This week, Experian announced a solution for retail media networks (RMNs) to improve the ability to identify customers within its network, help advertisers reach these customers and measure a campaign’s impact. Additionally, it is designed to find patterns in audience behavior to improve campaign performance.
Why we care. RMNs saw 16.3% growth in the U.S. last year as more advertisers took advantage of retailers’ deep connection with shoppers. Data-rich Experian is a valuable partner in providing identity resolution in a privacy-compliant way to advertisers and RMNs. This helps advertisers deliver more relevant messages to customers in the RMN and increases retailers’ ad revenue by making their networks more attractive. Also, many RMNs include ad opportunities within their owned channels (website, app, in-store) and “offsite” ways to connect with customers through CTV and third-party sites. As RMNs expand, identity resolution becomes even more important.
Dig deeper: Marketers plan to up RMN spend
RMN solution. The Experian solution includes five offerings:
- Identity resolution: Uses the Experian Graph (126 million households; 250 million individuals) to expand the understanding of customers based on first-party data.
- Expanded insights: It can generate detailed customer profile reports to help find high-value customers and develop accurate look-alike audiences for campaigns.
- Create audiences: Helps enrich first-party data using Experian Marketing Data or Experian’s Partner Audiences network.
- Maximize reach and distribution: Using Experian’s adtech partners, RMNs can expand campaigns beyond their owned channels to programmatic, CTV and social media.
- Measurement: Measure campaign effectiveness by connecting ad exposures in one channel to purchases and other actions online or in-store.
Advertisers benefit. “Advertisers are under increasing pressure to justify media investments as the availability of reliable performance data diminishes,” Andrew Frank, VP distinguished analyst with Gartner for Marketing Leaders told MarTech. “Identity solutions can help tie conversions to ads, which is essential to proving their value. They also offer new customer insights with strategic value.”
Frank added: “However, while it’s tempting to use identity resolution (IDR) to retarget visitors who have recently expressed interest in a product, this is where controversies associated with cross-site tracking become most visible. Advertisers need to carefully consider tradeoffs involved in using IDR for behavioral targeting separately from measurement, insights, and optimization.”
Proving RMN value. Experian’s entry into the market “signals that RMN viability is on the rise as an alternative to relying exclusively on the largest walled gardens for performance marketing,” said Frank.
Although Google just issued a head-spinning reversal on third-party cookie deprecation for the Chrome browser, advertisers are seeking transparent, privacy-compliant alternatives that keep up with customer expectations and data regulations.
“RMNs need a way to measure and optimize ad performance to prove their value to marketers,” Frank said. “But they also need to be cautious about privacy, which favors working with partners experienced in compliance and staffed with legal expertise.”
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**Experian Launches New Retail Media Network Solution: Revolutionizing the Retail Landscape**
In a significant move poised to reshape the retail marketing landscape, Experian, a global leader in consumer and business credit reporting and marketing services, has announced the launch of its new Retail Media Network Solution. This innovative platform aims to empower retailers and brands with advanced data-driven insights and advertising capabilities, enhancing their ability to reach and engage with consumers more effectively.
### The Evolution of Retail Media Networks
Retail media networks have rapidly evolved as a critical component of the digital advertising ecosystem. These networks enable retailers to leverage their first-party data to create targeted advertising opportunities for brands within their own digital properties, such as websites, mobile apps, and in-store digital displays. By doing so, retailers can offer brands a unique and highly effective channel to reach consumers at the point of purchase.
### Experian’s Cutting-Edge Solution
Experian’s new Retail Media Network Solution is designed to address the growing demand for more sophisticated and data-driven advertising strategies in the retail sector. The platform integrates Experian’s extensive consumer data assets with advanced analytics and machine learning capabilities, providing retailers and brands with unparalleled insights into consumer behavior and preferences.
#### Key Features and Benefits
1. **Advanced Targeting Capabilities**: Experian’s solution allows retailers to create highly targeted advertising campaigns based on a comprehensive understanding of consumer demographics, purchasing behavior, and preferences. This ensures that brands can deliver personalized and relevant messages to their target audiences, increasing the likelihood of conversion.
2. **Enhanced Customer Insights**: By leveraging Experian’s vast consumer data, retailers can gain deeper insights into their customers’ shopping habits and preferences. This information can be used to optimize product assortments, pricing strategies, and promotional efforts, ultimately driving sales and customer loyalty.
3. **Seamless Integration**: The Retail Media Network Solution is designed to seamlessly integrate with existing retail systems and digital properties. This ensures a smooth implementation process and allows retailers to quickly start leveraging the platform’s capabilities without significant disruption to their operations.
4. **Performance Measurement and Optimization**: Experian’s solution includes robust analytics and reporting tools that enable retailers and brands to measure the performance of their advertising campaigns in real-time. This allows for continuous optimization and refinement of marketing strategies, ensuring maximum return on investment.
5. **Privacy and Compliance**: In an era where data privacy is of paramount importance, Experian’s solution is built with stringent data protection measures and compliance with relevant regulations, such as GDPR and CCPA. This ensures that retailers and brands can confidently leverage consumer data while maintaining trust and transparency with their customers.
### Transforming the Retail Experience
The launch of Experian’s Retail Media Network Solution represents a significant advancement in the way retailers and brands approach digital advertising. By harnessing the power of data and advanced analytics, the platform enables more precise targeting, improved customer insights, and enhanced campaign performance.
For retailers, this means the ability to create more personalized and engaging shopping experiences for their customers, driving higher sales and customer satisfaction. For brands, it offers a unique opportunity to connect with consumers at the critical moment of purchase, increasing the effectiveness of their marketing efforts.
### Industry Implications
The introduction of Experian’s solution is likely to have far-reaching implications for the retail industry. As more retailers adopt retail media networks, the competition for consumer attention within these digital environments will intensify. Brands will need to invest in more sophisticated data-driven strategies to stay ahead of the curve and maximize their advertising impact.
Moreover, the success of Experian’s platform could spur further innovation and investment in the retail media space, leading to the development of new technologies and solutions that continue to enhance the retail experience for consumers and businesses alike.
### Conclusion
Experian’s launch of its new Retail Media Network Solution marks a pivotal moment in the evolution of retail marketing. By combining advanced data analytics with seamless integration and robust performance measurement, the platform offers retailers and brands a powerful tool to enhance their advertising strategies and drive business growth. As the retail landscape continues to evolve, solutions like Experian’s will play a crucial role in shaping the future of consumer engagement and digital advertising.
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