Getting Started in Retail Media: Your Guide to a Winning Strategy
Given the rapid rise of retail media and the variety of networks across the marketplace, let’s take a step back and focus on the basics: What exactly is retail media? And how can retailers best use retail media to reach their goals while also creating value for advertisers and consumers?
Our newly released report “Understanding the World of Retail Media” presents the key areas of focus to help organizations considering entry into retail media successfully navigate this exciting space.
According to Henri Lellouche, Quotient’s Vice President of Sales and In-Store Solutions, knowing how to plan and design a network is essential for developing a winning strategy. “At Quotient we understand retail media networks and how complex they can be to create, launch and manage given the staggering array of options available in the marketplace,” he said. “Building on the background in this guide, our expertise can help you earn your share of advertising dollars to drive more trips, larger baskets and more bottom-line profits.”
Continue reading for a few key takeaways from the report.
For Starters, What Exactly Is Retail Media?
Retail media is a broad topic covering a wide range of capabilities. The term “retail media” is defined as the advertising opportunities retailers offer across various consumer touchpoints—from the retailer’s onsite properties to offsite locations.
Onsite properties are the technology-enabled inventory that retailers offer advertisers throughout their digital presence and physical stores. Onsite media includes sponsored search and display. Offsite media, including digital out-of-home, social media and display, describes any media inventory in places outside of the retailer’s website and store.
What’s Required to Create a Retail Media Network?
Creating a successful retail media network demands specific attributes, technology and talent. Whether your business is planning to buy, build or adopt a hybrid approach to construct your retail media network, here are a few things you’ll need to take into account:
- Data: Having strong, proprietary data is incredibly important when creating a retail media network. To begin assessing whether you can begin building an effective network, you must determine the size and value of your proprietary data, particularly regarding audiences and their purchase behaviors.
- Technology: To determine whether your existing technologies are sufficient or what tech stack will need to be added, your company should conduct a technical audit. Depending on the channels and tactics a retailer plans to employ for revenue generation, this evaluation will identify the technology requirement with respect to operations, media activation, data feeds and measurement.
- Workforce: When assembling a workforce to support the retail media network, we recommend approaching it like starting a small business within the larger company since the team will have unique roles and responsibilities related to media offerings.
Success in retail media requires specific capabilities, technology and talent—and that’s where Quotient comes in. Our media solutions can help you maximize your omnichannel strategies through onsite and offsite tactics that address your specific business goals.
Download our free eBook today and get in touch at [email protected] to put a successful retail media plan into action.