Industry News
NEWS AND UPDATES FROM THE MEDIA INDUSTRY
Is the Retail Media Network boom here to stay?
A McKinsey & Company report has found that even as U.S. companies cut marketing budgets and spend less overall amid economic uncertainty, retail marketing networks (RMNs) are attracting a larger share of advertising expenditures. But to capture, drive, and retain those advertising dollars, RMNs must provide superior performance, give access to otherwise inaccessible audiences, and offer transparency. Other findings in the report include:
- Advertisers favor channels with on-site display and video advertising, which provide the highest rate of return.
- Paid social media is also critical. Almost one-fifth of advertisers surveyed cited it as their first choice, tied with on-site display advertising.
- Most advertisers are willing to spend as much as 10 percent more for additional features that help them make better-informed and more timely decisions about how they allot their marketing budgets.
Read more of the McKinsey report here.
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