The IAB has released new guidelines to improve measurement across retail media networks (RMNs), with the aim of making the industry more standardised and attractive to advertisers. The guidelines are open for public comment until 13th October. A recent IAB study revealed that 62% of ad buyers cited the lack of measurement standards as a top challenge to continued growth.
RMNs are appealing to brands as they have access to deep customer knowledge, allowing them to personalise ads and gain insights. This is especially valuable for brands that don't have the same level of purchase data and other insights that retailers have, as privacy regulations such as GDPR and CCPA have made it more difficult to obtain first-party data. RMNs enable brands to understand customer behaviour and provide closed-loop measurement, as well as understanding the impact of media on outcomes.
The IAB collaborated with the Media Rating Council (MRC) to create the IAB/MRC Retail Media Measurement Guidelines, which focus on four key areas: transparency and consistency, accuracy and reliability, privacy and security, and compliance with industry standards. These guidelines ensure advertisers have confidence in RMN campaign reporting, as well as recommending that RMN measurement tools and methodologies are regularly checked for accuracy and calibrated.
The IAB study also found that advertisers are increasing their RMN budget - on average, by 11% this year over 2022 - and reallocating funds from digital platforms and traditional media non-advertising “shopper/trade marketing”. The key reasons for investing in RMNs are the ability to reach new/incremental audiences, access to first-party data, performance and access to highly engaged audiences at point-of-sale.
To ensure RMNs continue to be successful, the IAB's new guidelines will be invaluable. They provide a framework to ensure transparency and consistency, accuracy, security, and compliance with industry standards, allowing advertisers to have confidence in their RMN campaigns. The guidelines also provide guidance on in-store measurement, covering digital channels as well as in-store digital place-based (DPB) environments. As RMNs become increasingly popular, the IAB's new guidelines will be essential to ensure success.
Originally reported by Martech: https://martech.org/iab-releases-new-guidelines-as-retail-media-networks-mature/
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