The success of a great advertising campaign has a lot to do with the data a brand has on its customers. This can’t ring more true than it does for brands that are working with a retail media partner. More brands are investing in creating their own retail media networks in 2020 alone; brands spent at least $5 billion on retail media, and it is continuing to grow in a post-COVID world. 

As brands spend more on retail media, it’s important for them to invest in the right partnerships. Here is how location intelligence can help you find the perfect retail media partner.

If you spend your budget on a media partner that isn’t relevant for your audience, you risk losing more than just money. By using location intelligence for consumer data enrichment, you are able to understand where your customers shop the most. 

For example, an outdoor sports retailer wants to promote their latest ad campaign about new, state-of-the-art trekking poles on your retail media network. By using location intelligence to enrich their customer data, the retailer was able to determine that their customers like shopping at auto repair retailers and are interested in the  eep dealerships. Before they used location intelligence to enrich their data, the retailer had assumed that their customers were into alternative modes of transportation like biking, only to discover that their customers were actually Jeep enthusiasts and were not going to bicycle stores as much as they had in the past. With these insights in mind, they decide to partner with car retailer websites and the Jeep brand.

The best part about using location intelligence for customer data enrichment is that it not only gives you insight into the places your customers frequent the most in the real world, but it can also tell you why they are choosing to shop there and what makes them convert. This is relevant when looking at a potential retail media partner because you want to make sure that your target audience is incentivized to click on their ads.

By understanding customer interests and preferences, brands can adjust their ad messaging to focus on deals for specific products, for example. Enriching online sales data to understand what products or services customers are interested in. Let’s say that an outdoor sports brand has recently launched a retail media network. They analyzed foot traffic patterns along with sales data, and they discovered that their customers were visiting another outdoor retailer who specializes in hiking boots after they visited their retail stores. Because of this, the company reaches out to the hiking boots retailer and offers them a chance to advertise on their retail media network. They create ad campaign messaging that encourages customers to buy trekking poles in order to get a discount on hiking boots.

Before you dive in on a specific retail media partner to funnel your ad dollars into, understanding your potential partner is critical to your campaign’s success. Although a brand is popular, it doesn’t mean that they will be the right ad partner for you. 

Insights from location intelligence give you a window into your potential partner’s customer profile, allowing you to see who shops with them and why. This information allows you to launch a successful partnership that is also based on brand affinities, ensuring trust in you if you partner with the right brand. In the long run, this will save you a lot on ad spend and improve your ROI.

Finding the right retail media partner for your brand can be a challenge. With location intelligence, you have a data solution in your back pocket that helps you make the best decision for your audience.

Understand customer behavior in the real world, and find a retail media partner that’s right for you. Contact us to speak with an expert today.