Latest / Retail Media Breakfast Club / How RMNs Can Finally Win Over Media Agencies
Transcript
- How RMNs Can Win Over Media Agencies [Snips: Retail Media Therapy podcast] === [00:00:00] Kiri: Retail media networks are gazing longingly at the billions of dollars that consumer brands spend each year on top of funnel brand building marketing campaigns as retail media spending slows, [00:00:15] and retailers reckon with the concept that some of their retail media p and l might actually be borrowing at least a little bit from their existing trade and shopper marketing ad spend. [00:00:26] This all means that the interest in tapping into that brand [00:00:30] building budget has heightened a giant part of incremental money that doesn't seem as maniacally focused on specific measurement. Signed me up, but as Viv Kreskey and Colin Lewis [00:00:45] discuss on their most recent episode of the Retail Media Therapy Podcast, it turns out it ain't that easy. [00:00:52] [00:00:53] Kiri: As Colin explained, a key part of tapping brand budgets is partnering [00:01:00] with advertising agencies. After all, brands rely on these agencies. [00:01:06] And they trust their recommendations and insights. So a retail media network needs to have a strategy for how they're going to engage [00:01:15] with agencies. Let's get into it. [00:01:18] Viv: So in terms of what they want, I think. Obviously retail media is a very hot topic for the holding companies, but still a lot of [00:01:30] what's being bought is things like Amazon ads, sponsor search, sponsor products, easy stuff that will start to appear on plans, and they're really starting to wake up to, well, retail media networks have got some incredible audiences, so maybe I [00:01:45] want that data piped into our programmatic platforms as well. [00:01:49] So I think the big opportunity for. Retail media networks is they have to identify an agency proposition that's different to their standard retail media proposition. [00:01:59] [00:02:00] We, we had an example from one of our clients where they said, an agency they were talking to came to them and said, we don't have a way of targeting pregnant people, and our, our client wants us to do that. [00:02:12] And the retailer could turn around and say, well, we [00:02:15] have a very clear segment of pregnant people and it's large, and we can, we can access that. So that was a really good example of identifying a gap on the media plans. So I think that's what the USP the proposition needs to do. You need to meet all the holding [00:02:30] companies and the operating companies and find out what can't you do. [00:02:33] Currently, is it around? There's certain geographical locations that aren't well covered by JC deco screens or clear channel screens and that you have the retail media screens. You [00:02:45] know, what is the secret source that you have That is not the stuff that you as a retail media network want to push, but the stuff that the agency can't do. [00:02:55] So it's listening first and then build, building a proposition. [00:02:59] [00:03:00] Kiri: The key phrase there is listening. First, agencies already have reach across any demographic that you can name. What they're hunting for are holes in their plans, unique audience segments, [00:03:15] geographic gaps, data that they cannot access elsewhere. Colin adds critical context about how these briefs actually work. [00:03:24] Colin: We want to achieve this with our brand over the year. And the agencies in theory should be looking dispassionately [00:03:30] at all the options that are out there to reply to that brief. And so if you look at the world through the lens of the brief. Then you can kind of see, right. Okay. I can reply to this. I would always, you know, have written a brief from my agencies. [00:03:43] Then I would meet them and [00:03:45] they would say, here's what our options are within that budget. And I would accept that, that's the key point. I I, I wouldn't go and say, I think you're wrong. I would go and accept that because they're the experts and they're the people, as you pointed out, going who have come [00:04:00] these views right across and, and you can see right across what's available and they understand audiences and so programmatic and all the rest of it. [00:04:07] So you gotta see it from the agency's perspective, responding to a brief. [00:04:11] [00:04:12] Kiri: , This means for an RMN. [00:04:14] Your job [00:04:15] isn't to force your way onto media plans. It's to position yourself as the obvious answer when the right brief comes through. But as Viv explains, most RMNs do exactly the [00:04:30] opposite. [00:04:30] Viv: what's not important to them? What's not important is going to them and saying, we've got 50% of the 18 to 34 year olds in, in our country, which is what most retail media pitches say to advertisers. [00:04:43] And if you take the exact same [00:04:45] pitch deck to agencies, they, they