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*This content has been adapted from our full-length Movers and Shakers video podcast, The Impact of Apple Privacy Changes on Digital Marketing.
I know Porch Group Media has done a lot of work forming digital audiences and leveraging insights. Todd, what are your thoughts on how brands can reach those precise audiences?
I think a lot of brands can identify with this type of persona, Maggie the Millennial.
You need to then think about how do I reach these consumers in a way that matters? How do I reach them in Meta or in Snap or what are the right media channels to reach Maggie the Millennial?
You don’t have to worry so much about the optimal media platform if you have their contact info – here is where Maggie lives, and her email and phone number. If you have those secure rich, persistent identity elements, then you can find her on all those platforms.
This concept of media planning and the most cost-effective way to reach Maggie flips into knowing how to reach all Maggie the Millennial personas in the US today.
So what’s the most cost-effective mix of impressions across all channels? That’s where you start to see a difference in media planning. It now becomes audience planning, which is really a nice, powerful offshoot of these privacy changes.
The ecosystem is realizing how valuable this rich consumer identity is on a first-party basis, and how it can be used to interact with consumers. The Retail Media Network landscape is really emerging for some big brands like Walmart or Target and these huge powerhouse retailers.
What we’re seeing is that this model really fits companies that have a strong relationship with their customers, especially if they’re delivering products to those consumers and know the shipping and billing address of that customer.
It quickly went from broad retail media networks to vertical-specific media networks like Disney or Marriott.
So if a company has a strong relationship with consumers and does business with them, they can allow other brands to connect to those consumers on an identity basis. Consumers can be mapped through for impressions, whether those consumers are on our properties (such as websites or brick-and-mortar stores) or other properties via by knowing that identity.
First-party data opens up opportunities for these media networks, and this may be where we are seeing affecting market share from some of these big walled gardens like Meta or Snap.
Retail media networks offer those same types of services, which are addressable customers using first-party data or rich descriptive elements that have been shared with us by consumers. Using that data, match-back elements can be tied to ad units so marketers can start to see where spend is going.
There are a lot of companies hedging the bets that this is what brands are looking for in order to make up that scale that is lost from privacy changes.
This is where you have some winners and then some stragglers. The winners are those companies who have engagement with their customers and are communicating with them on a frequent basis.
If you have CPG types of products and are more removed from your customers, then it’s more difficult to reach them and communicate with them. Hats off to the Lowes of the world who have realized that they have huge audience segments, they know a ton about them, and they can be monetized.
Businesses need to find ways to extend monetization in all their assets. More businesses are starting to do this, and it is getting more fragmented but at the same time, extremely accurate solutions are being developed to help brands find their customers.
Movers & Shakers Podcast by Porch Group Media
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