MIAMI – Retail media networks are comparable newcomers to the advertising market, and they’re growing more sophisticated as marketers seek to attribute the effects of their media spending on business outcomes. To enhance these metrics, retailers can harness the troves of data about the purchase histories of their customers.
“Measurement is the foundation that really allows brands and agencies to invest their media dollars because of the first-party data that we have,” Praveen Menon, head of analytics and business intelligence, monetization at CVS Media Exchange, or CMX, said in this interview at the Possible event. “The challenges that we’ve heard from our clients is in campaign performance.”
The marketplace would benefit from standardized metrics that help advertisers compare retail media network with each other and with other media channels such as internet search, paid social and digital video.
“As an industry, we’ve really come together to work toward what standardized measurement looks like because we truly believe that’s what’s going to unlock growth,” Menon said. “Sales attribution is the foundation for why you would want to invest in a retail media network, especially starting lower-funnel.”
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