Originally appeared on Total Retail
Retail media networks (RMNs) continue to demonstrate how they can be a powerful monetization driver for retailers, creating a win-win-win for everyone involved. Retailers can monetize their valuable first-party data as well as their online and in-store inventory, while customers benefit from timely, relevant content that enhances their shopping experience. At the same time, advertisers can reach highly targeted audiences at critical moments near the point of purchase
Achieving this type of success requires overcoming challenges around fragmented and incomplete first-party data, which can limit a retailer’s ability to organize and use their data effectively. Additionally, many RMNs lack the analytical capacity to generate customer insights, build addressable audiences, and accurately measure success. To realize the full potential of their platforms, RMNs need partners that provide complementary data, strong identity solutions, and the expertise to transform insights into actionable strategies. This allows RMNs to drive winning outcomes for themselves, marketers, and their customers.
Here are the five steps an RMN should consider when selecting the right partner.
1. Build an identity foundation
First, the right partner needs to be able to organize and clean customer data. Given the millions of customer records and data points that a retailer has, RMNs need to make sure their data is highly usable. Whether it is a known customer record or an unknown customer with incomplete data, partners should fill in missing information and connect fragmented customer records to a single profile. For example, RMNs need to know that a purchase made in-store is by the same customer who bought online. The best partners will then organize those profiles into households since targeting (and purchasing) is often done at the household level. Without a strong identity foundation future steps of segmentation, insights, audience creation, and activation will not be successful.
Experian identity
Experian’s identity solutions provide RMNs with a comprehensive and accurate view of their customers across both offline and digital environments. We clean an RMN’s first-party data and organize their customer records into households since targeting is often done at the household level and purchases are made at the household level.
Using Experian’s Offline and Digital Graphs we work with the RMN to fill in the missing information they have on their customers (e.g. name, address, phone number or digital IDs like hashed emails, mobile ad IDs, CTV IDs, Universal IDs like UID2 or ID5 IDs). This ensures that the retailers’ entire customer base can be reached – and measured – across devices and channels.
2. Segment your customers
An RMN’s ability to segment its customer base and derive insights depends on the availability and usability of their data assets – not to mention some serious analytical chops. Some RMNs will split their customers into different product segments based on what’s relevant to an advertiser. For example, a home improvement retailer may segment customers by who is buying DIY supplies versus improvement services. Other RMNs may develop custom segments from their customer data and third-party data sources, so that advertisers can personalize their marketing based on life stage, age, income level, geography, and other factors. Either approach is effective but requires working with a partner who has high quality data and deep analytical expertise to develop those segments.
Segment with Experian
Experian Marketing Data helps an RMN learn about their customer beyond their first-party data. With access to 5,000 marketing attributes, RMNs can fill in the holes in their understanding of a customer. We provide them with demographic, geographic, finance, home purchase, interests and behaviors, lifestyle, auto data and more. RMNs can use this enriched data set to create addressable audience segments.
3. Generate actionable insights about these segments
Once the RMN determines how they will segment their customers, they can utilize demographic, attitudinal, interest, and behavioral data from a trusted partner to develop a customer profile that compares its customers against a relevant sample of consumers. Here, the RMN will gain insight that will help them answer questions about its customers. Examples include:
- What age and income groups are more likely to purchase my product?
- What is the current life stage of my customers – do they have children, are they married, are they empty-nesters?
- Is price or quality more important to customers in their decision-making process?
- What sort of activities do my customers enjoy?
- How frequently do my customers shop for similar merchandise?
- What media channels do my customers use to get their information?
Expanded insights with Experian
With Experian’s advanced customer profiling, RMNs can go beyond basic customer segmentation. We build detailed customer profiles by utilizing accurate, attribute-rich consumer data, so RMNs can gain a more comprehensive understanding of their customer’s preferences, life stages, and purchasing behaviors. Having this insight enables the RMN to:
- Design a targeted email campaign promoting home essentials to recently married new homeowners.
- Develop a social media post announcing the opening of a new hardware store to users within a specific location interested in do-it-yourself products.
- Create brochures and flyers at a local community event tailored towards parents with small children that promote equipment for youth sports leagues.
