IRi, Catalina, etc. to identify known buyers/non-buyers and build targeting pools.
Understanding incrementally
Set up test vs. control, match market or pre-post analyses to identify campaign impact.
Drive sales on-site/drive traffic to retailer.com
Leverage RMN data in self-serve DSPs to target ideal shoppers or use social media with shoppable links.
Activate across many retailers or cross-category portfolios
Buy into third-party partners that help deliver scale with geo/zip targeting and dynamic creative and messaging.
Drive impulse
Use on-site or Google search to conquest or appear in adjacent or complementary categories, or use shopping/incentive apps for messaging at the moment of truth.
Measurement Challenge
RMN measurement has been inconsistent and without standardization. Often marketers feel that RMNs lack transparency and are not focused on the right metrics to drive incremental dollars.
Our Solution
Ensuring the right measurement approach starts with asking the right questions of the RMN.
- Does the RMN follow IAB standards and are they MRC accredited?
- What type of KPI should a brand expect by tactic?
- What differentiation does each RMN offer regarding measurement?
- What budget sizes unlock additional measurement?
- What is the RMN’s approach to studies of incrementally?
In addition to the above considerations, the following points will help build a measurement framework.
- Tie goals and measurement framework to RMN objectives.
- Consider measurement in upfront planning.
- Collect and unify all RMNs in a singular view or platform.
- Ensure measurement consistency and IAB/MRC standards are followed.
- Benchmark and evaluate results over time.
THREAD
We utilize Thread®, our insights platform, to bring visibility across RMNs for a holistic view of what is driving growth for your brand.
Agency expertise plays a key role in RMN success.
The power and potential of retail media networks is clear. But given the growing complexity of the retail media landscape and the sizable brand investments required to win at retail, marketing agencies like Blue Chip play an important role in providing strategic and experienced guidance for their brand clients.