Retail media and data monetization is a hot topic right now, with many discussing how retailers need to move fast to capitalize on this opportunity. Retailers using their own customer data to generate additional revenue streams, beyond the sales of their products, is nothing new—but it is rapidly growing.
That’s why we’re discussing everything you need to know about maximizing your company’s alternative revenue.
For years, growing margins and revenue has been a top priority for executive teams, one that the pandemic has only heightened. As the landscape of a high-volume industry continues to evolve, coordination between sales, ad ops, and finance teams becomes increasingly difficult—leading to missed opportunities for increased revenue. In this blog, we’ll discuss the importance of aligning these teams for higher margins and more profitable growth.
Fandom, the world’s go-to entertainment and gaming fan platform, was hitting snags as its user base expanded to more than 300 million. Revenue operations teams were spread increasingly thin, with their energy divided between tasks they didn’t have the tools to accomplish efficiently. The company sought a supportive tech solution to alleviate forecasting and progress tracking pressures and free up employee time. Crucially, any new technology had to be intuitive and user-friendly—so team members didn’t end up with an even heavier workload.
As the U.S. stares down an economic downturn in 2023, it's clear that publishers have some problem-solving to do. Recessions have typically spelled layoffs throughout the media industry, potentially taxing a workforce that already has a higher churn rate than the national average. On top of this, many companies are seeking to diversify their models to weather the impending storm. This diversification, paired with the increasing complexity of ad buys, intensifies pressure on already overburdened media sales and ad ops teams.
Digital Transformations Create Opportunity In the Face of Challenge
The growth of retail media has been significant in recent years, with it now accounting for 11% of total ad spend according to a recent Forbes article. There are several factors driving this growth, including the increasing amount of time consumers spend shopping online, the rise of e-commerce, and the growth of mobile devices.
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