By Chris Parker, ownerIQ
We are in very
interesting times where all marketing is becoming data-driven and moving toward
transparency, especially for retailers.
It’s a highly competitive
environment where retailers need to compete for every shopper, and it’s now
more important than ever to measure and optimize every dollar spent on digital
marketing. How is this done? First, retailers need to support their brands as
much as possible and to use the tactics that Amazon, Walmart and Target are
executing today. Here are the tactics that the big three are using for success
today, and that every retailer needs in their digital playbook to compete in
2018:
Advertisement
Capturing Brand Budgets And Revenue Through In-House
Ad Platforms
Retailers are converting
their first-party data into advertising and measurement products to sell to
brands. These platforms allow them to capture greater co-op and brand budgets
while adding high margin revenue to the business. Amazon’s advertising platform
is expected to lead retailers at $5B this year, followed by Walmart and Target
respectively. Research shows that 85% of retailers will have a similar strategy
by the end of 2018. (Source: Data Markets Must Shift To Transparency And
Choice, an October 2017 commissioned study conducted by Forrester Consulting on
behalf of ownerIQ and Universal McCann)
Expanding Retargeting Concept To Include Brands’
First-Party Data
Using today’s martech,
retailers are increasing the scale of their current retargeting programs by
encouraging brands to share their first-party data to power their programmatic
display campaigns. Amazon currently has the most advanced program and has
institutionalized this as part of their standard advertising pitch to their
brands.
Managing Customer Identity To Solve Cross-Device
And Attribution
Leveraging identity
graphs and data management solutions, retailers are connecting separate data
sources and creating a unified view of their customer. This new data apparatus
allows retailers to more effectively market across devices and connect offline
and online activity. Now, a simple email address can create a link between a
user’s online ad exposure to their offline retail purchase.
In this hyper-competitive
landscape, it’s vital that retailers use the tools available to them to stay
competitive. Marketers, it’s time to think different, be smarter and make your
decisions based off data and spend your dollars where they count.
Chris Parker is VP
Retail Solutions at ownerIQ,
responsible for running the strategy behind its retail direct
sales organization. He has been with ownerIQ for over eight years, holding
various management, sales and product positions. Parker ran the company’s
flagship advertising product and team, helping to put ownerIQ on the digital
advertising map. He has over 10 years of customer-oriented product and sales
experience, primarily in digital marketing and advertising technology, and
holds a BA in Marketing from Plymouth State University.
