Advertisers cannot get much closer to customers than when looking at the data from all touchpoints at which they choose to browse and purchase. But the data is only meaningful when it is sorted and organized effectively.
Meaningful data is:
- Arranged based on objectives.
- Presented visually (e.g., charts and graphs).
- Explained with a story.
Diminishing signal strength, accelerated by increasing privacy regulations and concessions, will eventually leave advertisers without the information they need to reach shoppers in meaningful ways. This is why retail media’s first-party data — data collected with customer consent that provides a deeper understanding of their behaviours — is becoming crucial to brand success. It empowers advertisers to create timely, relevant messaging that can reach customers in moments that matter. Almost every touchpoint on the shopping journey holds a data reservoir that retailers can analyze and share in the form of valuable insights for advertisers to leverage.
Brands that understand their data, know how to activate it, and remain committed to ‘test and learn,’ are the ones with a tremendous advantage. It is important for advertisers to align a first-party data strategy with their broader omnichannel business goals. What will it take to meet those goals? What type of data will be required? At what scale? And what cost? Setting up technology and talent is expensive. What are the risks in collecting and protecting data? Advertisers must also consider the value exchange they offer consumers to opt-in with their data — it should be clear and compelling.
Perhaps a retail media partnership may be more advantageous for your brand. One significant advantage is that shoppers trust retailers and opt-in with their personal data for convenience and relevant brand communications.
At Walmart Connect, we can show clients how the 80% of Canadians who choose to shop at Walmart Canada are searching, browsing, discovering and purchasing. All that data can be aggregated and anonymized. Every sale happening in our 400+ stores, in-app and on Walmart.ca is updated in real time on our Customer Data Platform.
Leveraging first-party data to build effective advertising strategies is fundamental, but brands must be able to measure ROI. This is where the closed loop reporting capability of a retail media partner is incredibly valuable in today’s evolving retail ecosystem.
Think of the 4 Ps of the Marketing Mix — price, product, place and promotion — each one benefits from decisions supported by data. Data integrated into quarterly retail reports and business reviews can generate powerful insight-driven media planning. A retail media partner can make data available at a macro level, a category level, and a client level.
Without data, all the valuable, timely insights that retailers provide to brands to help them improve decision-making, bolster budgeting and elevate creative, would not be possible.
If you’d like to learn more about how a retail media partnership can drive data-driven solutions, contact your Walmart Connect Representative for a link to the MasterConnect Knowledge Series event, The Power of Retail Media, Insights & Analytics or email us.