Retail Channels
08 March 2023
Best Buy launches self-service ad platform
My Ads comes as retail media continues to expand rapidly.
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Best Buy is giving brands more direct control over how they view the measurement and impact of retail media placements they buy on the platform.
The news: Best Buy is launching My Ads, a new self-service platform for retail media. It is designed to make it easier for brands and agencies to purchase, plan, view and manage campaigns that run within Best Buy's ecommerce marketplace. Currently, the platform is in pilot with seven partners.
How it works:
Initially, the platform will offer self-service reporting for onsite display and sponsored products campaigns. This means brands and agencies will have access to “near real-time” data for campaigns on the platform.
Insights will also be available, as well as the option to view and download campaign results based on adjustable criteria like time, products and campaign placements.
In the future, My Ads will allow partners of brands and agencies to gain access to the platform in order to build, view or manage campaign elements on their own.
Later this year, self-service reporting will roll out to all brand and agency partners.
Key quote from Keith Bryan, president of advertising and media at Best Buy: “We’re always looking for ways to make it easier for our brand and agency partners to collaborate with our teams. My Ads is one way that we are continuing to innovate and meet our partners where they are—allowing them to access our products and capabilities how and when they want them, in order to meet their ever-evolving needs.”
In the brands’ hands: As retail media continues to grow, brands want more direct access to information and data on their campaigns, so they can see the results that matter to them. Meanwhile, retailers want to make it easier for the brands to work with the platform. Self-service is designed as a “turn-key” solution to provide this.
“Best Buy’s My Ads reporting platform is huge step in the right direction from Best Buy. Being able to get under the hood with the self-service platform to customize how we see reporting and dive deeper into campaign performance as needed across tactics will enable a lot quicker analysis when needed and increase the ease of advertising through Best Buy Ads moving forward,” a Dyson spokesperson said.
Further reading: Self-service is among the features that a host of retail media networks are rolling out as they expand. Over the last year, DoorDash launched self-service capabilities, while Instacart upgraded its self-serve Ads Manager to provide more guidance and optionality to brands.Subscribe to The Current Newsletter
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Marketing
09 June 2023
'There's a lot of ways to frame value'
Campbell Soup Company CEO Mark Clouse offered thoughts on messaging amid inflationary shifts in consumer behavior.
Photo by Kelly Common on Unsplash
After months of elevated inflation and interest rate hikes that have the potential to cool demand, consumers are showing more signs of shifting behavior.
It’s showing up in retail sales data, but there’s also evidence in the observations of the brands responsible for grocery store staples.
The latest example came this week from Campbell Soup Company. CEO Mark Clouse told analysts that the consumer continues to be “resilient” despite continued price increases on food, but found that “consumers are beginning to feel that pressure” as time goes on.
This shows up in the categories they are buying. Overall, Clouse said Campbell sees a shift toward shelf-stable items, and away from more expensive prepared foods.
There is also change in when they make purchases. People are buying more at the beginning of the month. That’s because they are stretching paychecks as long as possible.
These shifts change how the company is communicating with consumers.
Clouse said the changes in behavior are an opportunity to “focus on value within our messaging without necessarily having to chase pricing all the way down.”
“No question that it's important that we protect affordability and that we make that relevant in the categories that we're in," Clouse said. "But I also think there's a lot of ways to frame value in different ways, right?”
A meal cooked with condensed soup may be cheaper than picking up a frozen item or ordering out. Consumers just need a reminder. Even within Campbell’s own portfolio, the company can elevate brands that have more value now, even if they may not always get the limelight.
The open question is whether the shift in behavior will begin to show up in the results of the companies that have raised prices. Campbell’s overall net sales grew 5% for the quarter ended April 30, while gross profit margins held steady around 30%. But the category-level results were more uneven. U.S. soup sales declined 11%, though the company said that was owed to comparisons with the quarter when supply chains reopened a year ago and expressed confidence that the category is seeing a longer-term resurgence as more people cook at home following the pandemic. Snacks, which includes Goldfish and Pepperidge Farm, were up 12% And while net sales increased overall, the amount of products people are buying is declining. Volumes were down 7%.
These are trends happening across the grocery store. Campbell is continuing to compete. It is leading with iconic brands, and a host of different ways to consume them. It is following that up with innovation that makes the products stand out. Then, it is driving home messaging that shows consumers how to fit the products into their lives, and even their tightening spending plans.
Campbell Soup is more than 150 years old, and has seen plenty of difficult economic environments. It is also a different business today, and will continue to evolve. At the end of the day, continued execution is what’s required.
“If it's good food, people are going to buy it, especially if it's a great value,” Clouse said.
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