Retail Media Networks: Enter a New Era of Advertising
First came search, which changed the way we interacted with consumers. Then social media arrived, bringing with it a treasure trove of data that allowed us to target audiences like never before. Now Retail Media Networks are ushering in a new era that’s changing how we think about programmatic advertising.
Read on to find out how we’re unlocking the potential of Retail Media Networks for brands like Currys – helping them to boost revenues, increase relevance and engage with new audiences.
A New Wave of Digital Commerce
Big names like Amazon, Argos and Sainsbury’s allow companies to target consumers through their online and offline assets. Not only does this give their partners the opportunity to hitch their wagon to a high street brand that people already trust. But beyond brand affinity, it also offers access to invaluable first-party data that enables you to personalise your content for consumers right at the point of sale.
Think of it as an opportunity to reach your target audience in a way that’s less “Hey, buy our stuff!” and more “Hey, we know you’re into this kind of stuff, here’s something you might like.”
It’s a subtle change that adds up to make a big difference.
Unlocking your ad funnel’s full potential
In the current climate, when budgets are under threat and ROI is front of mind for marketers at all levels, every pound needs to be targeted to where it will generate the most impact. What makes Retail Media Networks so compelling is because they are so targeted.
By opening up their valuable data and offering insight based on real point-of-sale transactions, Retail Media Networks give advertisers the opportunity to not only personalise their content but gain genuine insight into how it performs. That means your budget won’t go to waste by showing your ads to people who couldn’t care less.
And let’s not forget the opportunity to reach consumers at different points in the purchasing journey. These networks offer a variety of advertising options, from creating brand awareness to promoting specific products, and even post-purchase follow-up campaigns. That means you can specifically tailor your campaigns to customers at different points in the funnel.
Cue a new era of advertising
Another factor that ups the appeal of Retail Media, is that it’s inherently less disruptive than traditional ads.
Instead of serving up banners or video embeds, Retail Media Networks integrate advertising seamlessly with the design of their existing website. This means that they are less intrusive, helping you to cut through the noise and serve content that your customers actually engage with rather than simply skip past.
Above all, it’s the vast amounts of proprietary data that retail media Networks boast that perhaps makes them most attractive. A growing shift towards regulation and an increasing focus on privacy mean that companies need to find new ways to target consumers.
Our gradual break-up with third-party cookies means that first-party data is more valuable than ever, and Retail Media Networks have it in spade. This valuable data enables you to not only track what’s working and what isn’t but apply this information to optimise future campaigns.
It’s like having a crystal ball for your advertising strategy.
A retailers best friend?
So far, we’ve looked at the rise of Retail Media Networks from an advertiser’s perspective, but what’s in it for the retailers themselves?
For starters, there’s the opportunity to tap into new revenue streams. For any business, your customers are your most important asset. And with current projections valuing Retail Media Networks at more than $100 billion in 2023, there’s real scope to monetise the audience you’ve worked so hard to build. Beyond the bottom line, it’s also an opportunity to enhance the experience that you’re offering to your customers.
When it comes to monetisation, brands can exploit the full spectrum of their digital assets. There are opportunities to run digital banners on your website, for example, or utilise your valuable first-party data to activate off-site. If you’re a retailer with your own app, then that’s another revenue stream that can be explored. Finally, if your company has a great CRM programme then you can harness that too by running ads within newsletters that you send out to your customer base.
…we don’t just belive the hype, we’ve proven it!
At Brave Bison, we understand the incredible potential of Retail Media Networks because we’re already working with major retailers like Currys to harness them.
Our Retail Media proposition helps brands to connect the dots between advertisers and their customers, delivering Non-Endemic brand campaigns for complimentary products and services that enhance the user experience without cannibalising sales.
It’s a welcome opportunity to rapidly accelerate revenue growth and deliver an exceptional customer experience, without impacting on your existing eCommerce activity.
Retail Media Networks: The Verdict is Clear
It’s easy to see why Retail Media Networks are having their, well deserved, moment in the spotlight. For advertisers, it’s a powerful and effective opportunity that enables you to reach your target audience in a more personal and relevant way. And for retailers, it’s a welcome opportunity to drive incremental revenue while enhancing your offering to customers.
Retail Media is no longer an emerging market, it’s well and truly entered the mainstream. The sector’s rapid growth speaks for itself. That’s why, at Brave Bison, we see Retail Media Networks as an invaluable opportunity. As early adopters, we’ve already worked with our clients to both build their own networks and take advantage of the opportunities they create.
And we can do the same for you.
Ready to unlock the value of your first-party data?
Get in touch with one of the experts at Brave Bison to find out more about our Retail Media Network proposition. We handle everything, from set up and governance through to sales and optimisation – so that you can harness the power of your network.