won't. They won't think that's very smart because obviously what agencies can do is they've got the big numbers for any demographic. They're really looking for holes in their plan, so they're [00:05:00] looking for interesting clean audience data with a willingness to get that data into whichever system that they want to access your data in. [00:05:10] They're not interested in you talking about large volumes [00:05:15] of. Demographics, and they're also not interested in you gatekeeping. So if you say, oh, you can access our meta accounts, or We already have a relationship with a connected TV provider, they want to manage the pipes and the [00:05:30] relationships with media partners. [00:05:31] They just want your data and your audiences and your understanding of your shoppers. [00:05:36] [00:05:38] Kiri: that gate keeping point is critical. Agencies don't want you managing their media partnerships [00:05:45] or locking data inside proprietary dashboards. They want clean data, clear audience segments, and the ability to pipe that data into their existing workflow, whether that's the Trade Desk, DV 360 or whatever [00:06:00] DSP they're using. Miracle Ads is the only retail media solution designed for both one P and three P Marketplace brands. [00:06:15] Why does that matter? Marketplace sellers demand a seamless advertiser experience that still offers full funnel ad formats, and retailers need a flexible solution that allows you to scale your media business. [00:06:29] Kiri Masters: [00:06:30] Learn more@miracle.com. That's M-I-R-A-K l.com. [00:06:37] [00:06:37] Kiri: So what is the actual playbook? Viv lays out a three step strategy that takes six to nine months [00:06:45] minimum. Number one, meet with retail media leads at the major holding companies to understand pain points and how they want to access data. Number two, engage with retail media leads at the operating companies. [00:06:57] These are your agency gatekeepers, [00:07:00] where you sell and refine your proposition. Step three, build relationships with account leads and planners at those operating companies. This is where the real work happens, responding to briefs, potentially supporting speculative [00:07:15] pitches and offering discounted media to prove value. [00:07:19] As Viv notes, in the good old days, it was liquid lunches, hours spent meeting people and building relationships. You might need to help the agency win a [00:07:30] speculative pitch, that might take you a lot of time, but it might not get you anywhere, but you still need to build that relationship with the agency. [00:07:38] Look, the resource requirement is real. [00:07:42] Even small networks might need a dedicated [00:07:45] person. Larger networks might need multiple people covering each holding company, dedicated brand marketing, sales teams that actually understand how agencies work, not performance media sellers trying to figure it out on the [00:08:00] side. [00:08:00] Viv: Definitely tell you what not to do from, you know, having worked with a few clients on this area, definitely don't make it a side of the desk project and make it someone's, just try and start selling to a few agencies or talk to a few of your tier one clients and ask [00:08:15] 'em if they'll put you on the agency plan because that just doesn't work. [00:08:19] You know, these giant holding companies, you know, the big, the big five out there are the big. Important people in the [00:08:30] room. And I think the problem for retail media networks is they're used to being the top dog in any conversation. Then all of a sudden when they're talking to holding company agencies, they realize, oh h, hang on a minute. [00:08:42] You know, we need a proper plan. [00:08:43] [00:08:45] Kiri Masters: A big takeaway here is whether you're a large retail media network or a small retail media network, you need a dedicated person. And for bigger networks trying to engage with multiple advertising agencies, you might need multiple [00:09:00] people covering each holding company and independent agency. [00:09:04] This isn't a one-time sales blitz, it's a six to nine month relationship building project. Minimum. And as Colin says, since the [00:09:15] growth is starting to slow down now, retailers need to be investing in this initiative, ASAP, in order to get ahead of that revenue next year. The. The reality is I think most networks are going to skip this [00:09:30] investment. [00:09:30] They'll probably keep treating agency relationships as an afterthought. While wondering, while their brand budget strategy never materializes, [00:09:40] I thought there was some great advice and takeaways from this episode of Retail Media Therapy. [00:09:45] If you haven't already got that in your podcast rotation, I'd definitely recommend checking in out and subscribing. That is Retail Media Therapy with Colin Lewis and Viv Kreskey. [00:09:57] Thanks for tuning in. I'll catch you tomorrow. [00:09:59]