Last week we shared a short blog post about the various components of successful #retailmedia, sharing our thoughts on the vital need for structural and cultural changes at both a brand and retailer level to support collaboration between two historically disparate teams.
This week we're exploring a point on marketing budgets and the key decision around how they are split between brand building and performance channels.
Our recent 'Inside Retail Media' report explores how the previous, non-digital, iteration of retail media (otherwise known as #shoppermarketing) drew on performance spend. However, while marketers are finding that conversations with #retailmedianetworks are much more focused on brand than on sales, there is a strong sense that what’s really required is flexibility. The businesses that are seen to be most successful in this space are the ones that are able to switch budget from brand to performance – or vice-versa – as opportunities arise.