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Today on the OOH Insider Daily Tear Sheet for the very first day of July, two thousand and twenty-two.
Wow, can’t believe it, we’re into the second half of the year. I was out with Ali Ruppe and Megan Verholy from the team at OneScreen the other day for lunch, which was a ton of fun, by the way. Ali and I used to share an office when we worked at Adams and Megan was Ali’s client at both the casino in the Lehigh Valley and the regional airport, where Megan was Marketing Director and the last time we had lunch together was probably three years ago, so super fun to get together with the team and enjoy a great meal.
Funny enough too, is that David Kang, also on the team at OneScreen was on the casino account that Megan worked at and Ali repped for Adams so it’s all quite a story of kismet we’ve got going on.
All that to say, good luck to everyone as you close in on the end of the year. Here’s to a big finish!
Now, diving in…
We’ve talked a lot about retail media networks recently and how more retail Goliath’s are recognizing the value of their audiences while they’re in their retail locations. So in keeping with the theme around being long on place-based, these predictions coming by way of streetfight mag
Retailers will try to become destinations, not just transactional platforms
But retailers are going to provide entertainment, whether in the form of actual recreational programming or engaging videos, to transform their sites and mobile apps into destinations where consumers linger. This will increase media exposure and the probability of incremental purchases. By transforming themselves into destinations, retailers will drive added value for advertisers and boost their own bottom lines.
Bob Johns and I had this exact conversation on episode ninety six of OOH Insider. Destination Media is distinct in and of itself from other types of retail media and should be valued as such. Plus, the opportunities are just so cool.
137 synchronized screens at American Dream Mall, the largest destination retail media venue east of the mississippi and top 20 in the world. It draws tastemakers from the tri-state area and beyond and yet brands have really yet to take advantage in the way the opportunity can perform.
Video will be a big part of retail media’s future
video offers a powerful storytelling medium that can help retailers entertain audiences and engage them beyond a transactional context. This will be key to transforming retail media into a full-funnel strategy — not just ads at the point of purchase but top-of-funnel awareness campaigns, too.
This is an area where InMobi is focusing as it aims to help retailers delight customers on desktop and mobile.
I mean, I get it, you’ve gotta position yourself favorably but the laughability of “retailers will want to delight customers by showing them video…on their desktop and mobile devices”. I mean, yeah, sure, I guess. But if you give them something to look at in the real world, I bet you’ll make a little bit more of a lasting impression and since that’s what you’re buying…wouldn’t you like to get what you paid for?
Brands will keep coming to retailers for their data
One of the major tailwinds behind retail media has been the surge in e-commerce during and following the peak days of Covid. Shoppers are spending more time online, and digital advertisers want to be there to greet them.
But the other major factor is privacy changes, and those are only picking up steam. Brands need first-party targeting options as third-party trackers such as the cookie and mobile identifiers fade away. Enter retailers, the new fixtures of the sell-side.
And yet again, this is where the superpower of out of home goes undefeated. Everything we do is based on real-world behavior. It’s not guessing. It’s not “probabilistic”, it is absolutely, undeniably, deterministic. You can stand there and watch the people go in and out and pay for things and put them in their cars and drive away. It’s real.
So while brands scurry for data, the mavericks will double-down on creating memorable experiences for long-term brand equity and history will remember the victor.
Yes, that was absolutely a Top Gun reference. It is the fourth of july weekend afterall.
Retailers will need to avoid spoiling the shopper experience
Retail media is the darling of digital advertising, but it’s all fun and games until advertisements ruin the shopper experience, which is still the core of retailers’ revenue. As retail media grows, retailers will increasingly have to contend with shopper concerns that their stores are turning into sponsored product hubs.
Similarly, advertisers will question why they need to pay for top product placement. Isn’t producing a great product enough, or is retail media now a tax for the opportunity to stand out on the digital shelf?
Which segues nicely into the next piece, from retail touch points dot com
The 2022 Retail TouchPoints Customer Loyalty and Personalization Benchmark Report identifies the biggest challenges retailers are currently facing in both customer acquisition and customer retention, as well as the tools and solutions retailers are using to sharpen their increasingly vital personalization initiatives.
Key takeaways from the 2022 Report, based on a survey of 115 retail executives, include:
That’s it for today, I hope you have a very happy fourth of july, be safe and remember that share of voice equals share of mind and share of mind equals share of market, so if you’re going to say something - make it count.
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