The significance of retail media in 2023 for pay-per-click (PPC) marketers cannot be overstated. During an insightful presentation at SMX Advanced, Elizabeth Marsten elucidated the evolving landscape of retail media. The need for marketers to gain a solid grasp on what retail media entails, how it operates, and the best strategies for maximum success has never been more pertinent.
Retail media, in essence, is a type of paid search employed by businesses to capitalize on existing demand. It can be divided into two subcategories, which are onsite and offsite retail media offerings.
Onsite retail media encompasses sponsored product advertisements, display banners, browse and category pages, coupons, and special offers. Conversely, offsite retail media includes programmatic display via curated networks, social media marketing, email newsletters, SMS and push notifications, Google Shopping Product Listing Ads (PLAs), and advertising on over-the-top (OTT) platforms.
A vital aspect of retail marketing is its reliance on first-party data, accumulated over extensive periods. One example is Kroger’s grocery store loyalty card program. The data collection enabled by these programs facilitates better targeting in advertising efforts.
If PPC marketers wish to succeed in retail media, they must be aware of three primary digital waves responsible for collecting consumer data. The first wave occurred in 2002, with the advent of Google Ads and similar products. The next wave saw the dominance of e-commerce giants like Amazon, Walmart, eBay, and Target in the realm of shopping ads. The most recent wave’s arrival came with retail media networks being heavily invested in by online marketplaces. To stay competitive, marketers need to make the most of consumer data to targeted their audience effectively.
However, the retail media landscape is not without challenges. Misaligned budgets and objectives, resource constraints, difficulties in scaling campaigns, limitations in data sharing, and poor performance visibility all represent hurdles marketer’s face.
Despite these obstacles, retail media success can be achieved by:
As we navigate the evolving Retail Media landscape of 2023, understanding the foundational elements of retail media, its benefits, and challenges are critical. This knowledge allows marketers to implement the best strategies for PPC success. Ultimately, harnessing the power of first-party data and targeting advertising according to consumer insights is crucial for marketers looking to stand out in an increasingly competitive market.
Up until working with Casey, we had only had poor to mediocre experiences outsourcing work to agencies. Casey & the team at CJ&CO are the exception to the rule.
Communication was beyond great, his understanding of our vision was phenomenal, and instead of needing babysitting like the other agencies we worked with, he was not only completely dependable but also gave us sound suggestions on how to get better results, at the risk of us not needing him for the initial job we requested (absolute gem).
This has truly been the first time we worked with someone outside of our business that quickly grasped our vision, and that I could completely forget about and would still deliver above expectations.
I honestly can't wait to work in many more projects together!
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