Welcome to the Movers and Shakers podcast. Join us as industry leaders and experts discuss important marketing topics and share actionable insights and unique perspectives on the latest marketing, strategies, technology, and trends.
*This content has been adapted from our full-length Movers and Shakers podcast, Position Your Business For The Future: The Rise Of CTV.
Michelle, tell us about the power of the Porch data and your new capabilities with Strategus and why this is so different and important.
Because we are part of Porch, we have access to a bunch of consumers that are within the move journey from the beginning of their move journey all the way past to the post-mover. Because of all of that data, that data is not out there in the ecosystem, so you cannot access that data through any other means than what we’re building within our retail media network.
We’re rolling out complete managed services which is another reason why Strategus is key because they match our managed services and our consulting approach to everything that we do. We really want to be able to have the ability to market across multiple channels to be able to get the most impressions we possibly can through that move journey. So often, the first brand tat contacts a consumer is who they decide they’re going to do business with. This is because they’re just so busy, doing so many other things within that move event.
And so since we’re part of Porch, we have data that is different than real estate data. We have real estate data, new connect data – all of those still available for us. However, we also rich first party data that is just completely unique and an absolute differentiator when we talk to the market. We have things like the ability to decide if somebody’s a long distance mover versus short versus a local mover. We also have the ability to say where somebody is moving to before they ever complete that move journey.
We also have the ability to connect home inspection attributes that somebody would get through a home inspection report. And all of this data is just completely unique.
So when Charlie and I met, we were talking and found out that one of their most successful verticals for their Connected TV platform was the home. When you think about it, it just made perfect sense for us to partner together because of all of their experience that they already have within that vertical.
Just to emphasize, the first-party data that Michelle was just talking about is an absolute game changer. It’s worth talking just about a bit about retail media networks as a whole. There is a really great article that e-marketer put out, that for all the watchers and listeners, I recommend you read it.
They’re calling retail media networks, the third wave of digital advertising. So, they’re saying the first was search, second was social, and the third is retail media networks. And that the third is going to be bigger than the other two, maybe, bigger than the other two combined. And, why it’s so important is this first-party data that Michelle discussed. With cookies going away, we need a new and better way to do digital media, which is creating these first-party audiences we just talked about, measuring them, and then getting attribution to help improve performance.
And with first-party data, all three of those increase dramatically. It’s estimated that this, and this number blew my mind, but it’s estimated that in two years, the spending on retail media networks is going to surpass $60 billion.
Now to put that into perspective, in the same time period, and this is by the same people who are doing the measurement, linear TV is going to be $67 billion.
So currently, most retail media networks only do search, social, and they do display. But the only way you’re going to get to $60 billion is if you’re doing television. And right now, there’s just three, with hundreds of retail media networks popping up, only three are doing connected television with any kind of scale and sophistication.
One is Amazon. Thursday night football is the future of advertising. It’s NFL content on top of a retail media network. And the ads are being targeted differently and the sales are being registered at Amazon and Whole Foods to provide closed loop reporting.
So you have Amazon, you have Wal-Mart, and you have Kroger and the fourth is going to be the Porch Group Media Network.
That’s a pretty good crowd to be included in so that’s exciting.
They’ve got their own strengths, but for these vertical markets, nobody else has it.
A lot of times when people think of Porch, they think of that pre-mover and that mover timeframe. Within our media network, it actually goes beyond just the mover.
We go from mover all the way to an entire homeowner’s journey. We are able to understand that once they move into that home, there are still tons of marketing opportunity there. And just understanding the consumers that live in the home, the size of the home, the property data, the contact data, and being able to do one-on-one email campaigning to them. And then being able to add direct mail. That’s another thing that’s a really big part of our media network, that’s different. We have all of the digital execution available, display, paid, social video, pre-roll, all that kind of stuff is still available, but we also have the ability to go all the way back to direct mail.
We have every single channel completely included within what we’re doing and then we take it all the way back down to measurement.
When I talk to brands, it’s so funny how excited they get about measurement. Because just being able to prove that it worked and take someone all the way through the funnel is powerful.
On the slide, it talks about Melissa. We have the ability to track Melissa through all of the different channels, through all that we know about her, and take it all the way through to the buy.
So we can tell if she bought, what she purchased and when and how much she spent. So that’s really being able to do true LTV to CAC, and being able to really understand the benefit that the brand is getting because that’s what it comes down to. They have to see the benefit and buy into the benefit that they’re getting from all that we’re doing for them. So that’s where the whole close-loop reporting comes in.
You remember in the beginning, I mentioned good strategy, great execution, and that drives terrific efficiencies. It’s really somewhat of a marketer’s dream and I think when you’re firing on all three cylinders. That’s when you know you’ve found a good partner and that can just really benefit so many areas of your business.
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