A lot of positive change has occurred since I was in the retail advertising business. The technology for safe, secure data collaboration has evolved to drive growth for a wider array of brands and publishers. Consumers have more awareness and control over their data, and accountability has finally become a driving force in the industry.
I had the pleasure of discussing these trends with Diego Vaccarezza, Senior Director Enterprise Media at CVS Health, and revealing a step-by-step plan to launching a retail advertising business. If you missed our webinar, Four Steps to Building a Retail Advertising Business, check it out on demand here.
Need a bit more convincing? Here are a few key takeaways from our chat:
Data drives the tech revolution
Just as oil drove the Industrial Revolution, data drives the tech revolution. This isn’t about Big Data or amassing data for the sake of it. What has taken the place of this former trend is the need for companies to expand the usage of data across all customer experiences and create new revenue streams to maximize the value of their data. One way to achieve both of these aims is to explore launching a retail media exchange, which helps retailers and their suppliers better understand customers and deliver more welcome, relevant experiences.
Core to this strategic shift is putting customers first. “We made a promise to consumers to treat their data with respect,” said Diego. In building CMX, CVS Health’s retail media exchange, they “ensure[ed] any activation that would use their data would filter through the lens of advocacy for the customer.”
If you constantly look ahead, you can turn challenge into opportunity
For advertisers, the time is now to prepare for the cookieless future, a process that may seem challenging but can easily be reframed as an opportunity not to be missed. One reason why CPGs and other suppliers are so interested in collaborating with retailers that they sell through is that these partnerships can help them build customer intelligence, understand the channels they gravitate toward, and sharpen their media strategies. CVS Health saw an opportunity to deepen relationships with suppliers and provide them with the media insights and transparency they need.
Regarding the end of the third-party cookie, Diego shared, “We’re well positioned to not only ride out the storm, but to thrive in it. Our ability to use LiveRamp RampIDs as currency in programmatic bidding puts us in an advantageous position. We can be sure of the value of the audiences we’re going after. In that process, we can’t sit still. We continue to review our tech stack to ensure that it not only meets today’s need, but flexes to meet tomorrow’s. You have to be constantly looking ahead to not be caught flat-footed.”
Empathize and educate
As we’ve shared on previous webinars, engaging key stakeholders when doing something new—especially with data—is key. Empathize with how your initiatives impact their work and educate them on where the industry is going and how data utility and upholding consumer privacy need not be at odds if you have the right data foundation in place for safe, secure collaboration.
No matter where you are on your journey to building a retail advertising business or simply broadening your data collaboration strategy, LiveRamp Safe Haven can provide the secure foundation and tailorable control to support your needs. For more on how LiveRamp Safe Haven works, reach out to us.