In its thirtieth year after launching a TV shopping channel, one of America’s largest non-bridal jewelry companies has grown into an omnichannel retailer which is also targeting consumers across digital media.

Jewelry TV (jtv) has already been tracking its impact from its own channel footprint. Now, thanks to working with companies like Criteo, it is also extending that view into other online properties.

In this video interview with industry analyst Joanna O’Connell for Beet.TV, Ryan McClurkin, Chief Analytics Officer, explains how it works.

Tracking the impact

JTV uses data to track the impact of airing products on their website and TV network. By leveraging retail media and advertising, the company can enhance audiences’ experiences.

McClurkin mentions that partnering with companies like Criteo allows them to identify consumers who primarily shop on the broadcast network but may also be browsing and purchasing elsewhere online.

This enables JTV to target these customers and encourage them to become omnichannel consumers, who are “worth five or six times as much as a single-channel purchaser”.

“When you start to leverage (TV and ecommerce) together is where you see really multiplicative results,” he says.

Growing and retaining

The long-term business strategy for JTV focuses on both growing existing customers and acquiring new ones. McClurkin emphasizes that retention is crucial in their business, and a significant portion of their revenue is driven from it.

However, new customers represent future value, and JTV has campaigns that target them.

The majority of JTV’s retail media dollars are spent on retention and elevating customer values. “What you’re really trying to do is create retention, hold onto that customer,” McClurkin says.

He also highlights the importance of converting customers into omnichannel consumers, as they become “four to six times the normal single-channel CLV (customer lifetime value).”

CLV over ROAS

While corporate budgets are necessary, JTV takes a different approach when it comes to advertising. McClurkin says, “the budget’s really unlimited if it can scale properly.”

The company uses advanced measurement systems to track changes in customer lifetime value instead of traditional return on ad spend metrics.

The goal is to continue scaling until they reach a point where the investment is no longer worth it, ensuring maximum results for their advertising efforts.

You are watching ‘Inside Commerce: Retail Media & What’s Next? Reports from ShopTalk 2023,’ a Beet.TV Leadership Series presented by Criteo. For more videos from this series, please visit this page.

By Robert Andrews on    @robertandrews