In a compelling panel session at Retail Media Summit UK, LiveRamp's Enterprise Sales Director, Katelyn Necati, posed crucial questions about performance measurement, business norms versus innovation, and the future outlook for brands.
Engaging in the discussion were Natalie Collins, UK Strategic Partnerships Director at Dunnhumby; Ross Paterson, Measurement Partner at TikTok; and Naomi Yonge, Data Science Manager at LiveRamp. Here are our key Insights from the Panel.
What KPIs Should Brands Consider?
Naomi Yonge: The choice of KPIs depends on the brand's size. Larger brands may focus on metrics like share of aisle or acquiring new customers. Challenger brands may prioritize significant sales lifts due to their growth potential. When designing a measurement strategy, it's common for brands to want to test everything. However, simplifying by selecting one key aspect to test across various campaigns ensures a more coherent, long-term benefit.
Ross Paterson: Setting KPIs should align with the business problem you aim to solve. A mismatch between upper funnel campaigns and lower funnel KPIs results in flat measurements. Understanding the test objectives is crucial for effective measurement.
The Next Area of Innovation
Katelyn Necati: The focus shifts to the future of retail media.
Natalie Collins: The emphasis is on accessibility, self-service options, and automation to make insights easily available in a consistent format. Retailers are now more open to sharing individualised data, enhancing understanding of customer journeys and in-store sales impact.
Naomi Yonge: Innovation must prioritise privacy. Measuring in a privacy-centric way ensures the well-being of both consumers and platform users.
Future Hopes for Retail Media
Naomi Collins: Envisioning the use of retailers' rich data to break down silos, look at cross-channel measurement, and explore collaborations between different types of retailers. Tracking customers across various interactions could provide a compelling narrative for advertisers.
Lessons from TikTok
Naomi Yonge and Ross Paterson shared insights from TikTok campaigns, highlighting three measurement approaches: modelling, in-platform conversion, and sales-lift studies.
Push for measuring incremental return on ad spend, not just conversion-based ROAS.
Leverage customer-level data to understand the path to purchase.
Use platform-level exposure data for optimising channel performance.
Paterson's Advice for TikTok Advertising
Align creative with the platform's native-first approach.
Communicate both the 'why' and 'what' in your creative, featuring the product early on.
Adjust campaign length to align with the buying cycle for increased efficiency.
Register your interest for next year's Retail Media Summit UK
This year's Retail Media Summit UK, the "Retail Media event of the year," brought together industry professionals from both the UK and the US. It provided insights into the value of retail media for both retailers and brands. Next year's Summit, co-hosted with the Path to Purchase Institute (P2PI), promises to be even more dynamic.
Don't miss the chance to be part of this community shaping the future of retail media. Register your interest today to stay informed and join us as we continue to unlock the potential of retail media together.