The final segment in a seven-part series by Stephen Gottlich, Solutions Consultant – Innovation and R&D at Gable.
While retail media networks have gained significant traction in the grocery and convenience store industry, it’s the ability to demonstrate their tangible impact on sales and revenue that truly sets successful networks apart. By implementing robust analytics and attribution models, retailers can showcase the value of their RMN to CPG partners and stakeholders, justifying further investment and solidifying their position as a key player in the rapidly evolving retail media landscape.
As part of our RMN blog series on the “Path to Purchase,” this article explores the key components of a successful RMN measurement and optimization strategy, including the importance of evolving cross-channel media mix modeling capabilities.
Implementing RMN Analytics and Attribution Models
To effectively measure the performance of your retail media network, it’s crucial to have a comprehensive analytics and attribution framework in place. This framework should be designed to capture and analyze data from various touchpoints across the shopper journey, both online and in-store.
Key components of a robust RMN analytics and attribution model include:
- Sales lift analysis:
- Measuring the incremental sales impact of your RMN campaigns
- Comparing sales performance of products featured in RMN ads vs. control groups
- Analyzing the long-term impact of RMN exposure on shopper behavior and loyalty
- Multi-touch attribution:
- Assigning credit to each touchpoint along the shopper journey, from initial exposure to final purchase
- Amplifying loyalty program messaging at key decision points along the customer journey, such as inviting loyalty sign-ups with value-based benefits
- Leveraging machine learning algorithms to determine the relative impact of each touchpoint on conversion
- Optimizing media spend and tactics based on attribution insights
- In-store measurement:
- Utilizing computer vision and IoT sensors to track shopper engagement with DOOH displays
- Measuring the impact of in-store RMN campaigns on foot traffic, dwell time, and basket size
- Integrating in-store measurement data with online metrics for a holistic view of RMN performance
By implementing a comprehensive analytics and attribution model, you can gain deep insights into the performance of your retail media network and make data-driven decisions to optimize your strategy and drive better results.
Evolving Cross-Channel Media Mix Modeling Capabilities
As your retail media network grows and becomes more complex, it’s important to update and improve your media mix modeling to better understand how different advertising channels and touchpoints work together to influence customer behavior and drive sales.
Media mix modeling is a technique that helps you determine the best combination of advertising channels (such as in-store digital displays, sponsored product listings, and mobile app ads) to maximize your return on investment (ROI).
By analyzing data from multiple sources and using advanced statistical methods, you can optimize your budget allocation across different channels based on their performance, predict future scenarios, and understand how changes in your advertising spend and tactics may affect your results.
To build advanced media mix modeling capabilities that can handle the complexity of modern retail media networks, consider working with experienced data science and analytics experts who can provide cutting-edge tools and methodologies.
Get Better Results from your RMN with Gable
At Gable, we bring an unprecedented blend of technology, strategy, and data intelligence to address this issue. Your digital advertising—be it DOOH or other digital signage and LED displays—is not just another channel but a powerful tool to engage, measure, and influence consumer habits and behavior. However, there are multiple pieces to this complex digital landscape puzzle that require integrated expertise. We welcome the opportunity to partner with you.
To access the full RMN series, click here.
About Gable
Gable has been a leader in visual communications for over 40 years. We are passionate about elevating how people perceive, interact with, and remember brands, buildings, and places. With a rich legacy in blending the timeless artistry of traditional signs with the dynamic possibilities of video displays & integrated AV systems, Gable continues to shape the future of the built environment. For more information, visit www.gablecompany.com or call 800-854-0568.
