In the rapidly evolving world of commerce media businesses, the advice to “think more like a publisher” has become increasingly relevant. This shift in mindset encourages brands to adopt an “always on” approach to content marketing, guided by a clear north star that informs a well-governed strategy. Matt Conlin, the CCO & Founder of Fluent, exemplifies this approach with his drive for sales, marketing, and partnerships, earning accolades such as EY Entrepreneur of the Year and DMN’s 2018 40 Under 40.
As retailers transition into sophisticated media properties ready to accept advertising dollars, they must find their “north star” to guide their new venture. This could involve creating a new revenue stream, reaching untapped customer segments, or increasing average order values. By defining their primary objectives, retailers can align all their decisions and strategies towards a common goal, much like publishers do with their audience.
One key aspect for retailers entering the media business is building robust customer profiles. Leveraging first-party customer data, such as purchase histories, browsing habits, and demographics, enables retailers to create highly targeted and personalized offers for specific customer segments. This level of personalization not only enhances customer satisfaction but also fosters loyalty and repeat business, ultimately driving revenue and growth.
Setting standards is another critical step for online retailers venturing into the media business. Establishing technical specifications, content guidelines, lead times, and available ad placements from the outset ensures clear communication and smooth collaboration with advertising partners. This fosters trust, professionalism, and long-lasting partnerships within the ad media ecosystem, essential for sustained success in the industry.
Comprehensive campaign reporting is essential for retailers to evaluate the effectiveness of their ad media operations and make data-driven decisions. Monitoring metrics such as click-through rates, conversion rates, and viewability provides valuable insights into the performance of ad campaigns. This allows retailers to optimize various aspects of their ad media offerings, refining targeting strategies, adjusting ad frequency, and improving creative execution based on performance data.
In conclusion, embracing a publisher mindset and adopting key practices such as defining primary objectives, building robust customer profiles, setting standards, and implementing comprehensive campaign reporting can help retailers succeed in the competitive world of commerce media businesses. By focusing on customer-centric strategies, clear communication with advertising partners, and continuous optimization based on performance data, retailers can maximize the return on investment and deliver a superior ad experience for their customers.
