How Mars Decides Where to Spend Its Retail Media Dollars
In the fast-paced world of retail media, companies are increasingly scrutinizing their advertising expenditures to ensure they are making impactful investments. Mars, a global leader in the confectionery, pet care, and food sectors, is no exception. During the Retail Media Advertising Strategies event hosted by Digiday Media in New York City on September 10, Ron Amram, the senior director of global media for Mars, shared valuable insights into the company’s strategic approach to retail media partnerships.
Retail media networks (RMNs) are platforms that allow brands to advertise their products directly on retail websites and apps. With the rise of e-commerce, these networks have become a vital channel for brands aiming to reach consumers where they are shopping. However, the challenge lies in determining which retail media partners are worth the investment.
Amram outlined several key factors that Mars considers when deciding where to allocate its retail media dollars. One of the primary considerations is the alignment of values and goals between Mars and the retail media partner. This includes assessing whether the retailer’s brand ethos resonates with Mars’s mission of sustainability and responsible sourcing. By partnering with retailers that share similar values, Mars can create cohesive campaigns that enhance brand loyalty and consumer trust.
Another crucial aspect of Mars’s selection process is the data capabilities of potential retail media partners. In today’s data-driven environment, having access to robust analytics is essential for measuring the effectiveness of advertising campaigns. Mars seeks partners that can provide detailed insights into consumer behavior, allowing the company to optimize its marketing strategies in real-time. For instance, the ability to track how consumers engage with ads and ultimately convert into buyers is invaluable for refining future campaigns.
Amram also emphasized the significance of audience targeting and segmentation. Mars considers whether a retail media network can effectively reach its desired demographic. This includes analyzing the network’s user base and understanding how well it aligns with Mars’s target consumers. By ensuring the right messages reach the right audiences, Mars can maximize the return on its retail media investments.
The company is also keenly aware of the importance of creative flexibility when working with retail media partners. Amram noted that the ability to tailor advertising content to fit the unique context of each retail environment can significantly enhance engagement. This adaptability is crucial for capitalizing on the specific shopping experiences that consumers encounter on different platforms.
Moreover, Mars is increasingly focusing on measuring the long-term impact of its retail media investments. Traditional metrics such as click-through rates and immediate sales are valuable, but Amram suggested that companies should also consider the broader effects of advertising on brand perception and customer loyalty. By evaluating the full spectrum of a campaign’s impact, Mars can make more informed decisions about future spending.
Another noteworthy point made by Amram during the event was the importance of innovation in retail media. As the landscape continues to evolve, Mars actively looks for partners who are willing to explore new advertising formats and technologies. Whether through augmented reality experiences or shoppable content, Mars is interested in testing novel approaches that can capture consumer attention and enhance the shopping experience.
In conclusion, Mars’s strategy for selecting retail media network partners is multifaceted, focusing on values alignment, data capabilities, audience targeting, creative flexibility, long-term impact measurement, and innovation. As retail media continues to reshape advertising in the digital age, companies that adopt a thoughtful and strategic approach will likely find greater success in engaging consumers and driving sales.
With insights from Ron Amram, Mars exemplifies how careful consideration and a clear framework for decision-making can lead to effective retail media investments. As other brands look to develop or refine their own retail media strategies, Mars serves as a model for making informed, impactful choices in an increasingly competitive marketplace.
retailmedia, Mars, advertising, marketingstrategy, e-commerce