In an engaging thought-leadership article for the American Marketing Association, 84.51°'s Libby Stagnaro, Jenny Holleran and Jill Smith share how retail media platforms are transforming marketing within traditional Consumer Packaged Goods (CPG) companies and the importance of blending budgets.
Consumer Packaged Goods (CPG) are products that are sold quickly and at a relatively low cost like non-durable household goods such as packaged foods, beverages, toiletries, cleaning products and other consumables.
Changing the marketing game through media
"Before the explosive growth of e-commerce (the 'Pandora' of CPG), Consumer Packaged Goods companies operated similarly to record labels. They produced their goods, sold them to retailers to distribute to consumers and promoted their brands nationally. Meanwhile, retailers worked with local marketing teams to drive product sell-through at the ground level using trade and shopper marketing dollars. Brand and shopper teams didn’t interact much, as brand teams were focused on brand-building at scale, and local teams were focused on individual retailer performance," the experts write.
"But like Spotify and Pandora, consumer packaged goods retailers, as they increasingly ramp up their e-commerce platforms, are now changing the game. In turn, they are helping to solve the problems brand and shopper marketing teams faced (and continue to face) in the analogous 'pre-Pandora' CPG world."
Marketing teams collaboratively harness data and insights to target consumers
Libby, Jenny and Jill share how retail media platforms can help equip CPGs for this brave new world.
"By leveraging the power of accurate and complete first party data at e-commerce-enabled retailers, brand, e-commerce and shopper marketing teams can collaboratively harness data and insights to target the right consumers without wasting impressions on the wrong households. This also allows CPGs to truly understand their media performance, down to the incremental sales their media is driving. Brand teams can have access to the data they need to effectively target their media and the e-commerce website click-through experiences to convert their viewers. Shopper teams, by working with brand teams and tapping into brand and e-commerce budgets, can think more strategically about building their businesses in a digital world," they explain.
Read full the American Marketing Association article to learn more about Libby, Jenny and Jill's further thoughts on this exciting industry topic.
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