Digital Retail Media Is a Brand New Industry With Mindy Fashaw, COO Of Pacvue - Episode 197
INTERVIEW WITH MINDY FASHAW
DESCRIPTION
This week we’re back with Mindy Fashaw of Pacvue to discuss more topics around digital retail media. We are digging deeper into retail media channels and how to measure performance according to actual business objectives, and not just the legible metrics.
Mindy Fashaw is the Chief Operating Officer at Pacvue. Mindy joined Pacvue from Newell Brands, where she led the Amazon Sales team for 3.5 years and had responsibility for nearly $1B in annual revenue across a large portfolio of industry-leading brands. Prior to Newell Brands, Mindy spent over 10 years at Amazon in various cross-functional roles, including Finance, Third-Party Account Management, Instock Management, and Vendor Management. Mindy has strong subject matter expertise across many disciplines at Amazon and is extremely passionate about data-driven decision-making and helping to streamline operations to maximize revenue.
“Retail media is a sub-industry of eCommerce, and there’s an evolution in it.”
KEY TAKEAWAYS
In the future, there will be more eCommerce marketplaces, more last-mile delivery platforms, and accordingly - more retail media channels.
There will be more new platforms, but they will be vertical-specific: Gamestop, Wayfair, Chewy, and GoPuff are targeting a C-store customer.
There are more niche players entering the space and more of our purchasing activity migrates online.
Have the strong data and financial analyst at your side to be able to spot opportunities and measure them. Model out your thoughts.
From a framework perspective, it really comes down to the numbers, it comes down to the math, the data, and what it's telling you.
It's important to have a data-driven approach.
It would be a miss to not have ads on some newer platforms because it can be a really strong revenue stream. Think about how you could leverage ads to get to know your customers better and faster.
Smart companies outsource what they are not good at.
Getting to know the consumer.
The industry is going to become a lot more convoluted - you really need the thought rigor of being able to really hone in and figure out what makes sense for you and your business from an investment perspective.
When talking about performance media, data is one of the most critical things that brands want or that advertisers want. Retailers and platform owners are going to have to figure out how and where they share more of that data.
Where the retailer owns their own ad platform, that's where there's more control.
Instacart rolled out their self-serve ad platform - promoting the data that they were sharing with advertisers was a real benefit. Instacart wanted to share more than what advertisers could get from other platforms around the market, basket analysis, and share of category.
Amazon started to open up and share a lot more data, like item-level glance view data.
Sharing more data with advertisers and brands selling on Seller Central in particular, you can get a pretty good view of what behavior demographics, and shopping activities a customer has when buying from your brand.
There are a lot of channels to allocate across in the future. Number of channels is relevant to you, your team structure, your org size, and really the size of the business opportunity. 10 channels are recommended.
If you're tackling 75% of what's most relevant to your business, you're likely already capturing those consumers in that investment.
Best performing clients at Bobsled allocate 10% of their BAU budget to more speculative bets or “innovation”. This could be new channels or platforms, but it could also be a new bidding or targeting option that Amazon just launches or a beta program. Pacvue typically recommends 5-10% depending on company size (a large company with a large budget might mean 5%).
Pacvue has a test and learn framework where they're testing multiple different things with clients every quarter, and how your test and learn process look like against your pulse budget.
Digital Retail media is a brand new industry - what’s new is the self-service aspect.
MENTIONED IN THIS EPISODE
Connect with Kiri Masters
Connect with Mindy Fashaw
Learn more about Bobsled Marketing
Learn more about Pacvue
Register for Q2 2021 CPC Report: Amazon PLUS Walmart Performance Data Webinar on 7/21
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Listen to episode 195: Retail Media Assessment Criteria With Mindy Fashaw
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