Imagine if your brand could connect directly with your ideal customers, allowing you to accompany them every step of the way, with data-driven and targeted marketing that effectively transforms web surfing into purchases. This dream scenario has left many businesses in fear of falling behind in retail media.
In the US, the retail industry has already embraced the concept of retail media, generating billions of dollars in revenue every year. The future looks bright — increased sales, deeper customer insights, and better customer experiences. But are we there yet? Well, not in Sweden. That’s precisely why I advise companies to resist the temptation to rush into retail media without doing their homework first.
Swedish businesses face two major obstacles. Firstly, the technological solutions for retail media available in the Nordic region are still relatively new, which means high investment costs. Secondly, many Swedish companies lack the sales volume required for their investments to pay off. This can lead to companies either putting investments on hold or forcing them to develop their own, short-term solutions.
Firstly, the technological solutions for retail media available in the Nordic region are still relatively new, which means high investment costs.
What we can say with certainty, however, is that more standardised and cost-effective solutions are on the way. The market is developing quickly, offering significantly more pre-packaged retail media solutions compared to a year ago.
There’s every reason to start looking into the potential of retail media now,. but remember – it’s, a marathon, not a sprint. You first need to evaluate your company’s current position so you’re ready to adapt as the technology evolves — helping you become “retail media ready”.
Take these key steps to prepare your company to use retail media effectively:
- Conduct a thorough analysis of your current marketing strategy. See where retail media can add value. Strategic and financial analysis provides a good basis for making the right business decisions.
- Start with small-scale pilot projects targeting specific products or markets. Implement trial-and-error testing to try out various approaches and fine-tune your efforts by adapting your messaging. These tests can give you an indication of the effectiveness of retail media and provide valuable insights to support future decisions.
- Scale up gradually. Use what you’ve learned from the pilot projects to scale up your activities. Ensure that the data collected from the pilots are used to adjust and optimise your campaigns.
I advise companies to resist the temptation to rush into retail media without doing their homework first.
Retail media holds great potential, enabling. businesses to engage with customers and optimise their sales processes in a new, much smarter way. From the first moment of interest to the final purchase, retail media helps brands create an intuitive customer journey that drives sales.
However, to make sure that both your business and customers can gain the benefits of retail media, you need a strategy that combines patience with smart planning. Hasty decisions can lead to financial losses and missed opportunities. With the right analytics and strategy, you can significantly improve your company’s marketing efforts, driving better engagement and results.
