Table of Contents
- Introduction
- Unifying Fragmented Data for Real-Time Insights
- Enriching Data for Enhanced Customer Intelligence
- Holistic Measurement Across Channels
- Seizing the Opportunity: Activate Your Right to Win
- Conclusion
- FAQ
Introduction
Imagine the opportunity to leverage vast amounts of consumer data to unlock powerful insights, attract top-tier advertisers, and enhance customer experience—all outside the traditional retail sphere. With retail media ad spending projected to hit a staggering $140 billion this year, industries beyond retail are eyeing the next frontier in media networks. Verticals such as travel, sports, entertainment, and delivery services maintain rich first-party data and deep audience engagement, setting the stage for a lucrative venture into commerce media networks.
For companies outside of retail, entering this space presents an unparalleled chance to dominate a new wave of media networks. But they must first navigate complex challenges around data integration, enrichment, and measurement. This blog post aims to illuminate the pathway for these companies, focusing on actionable strategies to stitch together fragmented data, enrich customer intelligence, and deliver superior cross-channel measurement.
Stay with us to understand how non-retail companies can capitalize on this trend, learn from retail's lessons, and seize their right to win in the burgeoning commerce media network landscape.
Unifying Fragmented Data for Real-Time Insights
Launching a successful commerce media network starts with unifying first-party data across various business lines. Often, customer data is fragmented across marketing, sales, customer service, and other departments, leading to missed opportunities for real-time insights. Whether tracking order history, online habits, or social activity, aggregating this data is crucial.
To achieve this, companies must adopt a consistent identity framework. This technology bridges data silos and offers a holistic view of the customer journey. Imagine a travel conglomerate built from multiple acquisitions—merging these data points can reveal hidden patterns and preferences, such as a customer favoring specific hotel rooms or activities.
This unified data foundation must also prioritize privacy and align with business priorities as the company grows. It not only serves the media network but also enriches various brand and publisher channels, reinforcing consumer trust and personalization.
Enriching Data for Enhanced Customer Intelligence
Once first-party data is consolidated, the next step is enriching it to increase customer intelligence. Initially, companies can leverage owned properties like websites and apps to collect more data. However, the key to achieving scale lies in integrating third-party data, expanding the scope of customer insights, and attracting more advertisers.
Take, for instance, a hotel chain that recognizes its guests frequently order pizza. By integrating third-party data, the hotel could discover that many of these guests are parents with children aged 5-12. This richer customer profile can attract advertising from related businesses such as quick-service restaurants, toy stores, and amusement parks.
For sustained success, companies must also deliver closed-loop measurement. This involves providing granular campaign insights, from performance metrics to detailed recommendations. Collaborating with partners is crucial here, as it ensures data accuracy and enhances incrementality.
Holistic Measurement Across Channels
Comprehensive measurement across platforms—CTV, social media, and programmatic advertising—is essential for proving ROI and refining strategies. Companies should harness data collaboration technology that allows for extensive, granular, privacy-centric analysis without relying on third-party cookies.
In the retail world, pioneering media networks such as Albertsons Media Collective and CVS Media Exchange utilize collaborative tools like data clean rooms to improve transparency and measurement accuracy. This advanced measurement capability is equally crucial for non-retail commerce media networks.
Consider the travel industry—each traveler interacts with multiple entities, from airlines to rideshare services. Integrating data across these touchpoints can create a seamless, real-time customer experience. Advanced measurement tools enable data-driven optimizations, benefiting both companies and their advertisers.
Seizing the Opportunity: Activate Your Right to Win
While retailers have long dominated the data-driven media network landscape, companies in other sectors now have an exceptional opportunity to capitalize on this model. Rich first-party data offers insights far beyond purchase behavior, extending to lifestyle and preferences—crucial information for brand advertisers.
Deploying advanced technologies for data activation and measurement can help companies refine their strategies and establish a firm market presence before competitors. Early movers will benefit from increased brand recognition and prime advertising dollars, positioning themselves as leaders in this burgeoning space.
By embracing the proven retail media network model, companies can transform how they connect, activate, and measure data. This transformation not only grows their business but also delivers superior customer experiences, offering a significant competitive edge.
Conclusion
In summary, companies outside of retail can effectively activate their right to win by unifying fragmented data, enriching customer intelligence, and executing holistic cross-channel measurement. By leveraging advanced technologies and learning from retail's successes and failures, these companies can build strong media networks that attract top-tier advertisers and enhance customer experiences. Early adoption and strategic execution will be key to dominating this emerging space and securing a competitive advantage.
Don't miss out on the opportunity to be at the forefront of the next wave of commerce media networks. Start integrating your data, enriching insights, and optimizing measurement today to unlock unprecedented growth and success.
FAQ
What is a commerce media network?
A commerce media network is a platform where companies leverage their first-party data to offer targeted advertising opportunities. These networks enable brands to reach specific audiences based on rich behavioral and transactional insights.
How can non-retail companies benefit from commerce media networks?
Non-retail companies can capitalize on their rich data sets to offer unique insights into customer behavior. This attracts advertisers, enhances customer experiences, and creates new revenue streams.
What is the role of third-party data in building a media network?
Third-party data can fill in gaps in customer intelligence, offering a more comprehensive view of consumer behavior. This enriched data helps attract more advertisers and allows for better-targeted campaigns.
Why is closed-loop measurement important?
Closed-loop measurement provides detailed insights into campaign performance, proving ROI and offering actionable recommendations for optimization. It ensures transparency and accuracy, critical for sustained advertising success.
How can companies achieve holistic measurement across channels?
Utilizing data collaboration technologies and advanced measurement tools can enable holistic, multi-channel campaign analysis. This ensures comprehensive insight into customer interactions and optimizes campaigns in real time.
What advantages do early adopters of commerce media networks have?
Early adopters can refine their strategies ahead of competitors, establish brand recognition, and secure prime advertising dollars. They set the benchmark for success in the emerging commerce media network landscape.
