Marketing
13 January 2023
Lowe's brings retail media in-house
Operations, sales and advertising for the One Roof Media Network will be handled by Lowe's teams.
Photo by Marques Thomas on Unsplash
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Lowe’s retail media network operates under the banner of One Roof Media. Fittingly, it is now bringing more of the network’s operations in-house.
The news: Lowe’s will move all operations, sales and advertising teams for its retail media network under the One Roof Media Network. With the exception of a few partnerships, the home improvement giant will no longer work with outside tech companies agencies, effective Jan. 31.
What are the exceptions? Lowe’s said sponsored search and product ads will still be powered by Criteo, while Yahoo will power offsite advertising that uses the Lowe’s network and data, such as digital out-of-home, addressable TV and connected TV.
Does this come with improved capabilities? Yes, Lowe’s also said it launched new advertising technology features for the network. These include:
- Improved first-party data tools, such as search and transaction insights that allow better targeting.
- More efficient launch of Lowes.com campaigns, including points of activation and measurement.
- Additional in-house experts that can help with search campaigns, while acting on integrated partnerships across Lowe's merchandising, marketing and operations.
Key quote: "This is the next step in becoming a best-in-class media network and delivering white-glove customer service for our brand partners," said Jen Wilson, SVP of enterprise brand and marketing at Lowe's, in a statement. "Managing these functions internally under one roof will enable us to build stronger, more compelling campaigns better aligned with our brands and customers' interests and needs, which in turn will drive increased shopper engagement and greater ROI for our advertisers."
Is Lowe’s making progress with retail media? Yes, the network launched in 2021. It currently serves more than 200 clients, such as Moen, Stanley Black & Decker and Whirlpool Corporation. Through advertising on its ecommerce site and other properties, the network helps brands connect with a customer base of more than 100 million shoppers.
What it says about retail media:
Cross-category: Much of the attention on retail media is focused on Amazon, Walmart and grocery businesses such as Instacart and Kroger. Their large assortments and well-trafficked marketplaces lend well to the advertising models. Lowe’s progress on this front is a sign that there are retail media opportunities in specific categories beyond the widest retailers. The key components are a marketplace with lots of visitors and capabilities to leverage first-party data and run advertising. What you’re selling is less important. The potential for growth into new areas of commerce is one reason why eMarketer projects retail media spend will reach $61.2 billion in 2024 in the U.S., which is nearly 20% of total digital ad spend.
Going under one roof: While retailers are the names on all of the retail media networks that launched over the last couple of years, many of them are powered by tech companies and agencies that do the lifting and provide the systems behind the scenes. But with growth, there are opportunities to build an internal team. Lowe’s is opting for this path. As others follow, it’s a big reason why retailers will look more like tech companies going forward. It begs a question: Will this give way to consolidation among tech providers as a result?From Your Site Articles
- Lowe’s pilots faster delivery at fulfillment center, select stores | Supply Chain Dive ›
- Lowe’s new partnership with Yahoo illustrates the maturation of retail media | Retail TouchPoints ›
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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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