As eCommerce and retail media continue to grow, now is the time to take advantage of digital advertising capabilities to increase revenue and enhance customer engagement. In our webinar Infinitive Live: 8 Ways to Monetize in Retail Media, Infinitive’s experts discussed how we help retailers and hospitality companies transform and monetize customer data to capture a share of the anticipated $50B market growth over the next four years. This new revenue stream focuses on two capabilities 1) leveraging First Party Data and 2) implementing ad business solutions.
During the webinar we learned that most people are unfamiliar with retail media or are in the early days of starting a retail media network. To really understand what retail media is, let us dive in a little deeper. Today, businesses that have an online presence can become like media companies by collecting First Party Data from their customers’ engaging with them online, and then monetize these audiences in several ways to create a new revenue stream, high-profit margins, and additional sales. To help businesses achieve these opportunities, Infinitive has developed our “8 Ways Framework” to enable your business to make money while enhancing your customer relationships through better targeted advertising.
Overview of the 8 Ways to Monetize in Retail Media
- Access to First Party Data for Analysis & Activation: Provide companies with access to your differentiated audience data via clean rooms and data marketplaces for research and activation.
- ECommerce Advertising – Sponsored, Search, Display, Video: Provide brands with the opportunity to advertise through your digital space – granting them access to audiences not previously attained.
- Off-Site Marketing: Retarget your differentiated First Party Data sets to provide expanded brand campaign reach on off-site locations which bring customers back to you.
- Enhance Experience & Loyalty Across Customers and Brands: Leverage First Party Data for analytics capabilities improving cross-sell and up-sell of products and services with closed-loop attribution and reporting for brand partners.
- Partnerships & Bundles: Provide bundled content, products, and services with partner companies using First Party Data analysis to improve customer experience and joint sales.
- In-Store and OOH (Out Of Home) Digital Advertising: Expand brand campaigns by advertising products and services on digital displays and phones at physical stores and at OOH locations.
- Video & Stream Storytelling: Stream related retail and brand content across multiple digital mediums to highlight joint company products, lifestyles, partnerships, etc.
- Optimize Influencer and Affiliate Social Campaigns: Add brand sponsorship to your social campaigns, which increase retail and brand engagement and sales.
Organizations must be confident that their First Party Data is consistent, timely, consolidated, and quickly accessible to successfully monetize on ads. However, we learned that many organizations’ data is in siloed systems which is brought together with spreadsheets or is captured on a platform but not leveraged to its fullest extent.
As retailers and hospitality companies navigate this new retail media environment, it is crucial to understand how First Party Data, eCommerce, the Buy-Side and Sell-Side of the advertising marketplace, and direct partnerships work together. By leveraging your First Party Data and creating a 360-degree customer profile, organizations can ensure that your ads are targeted for brand performance and deliver return on ad spend (ROAS). However, when developing your 360-degree view, you need to make sure it is compliant with security regulations. One key technology solution that organizations can use is a data clean room which allows your advertisers to privately match against your First Party Data, augment it with third party data, and generate an audience data set that is ready to be used for segmentation and targeting.
Build Your Business
Several large companies have been leaders in building their businesses by leveraging First Party Data, however, there still is a vast number of organizations who are new to this space. No matter where your organization is in your transformation and monetization journey, Infinitive’s experts meet you where you are to create your media business plan, integrate customer data, implement ad solutions, and grow your business. We enable you to identify and understand the opportunity at hand by guiding you through the 8 Ways Framework to reach your future-state vision. Learn more about our First Party Analytics & Monetization Service, to deliver more relevant and valuable experiences to your customers and increase your revenue today.