How Macy's is Quietly Building a New Profit Center From Retail Media

Next in Media spoke with Michael Krans, VP Macy’s Media Network, about his recent move from Walmart, how he's trying to evangelize an ad sales culture inside a giant shopping organization, and why he's not worried about retail media saturation. Takeaways • Macy's Media Network is recognized as a growth area in the business, generating significant revenue and offering real-time, transparent measurement and reporting. • The retail media landscape is evolving and changing rapidly, with a growing number of retail media networks. Collaboration and sharing best practices among competitors can lead to collective growth and improvement. • Shifting the mindset of vendors to see retail media networks as strategic media partners is a challenge, but it is crucial for long-term success. • Measurement and analytics play a vital role in driving performance and optimizing campaigns. The ability to provide closed-loop, omni-level reporting is a competitive advantage. • CTV is an effective upper-funnel tactic that can have a halo effect on other advertising channels. The focus is on reaching addressable audiences and driving overall sales impact. • The integration of retail media planning and buying with other marketing functions is a positive trend, allowing for a holistic approach to media spend and better collaboration within organizations. • The future of retail media includes exploring new opportunities for in-store advertising, such as digital screens and audio, to enhance the customer journey and complete the omnichannel experience. Guest: Michael Krans Host: Mike Shields Sponsored by: Acast Produced by: Fresh Take

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