3 Data Strategies Every Retailer Should Have In Their Marketing Playbook
By Chris Parker, ownerIQ
We are in very interesting times where all marketing is becoming data-driven and moving toward transparency, especially for retailers.
It’s a highly competitive environment where retailers need to compete for every shopper, and it’s now more important than ever to measure and optimize every dollar spent on digital marketing. How is this done? First, retailers need to support their brands as much as possible and to use the tactics that Amazon, Walmart and Target are executing today. Here are the tactics that the big three are using for success today, and that every retailer needs in their digital playbook to compete in 2018:
Capturing Brand Budgets And Revenue Through In-House Ad Platforms
Retailers are converting their first-party data into advertising and measurement products to sell to brands. These platforms allow them to capture greater co-op and brand budgets while adding high margin revenue to the business. Amazon’s advertising platform is expected to lead retailers at $5B this year, followed by Walmart and Target respectively. Research shows that 85% of retailers will have a similar strategy by the end of 2018. (Source: Data Markets Must Shift To Transparency And Choice, an October 2017 commissioned study conducted by Forrester Consulting on behalf of ownerIQ and Universal McCann)
Expanding Retargeting Concept To Include Brands’ First-Party Data
Using today’s martech, retailers are increasing the scale of their current retargeting programs by encouraging brands to share their first-party data to power their programmatic display campaigns. Amazon currently has the most advanced program and has institutionalized this as part of their standard advertising pitch to their brands.
Managing Customer Identity To Solve Cross-Device And Attribution
Leveraging identity graphs and data management solutions, retailers are connecting separate data sources and creating a unified view of their customer. This new data apparatus allows retailers to more effectively market across devices and connect offline and online activity. Now, a simple email address can create a link between a user’s online ad exposure to their offline retail purchase.
In this hyper-competitive landscape, it’s vital that retailers use the tools available to them to stay competitive. Marketers, it’s time to think different, be smarter and make your decisions based off data and spend your dollars where they count.
Chris Parker is VP Retail Solutions at ownerIQ, responsible for running the strategy behind its retail direct sales organization. He has been with ownerIQ for over eight years, holding various management, sales and product positions. Parker ran the company’s flagship advertising product and team, helping to put ownerIQ on the digital advertising map. He has over 10 years of customer-oriented product and sales experience, primarily in digital marketing and advertising technology, and holds a BA in Marketing from Plymouth State University.
