Congratulations, your product has secured a spot on a retailer’s shelf—a fiercely competitive space where brands are ceaselessly innovating. But what’s your next step?
For savvy marketers, the goal is clear: not just to stock shelves but to move products off the shelf and into shopping carts. Yet, in the words of a wise colleague, “Hope is not a strategy.” So, where do you turn for effective solutions?
Harness data, creative and direct conversion to drive impact
In the quest for success, many brands pursue broad national initiatives to increase unit velocity and forge lasting connections with consumers. Yet, the real game changer should be recognizing the potential of retail media—a powerhouse that fuels brand growth and longevity. Emerging brands and products can discover significant efficiency and value through retail media solutions.
Data forms the bedrock of every successful marketing campaign, and retail media unleashes the power of direct communication with known consumers—not just predictions. This means your marketing budget becomes more efficient, reaching consumers who actually purchase products within your category.
The fuel for a successful media campaign? Compelling, impactful creative. Retail media aids shoppers in discovering where to purchase a product, elevating familiar stores and unveiling real-time deals for in-store savings to drive purchase intent urgency and gain a competitive edge.
Additionally, retail media shortens the purchase cycle, driving customers straight to a retailer’s website. Here, they can promptly add products to their ecommerce cart or jot them down for an in-store visit later.
The icing on the cake: You can gain key insights with closed-loop measurement and attribution—a feat not possible with traditional media. Armed with these insights, you can tactically optimize campaigns, squeezing the most value out of every marketing dollar.
Embrace an omnichannel approach
Diversity is key, and most retail media solutions offer an array of channels and strategies. Recognizing that consumers engage differently, a well-rounded mix of channels creates greater opportunity for reach. Think in-store signage, onsite and offsite digital media, programmatic display ads and social media.
Sponsored search, often underestimated, emerges as an awareness driver. Purchased as a cost-per-click unit, you pay only when consumers click on your product. But here’s the secret: Your product receives countless bonus impressions when it appears at the top of the page, catching the attention of consumers eager to buy in your category. Call it the purchase echo effect, and it’s essentially free exposure.
Choose the best measurement tool
In the blueprint of your retail media strategy, selecting the right key KPI is imperative. While many brands default to sales or return on ad spend (ROAS), building a brand demands patience. Focus on reach or conversion metrics, acknowledging that robust returns take time. ROAS still matters as a benchmark for future campaigns, but ask this: How can you enhance ROAS in each campaign while keeping reach or conversions as your primary KPI?
Retail media boasts a spectrum of solutions and measurable outcomes for those willing to break free from traditional tactics. By embracing these strategies, brands will not only optimize efficiency but also achieve their original goal: moving products off the shelf and into the hands of shoppers.
