As retail media transforms advertising, measuring campaign success is crucial. Retail media platforms enable brands to engage with consumers at the purchase point, empowering marketers to measure campaign performance more accurately and gain a more complete picture of their Return on Ad Spend (ROAS). In this article we explore four strategies to evaluate and measure success in retail media campaigns.
what is retail media?
Before diving into marketing campaign metrics, let’s find out what retail media entails. Retail media refers to advertising that occurs on retailer-owned platforms, such as websites, apps, and in-store displays. This form of media allows brands to reach consumers at a critical stage of their purchasing journey, increasing visibility and influencing buyer decisions.
However, as retailers and brands engage in closed-loop media targeting without third-party cookies, complexities arise in measuring performance. It’s becoming increasingly important to know how to measure marketing success in retail media advertising.
1. aligning objectives with metrics
The first step in measuring marketing campaign effectiveness is aligning your campaign objectives with the right metrics. Clear objectives serve as a roadmap, defining what success looks like and guiding the choice of performance measures. Each objective—be it brand awareness, engagement, or conversion—calls for tailored metrics. For instance, if the goal is to boost brand awareness, metrics such as reach and impressions should be prioritised. If the aim is increasing conversions, then click-through rates and sales lift will be more relevant.
key marketing metrics to measure success in retail media
To effectively assess your retail media campaigns, consider the following key metrics:
- Incrementality measures the additional revenue generated through retail media efforts, helping to isolate the true impact of campaigns from organic sales.
- Share of sales tracks your brand’s percentage of total category sales in the retail environment, providing insight into market position.
- Omnichannel sales can help understand the combined impact of online and offline efforts through cross-channel attribution, and give insights in consumer behaviour across touchpoints.
- New to brand rate identifies the percentage of first-time purchasers attracted via your campaigns, indicating the ability to reach new audiences.
- Repeat rate analyses the frequency of repeat purchases, and reveals customer loyalty and the long-term impact of campaigns.
- Social proof involves monitoring online conversations and sentiment around your campaigns for insight into how they are perceived by consumers.
2. leveraging retail media platforms
Adtech platforms tailored to retail media needs, such as Adhese, provide campaign and consumer behaviour insights that can inform and refine marketing strategies in real time. These platforms help identify successful campaign elements and opportunities for adjustment. The integration of retailers’ first-party data into these platforms enhances closed-loop measurement, offering a clear understanding of both online and offline shopper responses, free from cookie constraints.
3. integrating offline and online data
One major challenge in measuring marketing effectiveness is bridging the gap between offline and online data. Retail media networks often operate across both digital and physical touchpoints, making it essential to integrate data from all channels. By combining online metrics with in-store sales data, you can gain a comprehensive view of campaign performance and consumer behaviour.
Tools such as unified analytics platforms can consolidate data from various sources, while attribution models help assign credit to different touchpoints effectively throughout the customer journey. Furthermore, in-store data capture technologies, like loyalty programs and point-of-sale systems, enable brands to gather valuable offline data.
4. employing advanced analytics
Advanced analytics techniques, including machine learning and predictive modeling, significantly enhance the ability to measure marketing campaign effectiveness. These approaches allow marketers to uncover patterns and predict future behaviours, allowing for more informed decision-making.
Partnering with retailers can also give access to more granular data on shopper behaviour. Data Clean Rooms (DCRs) offer promising solutions for improved measurement. DCRs provide a secure environment where brands and retail media can combine their first-party data with sales data. This leads to more accurate attribution between marketing activities and actual sales increases across online and in-store channels.
Read more: Discover our advertising solutions for retail media
measuring success in retail media
Effectively measuring success in retail media demands a multifaceted approach that includes aligning objectives with metrics, leveraging retail media platforms, integrating data, and employing advanced analytics. As retail media continues to evolve, these strategies will be crucial for driving successful campaigns and maximising return on investment.
By implementing these tactics, you can refine your marketing efforts, ensuring you remain competitive in the dynamic retail media landscape. Join our platform as we harness the power of data-driven insights, and take your retail media campaigns to the next level!