Vibenomics

The Sights and Sounds of Retail Media In-Store

IAB: Opening the doors for in-store digital advertising and display

The Interactive Advertising Bureau (IAB) has included in-store digital advertising, along with onsite and offsite solutions in its 2023 Retail Media Buyer’s Guide. With U.S. retail media spend projected to increase from $31B in 2021 to $61B in 2024, accounting for over 17% of total U.S. digital ad spending, this growth highlights the vital role of in-store advertising in driving retail media and enhancing consumer engagement.

As in-store shopping continues to attract a larger audience compared to online platforms, the significance of digital retail media ad spending becomes even more apparent. Digital retail media ad spending is estimated to reach $40.81 billion in 2022 — more than triple its pre-pandemic levels — and expected to reach $61.15 billion in 2024. According to Forrester’s 2022 Retail Media Ad Sales Report, experts predict ad revenue growth across retail media networks in the U.S. market will double over the next four years.

By incorporating in-store offerings into their overall Retail Media strategy, retailers enhance the customer experience and enable effective mid-lower funnel advertising, empowering brands to target consumers at a critical point in the buying journey. This approach allows brands to deliver personalized messages that resonate with shoppers, increasing engagement and the likelihood of conversion.

Some effective mid-lower funnel strategies involve retargeting users who have previously interacted with a brand and utilizing dynamic product ads to showcase relevant products or services. These strategies aim to re-engage and remind users of their interest, increasing the chances of conversion and driving sales.

The In-Store digital advertising solutions, as described in the Buyer’s Guide, include multi-touch models and omnichannel strategies, enabling retailers to optimize and assess the effectiveness of in-store digital messaging. This definition reflects the evolving retail landscape in our dynamic “phygital” world, where physical shopping experiences meet innovative technologies to deliver an elevated and interactive consumer journey. 

Mood Media’s acquisition of Vibenomics creates a single point of integration for retail media platforms to access, deliver, measure and evaluate on-premise digital impressions via multi-touch models and omnichannel strategies such as the following:

Brands can tap into the value of retailers’ first-party data to utilize the digital technologies of retail media networks (RMNs) and leverage their in-depth understanding of customer preferences and behavior. The result leads to brands effectively targeting the right customers with their ads and campaigns, maximizing the impact and relevance of their marketing efforts. These innovative in-store strategies can help retailers create a dynamic, immersive environment, captivating shoppers, encouraging interaction and driving sales and customer loyalty.

As the IAB and its members have incorporated in-store digital advertising into the retail media buying landscape, there is a growing demand for modernization from brands seeking simplified and innovative approaches aligned with modern measurement standards.

Embracing the “phygital” shift in our changing ad landscape

The IAB has recognized the importance of in-store digital advertising for retailers and brands who want to engage consumers more effectively at the point of sale. Unlike the traditional, segmented approach, omnichannel strategies integrate onsite, offsite and in-store channels seamlessly, providing customers with a streamlined and cohesive shopping experience. 

This shift towards omnichannel strategies has benefitted retailers, with omnichannel consumers making purchases 70% more frequently. Phygital environments are an advanced iteration of omnichannel retail, combining in-store experiences and the technology of online environments. Brands and retailers must embrace digital solutions and personalized experiences to thrive in the evolving retail landscape. There are various options available for advertisers to capitalize on this trend. For instance, Kroger and Hy-vee have ventured into digital audio in-store to improve the customer experience and increase sales. 

Achieving retail objectives with a dedicated retail media team

Brick-and-mortar retailers should leverage retail media teams to carry out advertising strategies, monetize their physical spaces and enhance their revenue streams. Retail media teams can:

Vibenomics and Mood Media dominate retail media in-store advertising solutions

Vibenomics is a single integration point for retail media platforms to access, deliver and measure in-store digital impressions. With Mood Media’s advanced on-premise digital solutions, Vibenomics offers a turnkey solution – simplifying ad-buying and enhancing retailers’ owners’ management of customer experiences. This strategy equips brands and retailers to maximize and measure the impact of in-store digital messaging via multi-touch models and omnichannel approaches.

Over six years, Vibenomics has helped U.S. retailers increase purchase likelihood by up to 77% using audio in-store advertising. Understanding the needs of brands and retailers, Vibenomics has worked to create a simple solution for managing their owned and operated assets while integrating smoothly with other media in their stores.

Retailers can’t deny the importance of in-store digital advertising. Vibenomics, now within IAB’s 2023 Retail Media Buyer’s Guide, is undeniably positioned to provide retailers with in-store solutions that complement and strengthen the effectiveness of Onsite and Offsite strategies.

###

About the Author

Paul Brenner

Vibenomics // Senior Vice President, Retail Media and Partnerships 

With more than 25 years of experience in media & entertainment and advertising technology leadership, Paul Brenner served in several c-suite roles including division President with Emmis Operating Company [NASDAQ:EMMS]. As President of NextRadio/TagStation his work focused on global innovation through FM Chip activations in all smartphones for audience measurement, improved in-car user experiences, and data attribution platforms for all broadcast radio. In 2019, Paul joined Vibenomics as Chief Strategy Officer to help develop the go-to-market strategy for the company’s first-to-market Audio In-Store advertising solution. Following a successful launch, Brenner was promoted to President of Audio OOH to oversee all efforts surrounding revenue-generating activity and related partnerships. After the company’s recent integration with Mood Media, Paul was promoted to SVP of Retail Media and Partnerships, where he works to evangelize and innovate the In-Store segment of Retail Media.

