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2023 Predictions: Retail media networks

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MarTech

MarTech's 2023 predictions

Retail media networks have taken digital advertising by storm over the last two years. The close connection that retailers have with their customers provides an opportunity for advertisers to meet those customers where they are. And it’s not just big box stores like Walmart and Lowe’s launching their ad networks. Other non-retail brands with deep customer involvement have unveiled similar networks, Marriott for instance.

Dig deeper: Why we care about retail media networks

Where do retail media networks go from here? Below are some predictions for where they’re heading in 2023.

Since retail media networks are all basically their own walled gardens, advertisers have to start from scratch when measuring the effectiveness of campaigns across each network. It’s likely 2023 will see more standardization.

“Retail media is becoming more powerful and reaping the benefits with all the changes to the cookieless Internet impacting social platforms and a number of big tech companies,” said Rachel Tipograph, founder and CEO of ecommerce platform MikMak. “But for all of this growth, brands expect accountability through the standardization in the measurement of ROI. The industry is buzzing about all of the inefficiencies more and more every day. I believe 2023 is when action will finally start to be taken.”

Where are the inefficiencies?

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“The growing pains for brands with retail media is that there is limited supply making CPM’s expensive, lack of transparency on the mark-ups of the media, lack of self serve capabilities, lack of real-time reporting, lack of standardization across retailers (ad formats, how to buy, reporting metrics), and lack of transparency on whether the media is driving incremental sales,” said Tipograph.

Better reporting for retail media networks

Even without standardization across networks, RMNs will boost their own reporting and measurement capabilities in the coming year.

“With transaction data from in-store and in-app, retail media networks have the advantage of tying ad exposure to purchases,” said Elizabeth Herbst-Brady, chief revenue officer for Yahoo. “The next step, though, will be to leverage that data in real time for decisioning and optimization.”

Off-site activations and full-funnel expansion

More advertisers will expand the way they use RMNs this in the coming year. If the retailer’s on-site properties (digital and physical storefronts) are buzzing with advertisers, it will drive advertisers to off-site channels.

“Retail media networks were the hottest accessory for major retailers this year and opened up new and meaningful revenue opportunities,” said Herbst-Brady. “While we’ll likely reach a saturation point in 2023 for Retail, other verticals like Travel and Auto will begin to ramp up, and off-site activations will gain popularity as on-site matures.”

She added, “Further, Retail and other vertical media networks will begin to approach their strategy in a more full-funnel model — activating against lower funnel, while expanding larger branding and awareness opportunities to drive loyalty and value for consumers.”

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CTV will borrow the retail media network playbook

A retailer with a large customer base, like Walgreens, has many digital touchpoints and lots of customer data. Their customers can engage with that retailer on the app, taking a wide variety of actions without stepping foot in a physical store.

From a digital advertising perspective, is a retail media network that much different than a streaming app with an audience of a similar scale?

“If imitation is the highest form of flattery, retail media networks should turn a rosy shade as CTV takes a page out of the former’s book,” said Hunter Terry, VP solutions consulting and CTV commercial lead for data management and identity company Lotame. “Every streaming service is going to try to create its own unique platform. Why? Because networks are the ones with the data. Take LG for example. They can sell inventory within LG TVs or send off the data they collect into the ecosystem and onto other CTV devices. Anyone who has customer data is going to package it and sell it — just like a retail media network.”


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About the author

Chris WoodChris Wood

Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.

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MARKETING

Trends in Content Localization – Moz

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Trends in Content Localization - Moz

Multinational fast food chains are one of the best-known examples of recognizing that product menus may sometimes have to change significantly to serve distinct audiences. The above video is just a short run-through of the same business selling smokehouse burgers, kofta, paneer, and rice bowls in an effort to appeal to people in a variety of places. I can’t personally judge the validity of these representations, but what I can see is that, in such cases, you don’t merely localize your content but the products on which your content is founded.

Sometimes, even the branding of businesses is different around the world; what we call Burger King in America is Hungry Jack’s in Australia, Lays potato chips here are Sabritas in Mexico, and DiGiorno frozen pizza is familiar in the US, but Canada knows it as Delissio.

Tales of product tailoring failures often become famous, likely because some of them may seem humorous from a distance, but cultural sensitivity should always be taken seriously. If a brand you are marketing is on its way to becoming a large global seller, the best insurance against reputation damage and revenue loss as a result of cultural insensitivity is to employ regional and cultural experts whose first-hand and lived experiences can steward the organization in acting with awareness and respect.

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How AI Is Redefining Startup GTM Strategy

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How AI Is Redefining Startup GTM Strategy

AI and startups? It just makes sense.

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More promotions and more layoffs

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More promotions and more layoffs

For martech professionals salaries are good and promotions are coming faster, unfortunately, layoffs are coming faster, too. That’s according to the just-released 2024 Martech Salary and Career Survey. Another very unfortunate finding: The median salary of women below the C-suite level is 35% less than what men earn.

The last year saw many different economic trends, some at odds with each other. Although unemployment remained very low overall and the economy grew, some businesses — especially those in technology and media — cut both jobs and spending. Reasons cited for the cuts include during the early years of the pandemic, higher interest rates and corporate greed.

Dig deeper: How to overcome marketing budget cuts and hiring freezes

Be that as it may, for the employed it remains a good time to be a martech professional. Salaries remain lucrative compared to many other professions, with an overall median salary of $128,643. 

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Here are the median salaries by role:

  • Senior management $199,653
  • Director $157,776
  • Manager $99,510
  • Staff $89,126

Senior managers make more than twice what staff make. Directors and up had a $163,395 median salary compared to manager/staff roles, where the median was $94,818.

One-third of those surveyed said they were promoted in the last 12 months, a finding that was nearly equal among director+ (32%) and managers and staff (30%). 

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Extend the time frame to two years, and nearly three-quarters of director+ respondents say they received a promotion, while the same can be said for two-thirds of manager and staff respondents.

Dig deeper: Skills-based hiring for modern marketing teams

Employee turnover 

In 2023, we asked survey respondents if they noticed an increase in employee churn and whether they would classify that churn as a “moderate” or “significant” increase. For 2024, given the attention on cost reductions and layoffs, we asked if the churn they witnessed was “voluntary” (e.g., people leaving for another role) or “involuntary” (e.g., a layoff or dismissal). More than half of the marketing technology professionals said churn increased in the last year. Nearly one-third classified most of the churn as “involuntary.”

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Men and Women

Screenshot 2024 03 21 124540Screenshot 2024 03 21 124540

This year, instead of using average salary figures, we used the median figures to lessen the impact of outliers in the salary data. As a result, the gap between salaries for men and women is even more glaring than it was previously.

In last year’s report, men earned an average of 24% more than women. This year the median salary of men is 35% more than the median salary of women. That is until you get to the upper echelons. Women at director and up earned 5% more than men.

Methodology

The 2024 MarTech Salary and Career Survey is a joint project of MarTech.org and chiefmartec.com. We surveyed 305 marketers between December 2023 and February 2024; 297 of those provided salary information. Nearly 63% (191) of respondents live in North America; 16% (50) live in Western Europe. The conclusions in this report are limited to responses from those individuals only. Other regions were excluded due to the limited number of respondents. 

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Download your copy of the 2024 MarTech Salary and Career Survey here. No registration is required.

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