Think offsite retail media Bob Kuhn, TripleLift's senior vice president of U.S. sales, said in a recent talk that it's the equivalent of filling a bus with potential customers and delivering them directly to the store. EMarketer Webinar.
However, just sending customers to the store does not guarantee that they will buy. Here's what retailers and marketers need to know to take advantage of offsite retail media.
Make sure your brand is retail-ready. Make sure your products are in stock, priced appropriately, and most importantly, your products rank in organic searches. Mark Mannino, Flywheel's chief marketplace officer, said the worst that can happen after you spend money trying to get consumers to search for your product is that they go to a competitor. He said.
Plan for different placements across channels. Mannino recommended using attribution tools to understand how channels impact the customer lifecycle and optimize accordingly. “Dive deep into tools such as:” data clean room, Marketing Cloud, and streaming data so you can really assess which ads and channels are driving the performance you want. ”
You may need to rethink your KPIs. “Off-site retail media means advertisers are not limited to their own web traffic,” Kuhn said. “This also means that off-site retail media advertising catches consumers earlier in their buying journey. The consideration stage may be longer, but that doesn’t make it any less important. .
You may need to rethink your KPIs. “Off-site retail media means advertisers are not limited to their own web traffic,” Kuhn said. “This also means that off-site retail media advertising catches consumers earlier in their buying journey. The consideration stage may be longer, but that doesn’t make it any less important. .
“It’s important to drive the bus back to the store,” he continued. “Otherwise, you're only converting people who are in-store, which may not be enough, especially for mature brands. So given longer sales cycles, the consideration metrics that come with off-site are: This is a very important factor when thinking comprehensively and over the long term.”
Why offsite: Offsite retail media ad spending is expected to grow 61.5% this year to $10.64 billion, according to March 2024 forecasts.
- This year, nearly one-fifth of retail media ad spend will be spent off-site.
- Offsite retail media ad spending is expected to continue to grow by more than 27% year over year through the forecast period end in 2028.
- By 2028, U.S. offsite retail media ad spending is expected to nearly triple to $28.05 billion.
Watch the entire webinar.
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