Retail media is already the third-largest digital ad channel in the US – and it is forecast to make up a quarter of all digital ad spending by 2028, according to eMarketer.
That is because it comprises a distinctive mix of consumer transaction data and advertising inventory.
But companies emerging in the space should set their own standards and not wait for the industry, said Jack Smith, Global Chief Innovation Officer of DoubleVerify, in this video interview with Beet.TV editorial director Lisa Granatstein.
Bridging The Funnel
Historically, connected TV ads have been used for upper-funnel, branding-focused campaigns.
But the application of consumer data from retail media networks is allowing advertisers to also tackle bottom-of-the-funnel tactics, according to Smith.
“If you are a pet manufacturer, manufacturing pet food, as an example, you can look at purchases of pet food or other kinds of pet items and then apply that to a CTV campaign to have a hyper target of those kinds of consumers,” he said.
Verifying Validity
DoubleVerify, which offers digital ad verification services, thinks it can play three roles in this mix:
- “You need to understand whether your ads are running in the right environment.”
- Fraud prevention, “because that’s happening as well.
- “Measuring results and then optimizing the campaigns.”
But, when it comes to standardizing measurement of retail media investment, Smith doesn’t think brands should wait for industry consensus.
“I don’t think we should wait around for the industry to say, ‘here are the standards for measurement’, because the winners are going to set standards here, and you’re going to be able to gain a competitive advantage if you’re able to understand what return you’re getting from retail media as a channel,” he said.
“It’s growing quickly, similar to the way social was a few years ago, and the companies that really thrived and benefited from that rise in social are the ones who set their own standards and built their measurement around that.”
You’re watching “The Retail Media Revolution: Powering Performance and Driving Trust,” a Beet.TV Leadership Series, presented by DoubleVerify. For more videos from this series, please visit this page.
