Tune in to Time for A Reset
Retail media offers brands the unique opportunity to engage consumers directly within retail environments, driving both awareness and conversions in a way that seamlessly integrates into the shopping journey. But how exactly does this dynamic channel fuel brand growth?
Let’s dive in.
On the latest episode of Time For a Reset Marketing Podcast: Insights from Global Brand Marketers, brought to you by CvE Marketing Consultancy, host Paul Frampton connects with Amir Rasekh, Managing Director at Nectar360, a fully integrated loyalty, insights, and media services company to take a holistic look at the impact of retail media in the US and UK. Amir challenges the narrow view of retail media as merely a conversion tool, highlighting its potential for brand growth when integrated across in-store, on-site, and off-site channels. They discuss the power of data in enhancing customer experiences and the importance of incorporating retail media into a well-balanced marketing mix.
“We have this obsession with the monetary outcome of retail media. And I think if we just focus on that, we’ll lose sight of the importance of enhancing the customer journey and experience.” Amir Rasekh
Breaking the Mold: Retail Media as More Than a Conversion Tool
Amir opens the conversation by addressing a critical issue in retail media—the narrow perception that it serves only as a vehicle for conversions. Too often, retail media is viewed solely through the lens of driving immediate transactions, which restricts its potential. Amir advocates for a broader perspective that sees retail media as a strategy capable of building brands, not just selling products.
Retail media, when used creatively, can enhance a brand’s image by integrating seamlessly into the customer’s journey, whether in-store, online, or through off-site channels. Amir likens the overemphasis on the monetary outcome to the pitfalls seen in programmatic advertising, where efficiency sometimes comes at the cost of brand equity and customer experience. He urges brands and retailers alike to reset their thinking and consider retail media as a holistic tool that influences every stage of the customer journey, from awareness to loyalty.
“Retail media is not just about the transaction. It’s about how you enhance the overall customer experience and brand journey.” Amir Rasekh
Unlocking the Power of Data
Another key topic discussed in the episode is the immense value that data holds within the retail media ecosystem. Amir shares how Nectar360 leverages data to deliver rich insights that drive better brand and customer outcomes. Data, he argues, should be used to inform decision-making and improve the customer journey at every touchpoint. When done well, retail media can harness this data to foster long-term brand loyalty and engagement, not just short-term sales boosts.
The transformation of complex data into actionable insights is at the heart of retail media’s potential. Amir explains how data helps to tailor marketing efforts, making them more relevant and personal to each consumer. By understanding customer behaviour through data, brands can build stronger relationships with their audience, positioning retail media as one of the few channels that can effectively influence the entire customer journey.
“The real opportunity lies in turning data into meaningful insights that brands can use to build loyalty, not just drive one-off sales.” Amir Rasekh
Integration into the Marketing Mix: Avoiding Silos
As companies invest more heavily in retail media, they invest in building an entire vertical around the function, often leading to a siloed approach to retail media. Many CPG companies and agencies have developed dedicated roles and departments to focus on retail media, but this can lead to fragmentation if not managed properly.
Amir stresses that retail media should not operate in isolation but should be an integrated part of a balanced marketing mix. By doing so, brands can maximise the value of retail media across various channels and ensure that it complements other marketing efforts, rather than competing with them.
This integrated approach is essential for success, particularly as retail media becomes more sophisticated and global in its reach. Amir believes the UK market has a stronger grasp on this integration, with a more seamless approach to blending in-store, on-site, and off-site channels, but acknowledges that the US is quickly catching up.
UK vs US: A Comparative Analysis
The discussion touches on the differences between the UK and US retail media markets. While the US benefits from its sheer scale, Amir points out that the UK has been more adept at integrating various retail media channels at scale. This integration, particularly in-store, is something Amir believes sets the UK apart. However, he notes that both markets are becoming more aligned in their value propositions, which is great news for global brands operating across borders.
This growing consistency in retail media strategy and execution across different markets ensures that brands can adopt a unified approach, even as they operate in diverse regions. However, challenges such as standardising measurement and reporting across markets remain.
“The UK has a firmer grasp on integrating retail media channels, but the US is catching up. A global alignment in retail media strategies is emerging, which benefits brands working across multiple regions.” Amir Rasekh
Future of Retail Media: Automation, AI, and Personalisation
Looking to the future, Amir foresees significant advancements in retail media. He predicts increased automation, enhanced personalisation, and the unification of multichannel attribution. Retail media will become more sophisticated, with real-time reporting, predictive audience building, and more tailored marketing efforts driving the next wave of growth.
Artificial intelligence (AI) is poised to play a major role in these advancements. Amir believes that AI will help retailers and brands personalise marketing efforts at scale, providing consumers with highly relevant content and offers based on their unique preferences and behaviours.
Leadership in Retail Media: Essential Qualities for Success
The conversation concludes with a reflection on the qualities required for success in retail media leadership. Amir highlights the importance of curiosity, customer obsession, and technical proficiency. Leaders need to be well-versed in data and technology, while also being able to navigate the complexities of working across different organisations and geographies.
Creative problem-solving is another critical skill, as leaders must find innovative ways to balance machine-driven insights with human intuition. Amir also emphasizes the importance of continuous learning, particularly in a fast-evolving industry like retail media.
Takeaways
As retail media continues to evolve, its potential for driving brand growth and improving customer experiences becomes more apparent. This podcast episode serves as a reminder that retail media is not just a conversion tool; it’s a vital part of a brand’s overall marketing strategy. By integrating data-driven insights, focusing on the customer journey, and fostering innovation, retail media can deliver long-term value for brands and consumers.
You can read the full transcript episode here.
