Kiri Masters is Sold on the Retail Media Space for the Long Haul

Kiri will be speaking at the ANA Media Conference March 1820 in Orlando Julie Weitzner Senior Vice President Brand ampamp Media at the ANA recently caught up with Kiri for a preconference conversationJulie Weitzner You have been a pioneer in the Retail Media space Tell us a bit about your career progression and what continues to keep you energized about this spaceKiri Masters There39s no university degree for retail media and like most other people in the retail media and marketplaces space I came from a different industry I noticed that a lot of traditional marketing agencies weren39t taking the retail marketplace opportunity seriously so I started my own agency in 2015This was the same year that Amazon launched its first Prime Day Looking back that was a bellwether moment Back then many brands were highly skeptical of retail marketplaces like Amazon I remember prestige brands who didn39t want to have their products in the same shopping cart as a package of toilet paper So I had to spend a good deal of time educating brands on why they should be selling through these new online channels Education and advocacy were key drivers of business back then and they still are today On the client side our partners are also educating and advocating from within their organizations where ecommerce may still be a smaller sales channel relative to other national accountsToday retail media is getting the recognition that it deserves and there39s still so much upside That39s what I love about the space amp8211 the dynamism Things move very quickly and the rules are still being written The people who are attracted to the industry are smart and ambitious but also kind That makes it a fun place to beWeitzner Seems that every day there39s a new retail media network launching What do you look for when evaluating these new entrantsMasters It39s a very important question to ask My last count of retail media networks just in the US was over 50 It39s not as simple as a brand allocating an arbitrary percentage of their media spend to that retailer they need to also deploy it optimize it and measure the results later That management overhead must be factored into the evaluationBesides that the exact scorecard a brand uses to evaluate RMNs should be influenced by the brand39s goals For example a brand that39s prioritizing market share growth should weigh audience size and reach heavily and that might rule out some of these smaller retailersWeitzner How do you guide nonendemic brands to approach retail mediaMasters I encourage nonendemic brands to erase the word quotretailquot when evaluating this space If a media network had 230M unique customers in the US and you can target these customers based not only on known demographics but entertainment interests past purchasing behavior and future purchasing interests would that be an attractive media buying opportunity Because that39s Amazon39s value prop for advertisers When you stop to think about how much Amazon knows about you and your family it can be a little disconcerting franklyWhile other media platforms are dealing with privacy changes that limit the amount of usable customer data retailers are just getting started There has been a whole raft of partnerships between retailers and social media networks to enrich their data and inventory too I think a lot of nonendemic brands overlook the opportunity because they don39t consider themselves to be a retail brand I see that changing in the near term and the brands who get in early could benefit due to lower competitionWeitzner You will be presenting at the 2024 ANA Media Conference Can you give us a preview of some of the highlights from your sessionMasters Monster is a market leader in the energy drink space The category is also expecting doubledigit growth over the next few years But that success has also painted a target on Monster39s back from upandcoming challenger brands Both instore and in online retail channels like Amazon the energy drink aisle is a battleground Enter Monster39s quotoffensedefensequot strategy which aims to acquire new customers drive repeat purchases and defend against new and aggressive competitorsAs Monster39s proud retail media partner I39ll be sharing how this approach is helping Monster win online alongside Brea Keating Monster39s Senior Director of eCommerce We will discuss sophisticated audience segmentation strategies with shopper data at the core best practices around optimal reachfrequency and spend allocations all tied to a clear KPI frameworkClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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Kiri Masters is Sold on the Retail Media Space for the Long Haul

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