🛒📈 Retail Media: Blending the science of performance and the art of brand building 🎨
The marketing world is experiencing a major transformation with the emergence of Retail Media Networks (RMNs), marking what some see as the third wave of digital advertising.RMNs are more than a fad; they're a paradigm change in how brands connect with consumers and measure advertising effectiveness.
Ken Mandel, Regional Managing Director of GrabAds and Brand Insights, cites McKinsey's findings that RMNs are a $100 billion global business on a hyper-growth trajectory. Notably, Southeast Asia is experiencing even faster growth, with GrabAds and Kantar's report, "Unleash Your Full Potential with Retail Media Networks," projecting a $4.7 billion market size by 2030.
🔮 Looking Ahead: Future Prospects and Challenges
As the landscape evolves, brands must be nimble to fully leverage RMNs. Here are some key strategies for maximizing RMNs in Southeast Asia, as outlined by Ken Mandel and Rohit Dadwal, CEO of MMA Global APAC, at the CEO & CMO Summit:
📈 Choose the Right Partner: The SEA RMN landscape is diverse, with each platform offering unique strengths. Select partners with large, engaged audiences, a flexible ecosystem, and an omnichannel presence.
📈 Go Full Funnel: Treat RMNs as a comprehensive solution for brand building and performance marketing to ensure optimal returns.
📈 Start Today: Shed the misconception that RMNs are just for CPGs. McKinsey's analysis shows over 75% of non-CPG advertisers plan to increase their RMN spend. Consider allocating at least 10% of your budget to tap into this powerful channel.
Integrating RMNs into your marketing strategy offers a compelling way to enhance brand visibility and drive sales performance through data-driven insights. As these networks become increasingly dominant in digital advertising, understanding and utilizing them becomes paramount. Brands that effectively harness the power of RMNs will likely find themselves at the forefront of the digital advertising revolution, reaping significant rewards in terms of customer engagement and ROI.
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#DigitalAdvertising
#MarketingEvolution 🛒📈