You're probably missing out on the upper funnel benefits retail media has to offer.
When we hear "retail media network" (RMN), we often think of the final touchpoint.
It's that last "shout" to consumers before checkout with their groceries, electronics, or their most recent wardrobe addition. And that makes sense!
Traditionally, retail media networks have been limited to campaigns designed specifically for the end-of-the-funnel—a way to nudge the consumer one last time before they purchase.
However, this approach limits the efficacy of retail media networks.
By hyper-focusing on the point of sale, you rely on impulse rather than proving value.
When we shift our perspective and start viewing retail media as a full-funnel marketing strategy, we can harness the power of these networks to drive awareness, purchase consideration, and ultimately, conversions.
The Full-Funnel Benefits of Retail Media
1. Brands can leverage the RMN's first-person buyer data to create personalized messaging for segmented audiences.
For example, if you know your audience shops at a particular chain of stores, you could run an exclusive opt-in campaign via QR codes or SMS offers to pull future buyers into your funnel.
2. From there, you can start retargeting campaigns or mid-funnel nurture sequences, all while gaining invaluable insights into who your shoppers are and what they want.
3. And to maximize your reach, you can build lookalike audiences with RMNs or on other platforms, with the data you collect from your top-of-funnel tactics.
It's time to draw upon the same concepts and ideas we've been using in digital marketing and apply them to retail media networks!
By thinking of RMNs as whole-funnel solutions, brands can create more meaningful connections with their audiences from discovery to purchase.
This piece originally appeared in our weekly Paid Media Insights newsletter. For more tips, research, and analysis; subscribe for free here.