4. Create high quality lookalike audiences
The RMN now knows what distinguishes their customers from other consumers and can create audiences that enable advertisers to run personalized marketing campaigns at scale. RMNs can do this in several different ways:
- Work with a data provider who can create custom audiences for the RMN (e.g., Ages 40-49 and Leisure Travelers and past purchase of travel item)
These custom audiences are created by joining multiple first- and third-party data attributes found to be significant in the customer profile or using machine learning techniques to develop a custom audience unique to the advertiser.
Custom audiences with Experian
With an enriched understanding of their customers, RMNs can create addressable custom audience segments, including lookalike audiences, for advertisers.
5. Expand addressability of audiences and activate on multiple destinations
Once audiences are created, RMNs will want to increase a marketer’s reach across on-site and off-site channels. With the right identity graph partner, an RMN can add digital identifiers to customer records that enable activation across media channels, including programmatic display, connected television (CTV), or social. RMNs should work with identity providers that are not reliant on third-party cookies. They should select partners that offer more stable digital IDs in their graph like mobile ad IDs (MAIDs), hashed emails (HEMs), CTV IDs, and universal IDs like Unified I.D. 2.0 (UID2).
Experian powers data-driven advertising through connectivity
Using Experian’s Digital Graph, RMNs expand the addressability of their audiences by assigning digital identifiers to customer records. Marketers will be able to reach an RMNs customers onsite as well as offsite since Experian provides several addressable IDs.
Audiences can be activated across an RMNs owned and operated platform as well as extended programmatically to TV and the open web through Experian’s integrations across the ecosystem.
Maximize your RMN’s revenue potential with Experian
Organizing customer data, segmenting customers, generating insights, creating addressable audiences, and activating campaigns are all critical steps for an RMN to realize that revenue potential. RMNs should select a partner that provides the data, identity, and analytical resources to create the winning formula for marketers, customers, and retailers.
Experian’s data and identity solutions are designed to help RMNs maximize their revenue potential.
Reach out to our team to discover how we can support your path to RMN success.
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With the impending deprecation of third-party cookies, marketers find themselves at the crossroads of innovation and adaptation. As we bid farewell to this identifier, the emphasis shifts to forging deeper connections, understanding customer needs, and navigating the marketing landscape with data-driven precision. At Experian, we stand as your trusted partner, committed to guiding you through this transition. In this blog post, we'll explore: How third-party cookie deprecation is impacting digital advertising Six alternatives to third-party cookies and where they fall short How Experian can help you navigate a cookieless world Four ways third-party cookie deprecation is impacting digital advertising Third-party cookie deprecation is causing significant challenges within the AdTech industry, manifesting in four key areas: Reach: Advertisers and demand-side platforms (DSPs) will face difficulties in reaching their target customers due to the absence of third-party cookies. Understanding audiences: Advertisers will find it challenging to understand the demographics and behaviors of their customer base without third-party cookies. Similarly, publishers are struggling to identify their audiences accurately, resulting in less addressable and appealing inventory. Measurement: Measurement providers may encounter obstacles in accurately assessing the effectiveness of advertising campaigns. Additionally, DSPs are finding it hard to measure the impact of their ads without the assistance of third-party cookies. Matching: Data providers may experience challenges in matching users with the appropriate audience segments, leading to difficulties in delivering targeted advertising. Six alternatives to third-party cookies As the deadline approaches for Google's removal of third-party cookies from Chrome by the end of 2024, marketers are scrambling to discover alternative methods for delivering effective advertising. Fortunately, various alternatives are emerging. However, the abundance of options can create confusion rather than clarity. Which alternatives are worth considering? Here are six compelling alternatives to third-party cookies: 1. First-party data Acquiring consented first-party data directly from users is becoming increasingly vital as it can lay the groundwork for more precise targeting. 2. Universal IDs Alternative identifiers like The Trade Desk's UID2 and ID5’s Universal ID are becoming increasingly important, offering the ability to maintain a comprehensive consumer view across channels and platforms, leading to enhanced personalization and addressability across various channels, even in cookieless environments. 3. Identity graphs As browser-based IDs shift and digital signals decline, the need for an identity graph grows, with companies adopting a "graph-of-graph" strategy by combining their own robust first-party data with licensed identity graphs, as highlighted in recent announcements by industry giants such as Disney, VideoAmp, and Magnite. 4. Contextual targeting Contextual targeting aligns publisher content with relevant ads, ensuring ad delivery based on content rather than individual identifiers. This privacy-respecting approach is less dependent on third-party cookies, providing effective audience activation. 