Evaluating and Scaling Your Retail Media Network

by | Aug 11, 2022 | Ad Networks, Digital Advertising, Media, Retail, Retail Media

With so much rapid change in the advertising and media landscape, organizations of all shapes and sizes are being pressed to examine and evolve their retail media networks. This can be challenging given different revenue models, interconnected companies, security and privacy concerns, and many other considerations. So how do you know where and how to improve your retail media efforts – what makes sense to invest in, what makes sense to stay away from – and what does the future of your vision for retail media even look like? 

At V2, we are here to help you. For more than 17 years, we’ve developed enterprise media and entertainment solutions for companies worldwide. We understand the environment and challenges for growing retail media teams — many of our team members are former media executives themselves. With a firsthand understanding, technical expertise and experience, we are here to help you determine a successful path forward.

Okay, enough about us; let’s dive into how and where to look to evaluate your growing retail media network.

 

 Getting Started: 3 Key Questions to Ask

 

1. What Are Your Top Sales, Operations, and Reporting Challenges?

To begin, we recommend running diagnostics focused on your main pain points. This exercise will help you to draw insights from across different disciplines, while creating buy-in with different teams. Organizing challenges into three buckets – Sales, Operations, and Analytics & Reporting – will help you to hone in on delivery gaps, broken and inefficient processes, and frustrations felt across teams.

 

 

Common Retail Media Network Challenges

Sales

  • Inaccurate proposals, quotes, and orders
  • Inconsistent pricing and discounts
  • Lack of visibility into available inventory
  • Inconsistent approvals and workflows
  • Ineffective or non-existent Next Best Action (NBA) and Next Best Offer (NBO)
  • Lack of upsell/cross-sell capabilities

Operations

  • Highly manual processes to create multimedia plan
  • Significant “swivel chair” and manual processes
  • Manual contracts
  • Weak to no yield optimization
  • Inaccurate media plans and orders

Analytics & Reporting

  • Lack of visibility on campaign performance
  • Inconsistent actuals versus weighted pipe for analytics and data
  • Insufficient data for accurate forecasts
  • Limited access to consolidated information across different systems, third-party providers, etc

2. Where Are You Investing Your Energy?

How is your company spending its time and energy? Are your best people working on value-creating activities that truly move the needle on your business, or are they mired in non-valuable administrative tasks? Sadly, many times it’s the latter, particularly when you’ve outgrown your current retail media solution.

Defining Your Energy Spend

Value-Creation Activities

  • Strategy and planning
  • Demand generation and prospecting
  • Customer meetings and negotiations
  • Managing client and vendor relationships
  • Inventory optimization

Non-Valuable Administrative Tasks

  • Connecting data from multiple systems
  • Searching decentralized product info
  • Discerning inventory availability
  • Managing multiple ordering systems 
  • Redundant data entry 
  • Campaign/IO ReWork
  • Spreadsheet quotes 
  • Offline contracts
  • Manual approvals 

3. What Is The Cost of Doing Nothing?

In the ad spend space, there’s no shortage of challenges. While you may be able to overcome or tolerate certain pain points, it’s time to reconsider your strategy when profits and growth are on the line. Here are some signs that you need to begin scaling your retail media network now:

  • Suboptimal inventory utilization
  • Revenue leakage
  • Suboptimal revenue per customer
  • High operational costs
  • Margin erosion
  • Inefficient planning

Building Your Strategy:

Walk, Run, and Fly Growth Models

How do you put a retail media strategy in place? Here at V2, we recommend a “walk, run, fly” approach based on three different growth models that can be helpful to reference as you look to plan and organize yourself for growth. We have identified these models from years of talking with top-tier media (and now retail media) companies that looked to V2 for help in scaling their capability leveraging Salesforce. There are any number of ways to build or scale your retail media network to be sure – but we’ll guide you through a few of our strategic recommendations to help you achieve your goals. More than just a Salesforce implementer, we are your strategic partners and advisors.

Walk, Run, and Fly Growth Models

Walk
  • Optimized CRM foundation to scale for ad sales business model
  • Account planning and multiparty design to manage brands and agencies
  • Centralized RFP and tent pole event planning features and functionality
  • Simplified opportunity entry and pipeline management
  • Sales activity capture and key meeting management
  • Simple sales performance and pipeline reporting

Run

  • Opportunity management with CPQ for advanced pricing and packaging
  • Centralized rate card and inventory availability management
  • Advanced contract lifecycle management for IO generation, e-sign and document management
  • Pre- and post-sales collaboration and integrated ad operations workflow
  • Lite campaign booking features
  • Advanced revenue reporting

Fly

  • Advanced media planning with seller enablement and AI to assist campaign creation, planning, and tactics
  • Advanced digital ad server integrations to simplify process from opportunity to digital campaign
  • Centralized, near real-time views in campaign performance for onsite and offsite and closed loop marketing
  • Self-service portal for brands
  • Data clean room functionality for advanced audience selection

Building & Scaling

Your Retail Media Network With Salesforce

Over the past 17+ years, V2 has developed custom solutions to solve complex ad sales and retail media challenges. Now, with the launch of Salesforce’s Advertising Sales Management (ASM), we’re able to solve many retail media network challenges without the heavy lift of custom code development to enhance or create capability where it didn’t exist, and we can now rely more so on lighter weight configuration of Salesforce ASM due in large part to the unique and industry-specific Salesforce Media Cloud data model. 

With Salesforce’s Advertising Sales Management, you can leverage industry-specific workflows, built-in automation, and real-time analytics that will help you to:

  • Accelerate sales, streamline operations, and optimize campaign performance
  • Drive visibility and profitability with a converged platform
  • Monetize underutilized cross-channel ad inventory through intelligent recommendations
  • Automate and streamline ad operations and sales
  • And much more…

In our next post, we’ll talk more about Advertising Sales Management, to help you determine if ASM is right for you. In the meantime, check out four ways to prepare four digital transformation with ASM, and contact us to discuss your retail media goals and challenges.

Posted In:

← Return to All Posts

Who We Are

V2 is a leading boutique management & technology consultancy in the Salesforce ecosystem. Since 2005, we've built a respectable client list of well-known brands and fostered a culture of excellence, diversity, inclusion, and growth.

What We Do

V2 supports business and technology transformation initiatives across a range of industries. We take a holistic approach to solving client challenges by focusing on people, processes, data and platforms, and partner with best-in-class technology solutions including Salesforce and Snowflake.

How We Operate

V2 is an independently owned consulting firm that delivers a unique customer experience by combining proven enterprise capabilities, fair & reasonable pricing, a flexible delivery model, and a white-gloved approach to client success.

Industries

V2 understands the nuances of your industry including key trends, process flows, roles & responsibilities, data structures, and technology integrations. We'll speak your language on day one and share proven, innovative approaches to help you drive business and digital transformation in a competitive landscape.

Featured Insights

V2 believes that providing world-class consulting services begins with a passion to listen, learn, analyze, debate and share. While we certainly retain some of our "special sauce" for clients, we feel it's important to highlight our perspective and insights on a range of relevant topics.