PALM SPRINGS, Calif. — Once upon a time, it was “retail media networks”. Then, it was “commerce media”. But the hot trend, according to one industry leader, has moved beyond both of those monikers, because the opportunity is bigger than commerce alone.
Now, virtually every company on the planet that has data is trying to figure out how they can activate that data at the moments that matter, said Scott Howe, CEO, LiveRamp, in this video interview with Beet.TV.
“It’s taking us into a direction that I’m not even sure it looks like advertising anymore,” Howe said, as he warmed up for LiveRamp’s own RampUp conference, February 25 to 27 in San Francisco.
Data owners must focus on privacy, security
The Albertsons and Walmarts of the world may have been some of the early leaders, but the retail media field has expanded to include the likes of United Airlines starting a “travel media network”, or the “transit media networks” of Uber and Lyft.
LiveRamp powers around 130 such networks, Howe said.
But anyone thinking about setting up a media network needs to be thinking about privacy and security of their data, he explained, noting an opportunity to use a clean room to make sure they configure privacy controls.
But Howe urged new entrants to think not only about monetization but also delivering a better experience to customers. Then, he said, more prospects and consumers are going to give permission to do interesting things on their behalf.
Multi-party collaboration yields results
How does audience targeting in retail media work? Howe pointed to a case study published on the LiveRamp website involving Mondelez, Albertsons Media Collective, and Pinterest, creating what Howe called a multi-party collaboration.
- Mondelez wanted to expand reach and drive sales for Triscuit crackers.
- Albertsons knew exactly who bought Triscuit crackers, both online and in-store.
- Pinterest helped Triscuit reach new audiences by targeting people searching for inspiration on hosting summer events and making charcuterie boards, serving Pinterest display ads in the home feed and in search inventory.
- Triscuit also targeted this audience on albertsons.com and using Google demand-side platform DV360 to serve ads on offsite channels.
“All of them loaded up their respective information into a clean room,” Howe said. The six-week campaign yielded 16% incremental sales and 19% incremental buyers.
Ramping up for RampUp
RampUp is LiveRamp’s own long-running event discussing data-driven marketing, and this year it is bigger than ever.
“Whatever the flavor of the day is, you can be pretty sure it’s going to be discussed at RampUp,” Howe said.
The CEO said the event’s power comes from the attendees and innovation that happens thanks to serendipitous connections.
You’re watching “Connected Commerce: Reimagining CTV and Driving Ad Innovation, a Beet.TV Leadership Series at IAB ALM, presented by Albertsons Media Collective” For more videos from this series, please visit this page.