Vibenomics Employees Named Members of IAB Committees

With the growth and monetization of the evolving digital landscape in the retail media industry, Vibenomics is proud to announce that Michele Oger, Retail Media Account Director, and Paul Brenner, Vibenomics Chief Strategy Officer and President of Audio Out-of-Home, will represent Vibenomics as members of the Interactive Advertising Bureau (IAB) Retail Media Committee. The goal of the Retail Media Committee is to elevate the industry profile of the Retail Media Network (RMN) category, to create best practices, and to educate the marketplace on RMN value around: first party data, e-commerce, future of shopping and consumer behavior, ROI delivery, as well as to educate RMN internal teams on the intricacies of digital ecosystem. This initiative follows Vibenomics’ commitment to the new advertising sales channel with the hiring of Oger and the transition of Joe Wickman to Retail Media Advertising Director. 

Vibenomics is eager to announce that it will also have employees sit on the following committees and groups: Measurement & Attribution Committee, Identity & Audience Data Committee, Automation Committee, and the Open Direct Working Group. Multiple employees will be representing Vibenomics, sharing their industry knowledge, and gaining valuable insights within the advertising industry. In addition to committee and group involvement, many employees have begun taking designated IAB courses with topics including digital fundamentals, programmatic, data, digital video, and audio. Vibenomics has previously taken advantage of the IAB’s leading advertising initiatives by participating as a sponsor and presenter at the 2020 Newfronts alongside media giants such as Snapchat, TikTok, Barstool Sports, Facebook, and more. 

About IAB 

The Interactive Advertising Bureau empowers the media and marketing industries to thrive in the digital economy. Its membership comprises more than 650 leading media companies, brands, and the technology firms responsible for selling, delivering, and optimizing digital ad marketing campaigns. The trade group fields critical research on interactive advertising, while also educating brands, agencies, and the wider business community on the importance of digital marketing. In affiliation with the IAB Tech Lab, IAB develops technical standards and solutions. IAB is committed to professional development and elevating the knowledge, skills, expertise, and diversity of the workforce across the industry. Through the work of its public policy office in Washington, D.C., the trade association advocates for its members and promotes the value of the interactive advertising industry to legislators and policymakers. Founded in 1996, IAB is headquartered in New York City.

Vibenomics Gains National Attention Following IAB Newfronts

As a new entrant to the digital out-of-home space and first-time presenter at IAB Newfronts, Vibenomics presented a compelling ten-minute video filled with research, strong voices from OOH industry leaders, and dynamic visuals. As a 2020 Newfronts rookie, Vibenomics gained immediate attention from the market. 

Additionally, the presentation announced a new partnership with Vistar media that will allow media buyers to purchase audio inventory on the platform that they know, use, and trust. We look forward to this partnership and the way it will provide brands and advertisers the ability to leverage the flexibility, automation, and targeting that Audio Out-of-Home™ advertising provides. 

Following the presentation on June 24, Vibenomics garnered national media attention almost immediately with a feature in a story run by AdWeek, as well as generous compliments during the Newfronts Livestream from host, Scott Rogowsky.

“Vibenomics made a splash—ironically for an audio company—with a visually arresting presentation about its product, which many brands might not know.”

For more information on how your brand can leverage AOOH as a part of your in-store advertising strategy, visit go.vibenomics.com/Newfronts

Vibenomics Maintains AOOH Growth Momentum as 2020 IAB NewFronts Presenter

In recent weeks, our world has changed in unimaginable ways – shifting how consumers work, shop, play, travel, and live. Given new restrictions and consumer preferences, the world of digital advertising and media habits have transformed as a result. 

While IAB NewFronts may look different this year, Vibenomics is excited to be a presenter at this year’s immersive, digital event. Planned around the themeInsight. Inspiration. Transformation., there could not be a better time for brands and agencies to be introduced to our unique offering – Audio Out-of-Home™ advertising. Brands and agencies are seeking innovative ways to spend unallocated dollars and new offerings continue to emerge as buying behaviors change. 

“Just look around at the innovation we are seeing in production, storytelling, and building immersive virtual experiences. That’s how fast things have changed. This is one NewFronts no one should miss,” notes David Cohen, IAB President

As a new entrant to the advertising market & first-of-kind offering, the IAB NewFronts event will be critical to the continued acceleration of our Audio Out-of-Home™ advertising growth. “Vibenomics is an evolutionary change for a new category of ad spending. We bring in-store media into programmatic’s world with ease of buying, targeting, transparency and proof of performance through POS attribution. IAB Newfronts is an ideal showcase for the great things we have been developing and are now ready to share our insights with this buying audience,” says Paul Brenner, President of Audio OOH and Chief Strategy Officer for Vibemonics.

We are eager to introduce the Vibenomics Advertising Market to the world’s largest brands and the research supporting the power of audio advertising alongside other confirmed presenters like Hulu, Youtube, Facebook and more.

Read the full release from IAB about the digital experience and confirmed presenters here.