4 secrets to navigate Retail Media Networks (RMN)

Secret 1 – Data quality is key

• For retailers, RMN is an opportunity for them to generate a new source of income from the data they already collect.
• For brands, RMN creates an opportunity advertising to specific customers and make smarter decisions about inventory and future product development.
• For customers, they can benefit from relevant and rewarding shopping experiences through personalised ads.

Retail media networks perform best when both brands and retailers can precisely identify consumer data and have accurate insights into their behaviour, preferences, purchasing patterns, and demographic information. They translate that information into targeted marketing campaigns and create personalised experiences that resonate with their audience.

However, the quality of the shared data between retailers and brands remains insufficient – 95%^[1] of businesses have seen impacts related to poor data quality and over 25%^[2] advertisers struggle with RMN data sharing and reporting.

Investing in data quality measures such as data cleansing, validation, and enrichment enables businesses to detect and eliminate duplicate or inaccurate customer records. By consolidating or removing redundant data entries, retailers can uphold a clean and well-organized database, ensuring a seamless customer journey. Whether recommending products based on past purchases or showcasing exclusive offers tailored to specific preferences, with the right customer data and insights, retailers can offer targeted advertising that benefits both themselves and their customers.

Secret 2 – Unifying customer data for retail success

Like any omnichannel marketing strategy, businesses must ensure seamless integration of data across all touchpoints. From online interactions to in-store purchases, every customer interaction generates valuable data that can inform advertising strategies. By breaking down silos and integrating data from various sources, retailers and brands can create a unified view of the customer journey on RMN leading to more effective and cohesive advertising campaigns.

Not to mention, the same customer could appear multiple times, under different names, or multiple email addresses and phone numbers across several databases. Using this outdated, incorrect, and inconsistent data can create a poor customer experience across all channels.

By validating customer information and creating a single view of customer data, retailers and brands gain a real understanding of exactly who their customers are and how they like to purchase. This allows for more effective and efficient targeting and marketing, but most of all, it enables them to provide more useful, relevant, and enjoyable experiences for their customers.

Secret 3 – Retain and reward customers via loyalty programmes

Loyalty programmes are a powerful tool for retailers to leverage customer data, which can significantly enhance the effectiveness of RMN by providing access to valuable customer data and fostering deeper engagement. To build a customer loyalty programme that meets the needs of the RMN, retailers need to enrich their customer intel to better understand the desired demographics and target their loyalty members effectively.

An example of this is IKEA Australia with their IKEA Family B2C loyalty program, a pivotal aspect of its customer experience strategy, aiming to cultivate loyalty and engagement by personalised communication for its vast membership base. Utilising our data solutions, IKEA enables a targeted approach to its loyalty members with tailored promotions and products. This initiative resulted in the removal of inaccurate and incomplete member data, contributing to increased customer spending and improved return on investment (ROI).

Secret 4 – Continuous optimisation is essential

In the dynamic world of retail media networks, success is an ongoing process of optimisation. Optimisation makes sure that advertising campaigns on retail platforms continue to be efficient, impactful, and relevant. Prioritising high-quality data will promptly impact the revenue potential of RMN and enhance campaign performance.

In conclusion, mastering retail media networks requires a strategic approach centred around data quality and innovation. By using us as a trusted data partner, we can empower businesses to achieve their goals and transform data into a reliable and usable strategic asset to succeed in navigating this exciting trend.