In this episode of Retail Media Therapy, Dean Harris joins Viv Craske and Colin Lewis for Score My Strategy.
Dean assesses six strategic opportunities for a growing retail media network, scoring each out of 10 and explaining where retailers should focus their investment, resources and attention.
The central message: build a strong core business before chasing the next big opportunity.
Key discussion points:
1. Self-serve advertising
Self-serve can appeal to large brands and agencies with performance marketing teams, but it is not a guaranteed revenue generator. Retailers must consider their audience scale, competitive advantage, data quality, permissions, governance and technology investment before launching.
2. Agency engagement strategy
Once a retail media network has established a stable business and strong relationships with existing brand partners, agency engagement becomes essential. Success requires structured, long-term relationship building, clear differentiation, relevant insights and a compelling value proposition - not simply sending emails or requesting meetings.
3. Off-site media
Using retailer first-party audiences across platforms such as Meta, Google, TikTok, Pinterest and Reddit can extend campaign reach. However, retailers must understand the margin implications. Off-site activity may increase revenue while reducing net profit, particularly if it cannibalises higher-margin, retailer-owned media.
4. In-store digital screens
Screens can demand significant upfront capital expenditure, partner investment and long-term commitment. Retailers should assess incremental value, payback periods and the risk of shifting existing revenue between channels.
5. Influencer marketing
Influencer activity is an emerging opportunity, but its relevance depends on the retail category. Health and beauty may benefit significantly, while grocery networks may have more pressing priorities. Dean stresses the importance of saying no to good ideas to protect strategic focus.
6. AdTech orchestration
Improving connectivity and simplifying operations across media channels should be a priority. Retailers do not necessarily need a costly, all-in-one orchestration platform; they need to make their channels work together more efficiently for clients.
7. Creative solutions
Creative strategy is often undervalued in retail media. Dean highlights Co-op's co-creation approach, where dedicated creative and strategic planning can improve campaign performance and brand engagement. As campaigns span in-store, online, apps, CRM and off-site channels, joined-up creative becomes increasingly important.
Key takeaway:
Retail media growth is not about launching every new product or following industry trends. It is about prioritising opportunities that fit the business model, deliver incremental value and strengthen client relationships. Invest in the core, understand the economics, improve operational connectivity and make creativity a bigger part of the strategy.
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