5. Data collaboration In a cookieless world, it becomes more difficult for companies to "communicate" with one another. We expect to see more pick up of data collaboration in the market, using addressable IDs and identity resolution to power connectivity between partners and their data sets. 6. Google Privacy Sandbox The primary goal of Google’s Privacy Sandbox is to continue to deliver valuable consumer information that yields relevant marketing and media strategies, while protecting a user’s privacy. How these alternatives to cookies fall short While it's promising to see numerous alternatives to cookies emerging, it's essential to recognize that each alternative has its limitations and is not a perfect one-to-one replacement for third-party cookies. Let’s review the shortcomings of these alternatives, and then we’ll walk through how Experian can help you navigate these alternatives to cookies. 1. First-party data First-party data, which is data directly collected from your users with their consent, is highly valuable. However, you will likely face limitations in terms of the number of consumers in your database, the identifiers linking them, and the insights into their demographics and behaviors. To overcome these limitations, it's essential to expand both the quantity and quality of your first-party data. 2. Universal IDs Universal identifiers are valuable for tracking users across different devices and websites. However, no single universal identifier has enough reach to fully replace third-party cookies. Universal IDs are most effective in terms of scaling, when they are combined with other universal identifiers or alternative addressable identifiers. 3. Identity graph Identity graphs excel at connecting digital audiences. However, establishing an identity graph from scratch is a significant accomplishment, demanding expertise, financial resources, and more. 4. Contextual targeting Contextual targeting and advertising aim to place your ads next to relevant content. However, there's a risk that your ads might appear alongside misaligned content, reaching audiences who are uninterested or unintended. 5. Data collaboration Data collaboration is beneficial for enhancing your consumer data and informing your strategies. However, it can introduce potential data security risks, if not done in the right framework, and may lead to subpar matching results due to issues like data hygiene or discrepancies in identifiers. 6. Google Privacy Sandbox Google’s Privacy Sandbox aims to balance effective advertising with consumer privacy and data security. However, it lacks transparency and has yet to prove its effectiveness, raising concerns about whether it meets industry standards. How Experian can help you navigate a cookieless world As an industry innovator and leader in data and identity, we've developed solutions to address the challenges posed by the shift away from third-party cookies. Our products are designed to adapt to these changes and ensure your success. We've anticipated industry shifts and proactively prepared our offerings to support you through this transition. Below we outline how our products are ready to support you through the transition away from third-party cookies. Graph The Experian Graph facilitates connectivity without relying on cookies. Our Graph helps ensure connectivity by supporting a variety of addressable identifiers, not limited to but including universal IDs, like Unified ID 2.0 (UID2) and ID5's universal ID. Whether you have first-party data or not, our Graph can be used to expand the reach of your first-party data or provide you with access to the full scope of our Graph's 126 million households and 250 million individuals. Activity Feed Supported by our Graph, Activity Feed can help you deliver digital connectivity and resolution in a cookieless environment. Activity Feed can resolve disparate activity to a single, consumer profile. It can expand the quantity of addressable identifiers associated with your first-party consumers. Additionally, Activity Feed, by joining disparate activity and identifiers, provides clearer insights, more addressable targets, and more holistic measurement. Our Marketing Attributes and Audiences In a cookieless environment, our Marketing Attributes and Audiences provide valuable information and insights about who your consumers are, like their demographics, shopping patterns, and more, to facilitate more informed decision-making. You can use our Marketing Attributes and Audiences to enrich your first-party data, giving you crucial insights into your customers so you can make informed, strategic decisions. They can be matched to universal identifiers, expanding their utility. Additionally, our Marketing Attributes and Audiences are sourced from non-cookie dependent offline and digital sources, ensuring they are unimpacted by third-party cookie deprecation. Collaboration While third-party cookies have primarily served to connect data in the industry, many companies are turning to data collaboration in lieu of having third-party cookies. In doing so, they can connect data with key partners, which they can use to make better media decisions. Experian Collaboration helps make data collaborations better, powering higher match rates by using the various identifiers supported in our offline and digital graphs. Through our current support of collaboration in three environments, within Experian, through crosswalks, and in clean rooms, such as AWS, InfoSum, and Snowflake, we ensure that you only share the data you intend to share, while the sensitive information remains secure. This way, your partner and you can focus on how to use the data to benefit