Prioritise first-party data to make a mark in the commerce media space

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 01, 2021, 4:07 PM GMT+0

To make the best of the ever-increasing potential of commerce media, advertisers must first identify how their commerce media strategies align with wider business goals.

Advertisers should analyse how the commerce media-route to their target audience contributes to the overall business revenue, compare it with other routes and make necessary budgetary allocations. But, they must first prioritise gathering first-party customer data.

Brands can consider relying on digital media to lead customers to online properties and marketplaces. While doing so, advertisers must focus on building meaningful data partnerships. They can do so, by exchanging retail-owned SKU level, lower funnel and point of sale data for first party consumer data.

Consumers today want the freedom and flexibility to shop whenever and wherever they wish to. Brands must respond by offering routes to preferred purchase destinations. For instance, businesses can leverage QR codes to make the brand shoppable across platforms.

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