Unlocking Retail Media Measurement
The retail media landscape is maturing, and the race for standards in measurement is on. How else do industry constituents justify such significant shifts in media spending to retail platforms, if not for sound measurement?
The Interactive Advertising Bureau and the Media Rating Council have published the "IAB/MRC Retail Media Measurement Guidelines" as a platform for the industry to align using a comprehensive framework that considers all facets of retail media. It’s extremely thorough and contains thoughtful contributions from more than 75 companies across retailers, brands, agencies and some of the biggest names in ad tech. (Our own data science and analytics team also weighed in for this work.) The industry clearly found a worthy cause to rally around, given not only the need for uniformity, but the potential that this new frontier of data has to help unlock new and valuable insights.
At 60 pages in length, this type of industry publication is not what many retailers, brands and agencies are used to, given their primary businesses. It’s a true blend of thought leadership on traditional shopper and category metrics, campaign metrics, data, digital structure and hygiene, and some complicated math. But the first step on the journey from complicated to simple is to build a good practice that makes sense, brings together expertise and provides the right starting point. While there is no perfect solution, embracing this starting point is good practice.
Several of the brands and retailers we work with today are embracing these guidelines and quickly evolving to get closer to standardized good practices. For the mid-size and smaller retailers and brands who perhaps haven’t built a measurement discipline in-house, these standards are a great starting point. Before you rush off to download a copy, we have some thoughts on how to interpret, process and apply the guidance.
More Resources
P2PI’s Retail Media Guild share group is developing a Retail Media Planning & Analysis Playbook. This collaborative initiative brings together industry leaders, including G-Comm, a division of Goodway Group, as well as other prominent retailers, brands, agencies and partners. Together they are crafting a comprehensive resource designed to benefit the entire industry. A release date for the playbook will be announced in the coming months.
- Data integrity is ALL that matters. Without it, results can’t be trusted. The age-old saying of good data in equals good data out, and bad data in equals bad data out is as true today as ever. Make sure you have good data hygiene and good digital hygiene to support measurement.
- “Perfect data” is just an illusion. Flawless data sets simply do not exist. Go into it with eyes wide open and seek out partners who are willing to do the same. Together, you can anchor on that transparency and develop a continuous learning agenda to fuel growth.
- Constraints lead to opportunities. Data privacy and regulations continue to grow and evolve. These regulations serve as a real chance to build consumer trust and develop new ways to engage your customers.
- Control what you can and what matters. In a complex retail media ecosystem that spans online and offline, controlling every variable is impossible. Focus on starting with flexible outputs that allow for rapid response to necessary changes and iterate from there.
- Diversity, even in measurement, brings a unique lens. We’ve romanticized standardized measurement across platforms. There are moments when we need to embrace distinct metrics that reflect the exceptional value of each channel. Seek them out and know when to use them.
- Go beyond the campaigns. The real value in relevant and timely media is to create a connection with shoppers that helps drive a behavior and also, over time, creates a relationship with both the brand and the retailer. That gets measured through lifetime value, overarching market share for the retailer and the brand relative to their respective comparison markets. This is where the magic exists.
- You don’t need to do it alone. Find measurement partners who understand your business, are transparent and will act as your allies for growth. How do you know you’ve found them? They’ll bring you strategic insights and serve as great collaborators to drive growth.
Securing a full copy of the guidelines is essential for a deeper dive and to access invaluable resources.
Full IAB/MRC Retail Media Measurement Guide (PDF download)
IAB/MRC Retail Media Measurement Guidelines Explainer
If you’re looking for a partner to help navigate the complex world of retail media measurement, feel free to reach out. We’ve got you covered.
About the Author: Angela Myers, currently serving as senior vice president of retail media for G-Comm, a division of Goodway Group, brings a wealth of experience from her nine-year tenure at Oracle, where she progressed from head of CPG/retail strategy to vice president of retail and global brand direct sales. Her expertise is further deepened by her strategic role at Datalogix, leading data monetization and growth, and her impactful tenure as vice president of marketing and sales at A&P. With a strong background in data analytics and retail media, coupled with a customer-first approach, Myers now leads Goodway Group's retail media practice, expertly navigating brand marketers and retailers through the evolving retail media landscape.