you and not on anything else. Get started with alternatives to third-party cookies today While many view the deprecation of third-party cookies as disruptive, we see it as an opportunity for the industry to embrace a new era of advertising while prioritizing consumer privacy. Achieving this balance is crucial, and Experian's solutions are here to help you navigate it effectively. As the AdTech industry gravitates toward a few tactics to effectively advertise in the cookieless future, Experian is here to understand your core needs and recommend products that will help. In a rapidly evolving marketing landscape, Experian stands as your trusted partner, offering expertise in data-driven and identity solutions. Connect with our team to seamlessly transition into these alternatives to third-party cookies, ensuring your marketing strategies remain effective, privacy-compliant, and focused on meaningful connections. Get started today Latest posts
In the ever-evolving and soon-to-be cookieless advertising world, brands and agencies need help finding and maintaining access to accurate and comprehensive marketing data that enables them to reach the audience segments that matter most. Flashtalking by Mediaocean and Experian have a collaboration in place to do just that. Through this partnership, Experian’s more than 2,400 syndicated audiences are available for activation within the Flashtalking platform and its Social Ads Manager. “There are a lot of audience segments and data disappearing within the advertising industry right now because of the deprecation of third-party cookies, but Experian’s syndicated audiences are built for this new privacy-first world. Through this partnership, Flashtalking's clients gain access to some of the industry's most actionable on-the-shelf and custom audience capabilities for activation and targeting across the publishers and social platforms that matter most. It’s as easy as identifying the segments that matter to your brand and activating them everywhere they exist with a few simple clicks.” – Ben Kartzman, COO, Flashtalking by Mediaocean This partnership unites the power of Flashtalking's best-in-class independent omnichannel advertising platform with Experian’s comprehensive audience intelligence, which spans 126 million households and 250 million consumers. “For the same reason that brands are investing more deeply in first-party data in the wake of third-party cookie deprecation, having access to the right audience segments has never been more important. Mediaocean offers access to the only independent ad server that’s powering truly omnichannel, personalized experiences, and we’re thrilled to be amplifying their ability to do that through Experian’s expansive audience segments.” – Colleen Dawe, Director, Sell-Side Sales, Experian The Flashtalking Social Ads Manager has long-standing relationships and technical integrations with all major platforms, including Facebook, Google Demand Gen, Instagram, LinkedIn, Pinterest, Snap, TikTok, and a forthcoming integration with Reddit. Experian data can be deployed through custom and syndicated segments within these platforms, providing clients with both reach and precision. The power of the Experian – Flashtalking collaboration Benefits to marketing organizations that tap Experian data and audience segments via the Flashtalking platform include the following: A unified customer view: Marketers can use Experian's comprehensive data within Flashtalking to create a unified view of the customer across multiple channels. This helps craft cohesive marketing strategies that deliver consistent messages, enhancing customer experiences and brand perception. Enhanced targeting and personalization: Marketers can access Experian's detailed audience segmentation and insights within Flashtalking to target campaigns effectively. They can personalize messages at scale based on demographic, psychographic, and behavioral data to increase engagement and conversion rates across all channels. Optimized cross-channel strategies: With Flashtalking's cross-channel capabilities, marketers can integrate Experian's insights to understand how different segments interact with various channels. This enables the design of optimized cross-channel strategies that cater to the preferences and behaviors of different audiences. Data-driven decision-making: This partnership combines Experian's in-depth consumer insights with Flashtalking's analytics and reporting tools to help marketers make informed decisions. This data-driven approach can improve campaign performance, optimize media spend, and reveal untapped market opportunities. Local market activation: Marketers can also use Experian's geographic and location-based data within Flashtalking to tailor campaigns to local markets. This localized approach can enhance relevance and response rates, providing a competitive edge in regional marketing efforts. Improved media efficiency: This collaboration also enables organizations to harness the power of Experian's data within Flashtalking to improve media planning and buying. They can identify the most effective channels and timeframes for reaching specific audiences, leading to more efficient and cost-effective media investments. Why choose Experian in Flashtalking For over 50 years, we have been a trusted single-source provider of data management solutions. Our expertise in offline and digital identity has enabled us to curate data from over 200 direct and active sources, offering a comprehensive view of consumers with granularity, accuracy and scale. Using this data, we can craft our syndicated audiences to cover many verticals and specialty categories. For example, a Flashtalking client in the automotive industry can supercharge its campaign efforts. 