Partner Content
Interview with Marco Schierhorn, the Managing Director of DIGITL agency, and Mitch Gavril, Head of Partnership at Zeotap
Retail media doesn't come without its fair share of challenges and staying ahead of this game is essential for businesses looking to thrive in 2024 and beyond. Personalised marketing is the name of the game, and a Customer Data Platform (CDP) is the enabler. A CDP is the key to unlocking the data treasure trove that retailers possess, enabling them to make informed decisions for maximum impact in their retail media strategy.
In this post, we delve into the world of retail media strategy with a dynamic conversation between two industry experts. Marco Schierhorn, the Managing Director of DIGITL agency, and Mitch Gavril, Head of Partnership at Zeotap, come together to shed light on the pivotal role of CDPs in shaping the future of retail media.
As we navigate through the trends, challenges, and tools that define the retail media space, it becomes evident that a well-planned CDP implementation is the linchpin of success. From the impending challenges of cookieless targeting to the untapped potential of Artificial Intelligence (AI), Marco and Mitch explore the nuances of a CDP's role in enhancing personalisation, integrating in-store data, and automating the retail media process.
Join us as we uncover the essential strategies, technologies, and insights that will empower businesses to succeed in the retail media landscape of 2024. Whether you're a seasoned industry professional or just dipping your toes into the world of retail media, this discussion promises valuable takeaways that will help you navigate the changing tides and secure your place in the retail media industry's future.
Mitch: What are upcoming trends that you can see for 2024 when it comes to retail media?
Marco: That's a very good question, and I think one of the most obvious trends I can see is cookieless targeting. Everyone is talking about it, but I see a real need for clients to set up a first-party data strategy because browser updates like Firefox and Safari have already started blocking third-party cookies. Google's privacy sandbox is also rolling out, and we need to focus on leveraging and measuring first-party data successfully. Personalisation is another key trend. CDPs enable personalised messaging across all channels, breaking down silos. Lastly, artificial intelligence (AI) will play a significant role, especially when combined with first-party data. Large language models can be used to create highly personalised and tailored messaging, and predictive models can analyse user behaviour for better campaign performance.
Mitch: Do you think that really anyone can afford not to shift their business into retail media and focus on this topic this year?
Marco: No, I don't think so. Companies need to realise that major shifts are happening, from cookieless browsing to the importance of first-party data. Professionalising retail media is crucial, with structured tools and offerings aligned with market trends.
Mitch: Great. Marco, so we talked about trends, we talked about market momentum. Which tools do I need to successfully implement the retail media strategy?
Marco: A crucial foundation is a CDP, enabling the collection and activation of first-party data. Measurement and tracking are essential for the entire customer journey, while respecting data privacy. You also need the right campaign management tools, programmatic channels, and social tools. Robust reporting and dashboards help measure campaign success. Consider implementing a self-service booking tool to automate campaign creation and management based on first-party data. This infrastructure also facilitates AI utilisation for predicting user behaviour.
Marco: Can you tell me a little bit more about what the role of a CDP is in retail media?
Mitch: A CDP should be the heartbeat of your retail media offering, unifying data and enabling real-time orchestration across channels. It provides rich customer profiles, seamlessly connecting online and offline data for a holistic view of your clients. It's the foundation for personalised, real-time experiences in retail media.
Marco: How can a CDP utilise in-store data?
Mitch: A CDP can bring together offline data, such as loyalty cards and point-of-sale data, to create comprehensive customer profiles. This unified data allows retailers to offer seamless experiences, bridging the gap between online and in-store interactions. For example, personalised in-store recommendations based on a customer's online behaviour become feasible.
Mitch: What challenges could arise in the retail media business, and how can a partner like DIGITL help?
Marco: Challenges include the talent war, breaking internal silos, defining use cases, and building the right infrastructure. Finding the right talent can be difficult, and companies often struggle with breaking down internal silos to fully leverage CDP capabilities. It's crucial to prioritise use cases and ensure a solid strategy is in place. Additionally, setting up the right infrastructure to unify data from various sources can be a challenge. DIGITL can assist by providing expertise, helping define use cases, and building the necessary infrastructure to overcome these challenges.
Mitch: Let's summarise the key takeaways for success in 2024:
1. First-party data strategy: Focus on creating a robust first-party data strategy to adapt to cookieless targeting.
2. Invest in mature tooling: Choose tools that align with your vision and support multi-team usability to optimise campaign management.
3. Talent: Address the talent war by automating tasks and focusing on revenue-driving activities.
4. Prioritise use cases: Define and prioritise use cases based on their potential impact, technical feasibility, and measurable KPIs.
5. Granular scoping: Invest in detailed assessment and scoping for infrastructure and use cases to ensure a successful retail media strategy.
6. Collaborate with the right partner: Consider partnering with a trusted partner like Zeotap to navigate the complexities of retail media.
Navigating the future of retail media requires a strategic approach, robust tools, and the right partner. With these insights from Marco Schierhorn and Mitch Gavril, you'll be well-equipped to thrive in the evolving landscape of retail media in 2024.