Retail Media 101 - Opportunities and Challenges for Traditional CPGs - Episode 262
DESCRIPTION
In this episode, Kiri shares a recap of her presentation on a Forum for Retail Sales Leaders for CPG brands.
Make sure you tune in to find out more!
“In many cases, a lot of brands are not ready for retail media from a philosophical standpoint, they don’t understand it. There’s a big opportunity here for most brands. ”
KEY TAKEAWAYS
In the Forum presentation she shared, Kiri showed some examples of Retail Media, however, in the podcast, you won’t be able to see what an Ad, a Retail Ad, Amazon DSP Ad on Vox.com, etc. looks like. Many retail media leaders don’t understand what could work for a brand or not. She’s talking about the examples that exist and that she saw. She recommends that everyone should use internal advocacy to take screenshots, and screen recordings of what they’re seeing on the web and their shopping apps and use it in a Swipe File of what could work for your brand or not.
Kiri shares the three reasons why Amazon spent $11 billion dollars on rights to Thursday night football:
Driving more prime memberships in the US. In fact, it drove more prime membership sign-ups than any Prime Day event
Expanding Ad inventory and expanding complex and expensive media inventory - way beyond just Sponsored product ads.
It’s a 1P data opportunity. Amazon owns many media channels and using everyone’s shopping and Amazon browsing history, provides brands a lot of space to advertise. Amazon knows if you’re a football fan or not.
Amazon collects all kinds of data about its shoppers - Children, Pets, and the most interesting thing showing up lately, Amazon is asking you about your interests and hobbies. With all the information Amazon asks from your personal interests, Amazon has become a very attractive Advertising solution and has shot up from practically a 0 percent market share to really being a serious challenger to the biggest digital advertising platform in the world - Google and Meta.
This is the point where Kiri started to share what Retail Media really looks like to people who salespeople selling to Target, and Walmart, explaining that retail media is actually a digital incarnation of shop marketing. We can do more with advertising at every stage of the funnel.
One thing that got the attention of this group is a statistic - which is that 82% of Walmart shoppers use their smartphones while shopping for groceries - looking for more information, reviews, etc. Making both high and low-consideration purchases by looking at product reviews and product content from brands.
We just published a case study at Bobsled, about one of our clients, Barcel. The aisle where their products have been stocked has moved from the Hispanic and ethnic food aisle to the snack aisle. We were running ads on the Walmart platform, explaining that the Barcel products have been moved to another aisle, which has also helped get more purchases.
Kiri speaks about KPIs and allocating budgets between ads and thinking back to about 10 years ago when retail media options were pretty low.
There is no minimum you can spend with self-serve platforms like Amazon or Walmart. You can do it yourself, or with a consultant or agency, like Bobsled. Unfortunately, there’s no easy answer about which retail we should invest in and how to allocate spend across those retailers. Earlier this year Kiri and her colleague Matteo Bizon launched a research report ‘Retail Media Allocation’ on where to focus as a brand.
MENTIONED IN THIS EPISODE
Connect with Kiri Masters on LinkedIn or via email
Learn more about Bobsled Marketing, an Acadia Company
