Riding the Retail Media Wave into 2024

As we head into 2024 here are my predictionsamp8211on the journey into crossretailer audience standardization the orchestration of multiRMN activations and the datadriven future of retailThe Rising Data TidesAdvertisers understand the power of top retailers like Amazon Target and Walmart among others to reach consumers on an almost daily basis ensuring the success of new products launched by appealing to shoppers at the point of purchase Retailers have also awakened to the vast sea of rich data they possess brimming with revenue potential through advertising activation However the challenge lies in unraveling the mystery of defining audiences like amp8216high spendersamp8217 or amp8216primary purchasersamp8217 consistently across diverse retailers since audience definitions are not analogous across retailersIn 2024 marketers will not just be interested in acquiring audiences but in understanding the duplication that occurs across these retail behemoths acknowledging that the path to purchase is often nonlinear Leaning into multiple data sets for planning to understand the consumer deeply will be required to make sound media investment choicesSurfs Up on StandardizationStandardizing anything in media takes collaboration time and patience However standardization is on the horizon In 2023 a movement to standardize RMN measurement gained momentum with the release of retail media measurement guidelines by the Interactive Advertising Bureau IAB which opened up the guidelines for commentIn 2024 I expect more progress in this area and standardized metrics across retailers For example the disparate constructs and calculations for Return on Advertising Spend ROAS arguably the most important metric for RMNs should be solved holistically Doing so not only aids advertisers in navigating the labyrinth of retail data but also paves the way for increased adoption which inevitably translates to more lucrative opportunities for retailers and better outcomes for brandsBreaking Down BarriersAs we learn to swim in these new oceans of data and RMN optionality itamp8217s time to call into question the silos that have traditionally separated national brand dollars from shopper dollars and retailers accepting only endemic vs nonendemic advertisers In my opinion these waves should and will come crashing down The dichotomy between brand awareness and performancedriven advertising is dissipating giving rise to a holistic approach The goal of advertising is clear amp8211 marketers are on a quest to find audiences seamlessly across a myriad of channels and touchpoints spanning both instore and onlineUltimately what matters is that the campaign drove the outcomes intended whether that be awareness or sales so a variety of tactics should be employed with partners that can provide insights that inform better performant campaign strategiesReaching the CrestOur mission as advertisers and partners is clear amp8211 to orchestrate an experience that spans the entire customer journey Brands can no longer be confined to the aisles or endcaps but seek attention across every interaction point with consumers The more the industry aligns itself with this mission the more retailers and their media networks can capture media and consumer dollars amp8211 making it a winning value proposition for all Itamp8217s not merely about driving performance on a singular campaign itamp8217s about justifying the high expenditures these retailers are seeking across these invaluable media and data assets while stewarding the unique relationships they have with their consumersAs we sail into 2024 itamp8217s important to remember that the evolution from inventorycentric buying approaches to the datadriven future of RMNs is not just a trend it39s a transformative wave that demands the industryamp8217s attention Along with navigating the waters of standardization and dissolving the barriers between advertising categories marketers who will succeed are those who can rely on partners that harmonize their strategies with the evolving landscape of retail media networksPosted at MediaVillage through the Thought Leadership selfpublishing platformClick 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

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Riding the Retail Media Wave into 2024

Author

Publish date

Channel

Oscar Rondon

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

More Videos:

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Riding the Retail Media Wave into 2024

Enjoying This Commentary? There's More to Love

Oscar Rondon

TAGS:

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

Cookies