Retail Media Deep Dive: Recap - Episode 268
DESCRIPTION
Over the past 5 episodes, Kiri has spoken with 6 brand-side ecommerce practitioners about retail media.
As an emerging discipline and marketing channel, people touching retail media want to understand how retail media is organized, managed, and viewed within other organizations.
While new surveys & benchmarks are being published to show the stats, its also extremely useful to sit down and learn how others are doing it.
Make sure you tune in to find out more!
KEY TAKEAWAYS
In this episode Kiri recaps some of the themes and lessons from these conversations, including:
How different companies structure their retail media teams. 2 out of 6 were within the sales org, 3 were a central digital/ecomm team, and 1 in the marketing division. Each has different reasons for their structure and their own pros/cons.
For KPIs to be successful, they must be multi-tiered and track back to organizational objectives. There should be a hierarchy of importance, and an understanding that some metrics influence others. For example, Paulo Bacarin from Tom’s of Maine has a 3-tiered KPI hierarchy.
Moving beyond ROAS. ROAS is easily measured, but it can unfairly take all the attention. Katie Buzcek at Totes Isotoner talked about restructuring to have a 3 pillar strategy which will allow the company to look at all of e-commerce and how the decisions that we make in 1 may impact the other.
Christina Krantz-Kissel from Petmate also shared that sometimes a test-and-learn experiment can yield results that don’t deliver what you were expecting, but can be valuable nonetheless: “Understand the metrics you’re trying to hit, but also look for other metrics the test delivers. E.g. you were expecting ROAS, but you’re getting solid impressions.”
How to think about which retailers to expand to. Most brands can only afford to focus on a small number of retail media networks, due to the cost of expansion and potential dilution of focus and ability. Matt Kreuiger from East Point Sports says, “I was all about add, add, add. Give brands more control over their ad spend. [But] I’m not sure it’s sustainable. Think there’s a threshold with ROI versus those retailers who are just asking for $ because other “big retailers” are doing it; yet don’t have the justification to do so (traffic, metrics, connections, portals, agility, etc.).”
Paulo Bacarinlho from Tom’s of Maine cites Bobsled’s “In it to win it” research as adding a lot of color to the notion that bigger budgets won’t necessarily drive better performance. It's more important to be strategic with your campaign set up and execution will lead to optimum spending.
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