Retail Media Assessment Criteria With Mindy Fashaw of Pacvue - Episode 195
INTERVIEW WITH MINDY FASHAW
DESCRIPTION
In today’s episode, we are joined by Mindy Fashaw of Pacvue. Mindy spent over 10 years at Amazon in various cross-functional roles, including Finance, Third-Party Account Management, Instock Management, and Vendor Management. We’re going to talk about retail media measurement, how much to spend, and what's a good number? We will find out more about the frameworks that are recommended to brands.
Make sure you tune in to find out more!
Mindy Fashaw is the Chief Operating Officer at Pacvue. Mindy joined Pacvue from Newell Brands, where she led the Amazon Sales team for 3.5 years and had responsibility for nearly $1B in annual revenue across a large portfolio of industry-leading brands. Prior to Newell Brands, Mindy spent over 10 years at Amazon in various cross-functional roles, including Finance, Third-Party Account Management, Instock Management, and Vendor Management. Mindy has strong subject matter expertise across many disciplines at Amazon and is extremely passionate about data-driven decision-making and helping to streamline operations to maximize revenue.
“Don’t wait until you have the perfect data because that will never exist.”
KEY TAKEAWAYS
Retail media really is a new industry within the last year or so.
There's no one size fits all way to measure, it really boils down to what your strategies are.
There’s no specific framework for retail media measurement, but you should look into staffing, budgeting, and measuring actual business objectives, not just ROAS.
Measure the outcomes that you're trying to achieve.
Set a strong analyst that works with a retail media person.
Technology: Retailer UI’s are not always efficient, using a tech layer for this is important.
You can't have incremental sales without investment.
You have to get granular in how you're measuring.
If your goal is to grow market share, and/or incremental sales, you should look at a number of different KPIs like Share of Voice, top-line sales, impression volume, growth in clicks. ROAS as a second or third data point only to show that you’re not going to zero or under a dollar.
Map your keywords (category, competitor, branded KWs) bucket to allocate against tactics. Iif you only care about ROAS, you would only bid on brand search terms. If you want to grow market share, you should target category & competitors.
If your goal is to grow profitability, look at the retailer’s profitability and the brand’s profitability. Leverage the strong branded KWs to focus on new items in your portfolio that don’t yet have a lot of competition. In terms of profitability - ROAS is still not the best indicator.
There's a greater understanding of a halo effect in retail media, and even offline versus online media in terms of ad influenced purchases, digital influence purchases showing up in the store.
When it comes to staffing out your full organization - consider platform complexity, how many brands, how many product categories, how many items that you're going to advertise, what are those internal connect points look like, who's doing the reporting, who's doing the analysis, new features, functionality, and tech technology.
There's no one approach in budgeting. You have to understand your organization, how it works, who are the stakeholders, and what's important to them. Take a retailer-specific approach from an annual and a checkpoint perspective throughout the year. Look at what are the capabilities, what are those platform complexities, how much control do you really have.
Strategy comes before the budget.
Have a test and learn or a post-budget - a percent of your total budget that you set aside to capture things like new features and new functionality.
Anchor your budget in something measurable.
Pacvue is a self-service technology platform, helping brands, agencies, and sellers automate the execution of their paid search, and also their Amazon display advertising. It has a budget module, which allows you to break down your budget at various levels, but also put those controls in place so that you're not overspending, or underspending.
Pacvue released Prime Day CPC results and has an upcoming Amazon and Walmart Q2 CPC report.
MENTIONED IN THIS EPISODE
Connect with Kiri Masters
Connect with Mindy Fashaw
Learn more about Bobsled Marketing
Learn more about Pacvue
Listen to the episode Ads Series: Bobsled's PPC Philosophy
Read the article How to Get the Most Out of Your Amazon Sponsored Ads Efforts: Bobsled's PPC Philosophy
Read the Prime Day 2021 CPC Report
Find more about Payoneer