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Connect with us to learn more about how you can access Experian’s syndicated audiences through Flashtalking by Mediaocean. Contact us today About Flashtalking by Mediaocean Flashtalking unleashes the power of creative to make media work better. As the leading independent platform for personalization and intelligence across all marketing channels, our Creative Ad Tech bridges the gap between creative and media. We provide AI and automation to connect the silos between teams and deliver more efficient production, versioning, and distribution of creative. Our solutions operate at scale across CTV, Video, Display, Social, Native, Audio, DOOH, and Retail Media channels. As part of Mediaocean, Flashtalking is tied into the industry’s core ad infrastructure for omnichannel planning, buying, and billing. Visit flashtalking.com to learn more. Latest posts
Shoptalk 2024, the premier event for retail and e-commerce professionals, brought together industry leaders to discuss the latest trends and innovations shaping the future of retail. As the retail landscape continues to evolve, here are four key takeaways from Shoptalk 2024: 1. The continuing rise of retail media networks The evolution of retail media is propelling us into a new era of advertising and first-party data monetization. Retailers are using their valuable first-party data to offer targeted advertising opportunities on both their owned and operated channels — from sponsored content to personalized ads — and through offsite programmatic ads. However, the full potential of retail media networks (RMNs) is hindered by challenges in understanding and targeting shoppers beyond retail data, reaching customers across channels and validating measurement. To unlock the true value of RMNs, and turn these challenges into opportunities, companies should focus on four areas: Gain insights: Learn more about your customers and the customers your marketing partners care about. Create audiences: Use enriched data to build addressable audience segments for advertisers to target. Maximize reach: Expand your addressability and monetize your data on and off platform. Demonstrate success: Validate marketing impact by connecting ad exposures to outcomes. “It was evident at Shoptalk 2024 that the rise of retail media is unstoppable. The conversations, collaborations, and insights shared at the event cemented the position of retail media networks as the driving force behind the future of commerce.”Alison Hofelich, Sr. Account Executive, Big Box Retail & Grocery 2. Content-led commerce Content is becoming increasingly pivotal in driving commerce, with retailers investing in shoppable video to stimulate conversations and foster customer engagement. While video may not always lead to immediate transactions, it can start dialogues, offering retailers a platform to enhance customer loyalty and influence future sales. Retailers talked about their focus on connecting with Gen Z on a deeper level. PacSun highlighted initiatives like the launch of a gender-fluid line and continuous engagement with young consumers via social media for feedback. Additionally, PacSun talked about embracing "conscious capitalism" by co-creating with influencers and customers, recognizing the growing consumer preference for brands that make a positive impact. By collaborating with influencers and using user-generated content, retailers can create authentic experiences that resonate with their customers. 3. Data privacy and trust With data playing a central role in retail strategies, ensuring data privacy, and building trust with consumers are imperative. Retailers must prioritize transparency and security to safeguard customer information and nurture long-term relationships. While the focus may currently be on capturing Gen Z market share, businesses need to anticipate shifts in consumer demographics and adapt their strategies accordingly. Using customer data in a privacy-compliant way enables retailers to implement effective personalization strategies that drive long-term engagement and loyalty. “Retail media networks were at the center of Shoptalk 2024. In addition to retail media networks, the seamless integration of data to enhance customer personalization and the rising importance of targeting Gen Z were recurring themes."Kai Rood, Account Executive, Retail Apparel 4. The time to embrace AI is now Technology continues to drive innovation in retail, with advancements in AI reshaping the shopping experience. From virtual try-ons to personalized product recommendations, retailers are using AI to engage consumers and enhance product discovery. Testing and learning are essential for AI implementation, as companies navigate the risks and rewards of technological innovation. Navigate the future of retail with Experian Shoptalk 2024 provided invaluable insights into the future of retail, highlighting the importance of retail media networks, content-led commerce, data privacy, and tech innovation. By embracing these trends and innovations, retailers can position themselves for success in an ever-evolving marketplace. At Experian, our solutions are tailored to empower businesses in navigating this dynamic landscape. Through our Consumer Sync solutions, we bridge the gap between online and in-store touchpoints, ensuring a unified strategy for reaching audiences across channels and evaluating campaign performance. Our Consumer View solutions enable you to tap into 5,000 demographic and behavioral attributes to fill in any gaps on your customer. Go beyond category buyers by combining your first-party data and Experian's top ranked data to build custom audiences that lead to higher ROI for your advertisers. Connect with a member of our team today to get started. Latest posts