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Get marketing news you’ll actually want to read<\/h5>\n
Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides.<\/p>\n<\/div>\n<\/div>\n
Macy’s isn\u2019t just a place to buy prom dresses. It’s also a place to buy ads: Last week, the retailer debuted a partnership with Rokt to expand its retail media network. The retailer isn\u2019t alone: Other blue-chip brands like Lowe\u2019s and Chase have built out their retail media offerings this year and courting ad revenue.<\/p>\n
Despite the rapid scaling by brands, though, the retail media network landscape needs more collaboration, data customization, and standardization, according to speakers at a roundtable held by the IAB this past week.<\/p>\n
Sharing is caring<\/h2>\n
While some brands are jumping on the retail media network brandwagon, there\u2019s been a lot of collaboration missing between them and the brands that want to place ads with them, as well as the agencies they work with, according to Evan Hovorka, VP of product innovation at Albertsons Media Collective.<\/p>\n
\u201cWe haven\u2019’t always been best friends with agencies, and we haven\u2019t always had to support things like self-serve [platforms,]\u201d he said.<\/p>\n
For agencies looking for clarity on which retail media networks clients should invest in, data \u201cclean rooms\u201d have been key to illustrating factors like audience overlap and incrementality, according to Kavita Cariapa, SVP, head of commerce activation at dentsu.<\/p>\n
Data clean rooms are also being embraced by retail media networks like CVS Media Exchange to provide more precise, granular data, its head of analytics and business intelligence, Praveen Menon, told attendees. In a collaboration with Pinterest and LiveRamp earlier this year, for example, CVS used data clean rooms to provide data compiled by cross-referencing CVS ExtraCare member purchasing activities with user activity on Pinterest, explained Menon.<\/p>\n
Clean up your act<\/h2>\n
Despite progress on the collaboration and data customization front, there\u2019s still a need for standardization across the retail media networks, a lack of which can wreak havoc for brands buying across different retailers, according to Hovorka.<\/p>\n
\u201cNow we\u2019ve seeing another wave of RMNs jump on, and we\u2019re seeing other social platforms adopt a similar methodology, but what we don\u2019t see is consistency,\u201d he said.<\/p>\n
\u201cThe methodology CVS used could be a little different than ours, maybe better, maybe worse, but it\u2019s different. Then the methodology that a TikTok or a Meta will bring to a closed-loop solution will definitely be different. Then potentially you see these permutations become almost unmanageable.\u201d<\/p>\n
To that end, the IAB is rolling out a retail media network lookbook to assist retailers, brands looking to buy ads on their networks, and agencies, Jeffrey Bustos, VP, measurement addressability data at the IAB, said.<\/p>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Get marketing news you’ll actually want to read Marketing Brew informs marketing pros of the latest on brand strategy, social media, and ad tech via our weekday newsletter, virtual events, marketing conferences, and digital guides. Macy’s isn\u2019t just a place to buy prom dresses. It’s also a place to buy ads: Last week, the retailer […]<\/p>\n","protected":false},"author":1,"featured_media":21438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-21437","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"\n
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