How Macy's is Quietly Building a New Profit Center From Retail Media

Jul 16, 2024

32:46

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Episode notes

Next in Media spoke with Michael Krans, VP Macy’s Media Network, about his recent move from Walmart, how he's trying to evangelize an ad sales ulture inside a giant shopping organization, and why he's not worried about retail media saturation.

Takeaways

• Macy's Media Network is recognized as a growth area in the business, generating significant revenue and offering real-time, transparent measurement and reporting.

• The retail media landscape is evolving and changing rapidly, with a growing number of retail media networks. Collaboration and sharing best practices among competitors can lead to collective growth and improvement.

• Shifting the mindset of vendors to see retail media networks as strategic media partners is a challenge, but it is crucial for long-term success.

• Measurement and analytics play a vital role in driving performance and optimizing campaigns. The ability to provide closed-loop, omni-level reporting is a competitive advantage.

• CTV is an effective upper-funnel tactic that can have a halo effect on other advertising channels. The focus is on reaching addressable audiences and driving overall sales impact.

• The integration of retail media planning and buying with other marketing functions is a positive trend, allowing for a holistic approach to media spend and better collaboration within organizations.

• The future of retail media includes exploring new opportunities for in-store advertising, such as digital screens and audio, to enhance the customer journey and complete the omnichannel experience.

Guest: Michael Krans

Host: Mike Shields