3P MEDIA: A KEY INGREDIENT IN YOUR TARGET RMN STRATEGY
In the realm of Retail Media Networks (RMN), 3P media emerges as a powerful tool, particularly in crafting a successful strategy at Target. Due to the spotlight on Roundel, many new clients are unfamiliar with this tactic. However, those who pilot 3P quickly onboard it as a crucial lever for their team’s success.
Right now, many of our clients are in the process of finalizing their Joint Business Plans (JBPs) with Target. I acknowledge that because Vendor Income (VI) remains a priority for Roundel, carving out budgetary space for 3P campaigns can pose a challenge. Nevertheless, 3P media holds a compelling rationale for inclusion and can add incremental value to any annual plan at Target.
Our goal is to allocate 20% of your media budget towards 3P tactics. However, in reality, many clients find themselves closer to 10% as they prioritize Roundel spends. At DIGITS, we meticulously map out all RMN channels, including their budgets, VI, and schedule. Intermixing 3P media with Circle, Search, Roundel Managed, and Roundel Programmatic channels crafts the perfect recipe for your brand’s success.
FUNCTIONAL REASONS TO EMBRACE 3P
New Inventory: The average shopper spends approximately 4 hours (or more!) a day on their phone. Roundel’s reach is purposefully self-limited to a specific set of apps and sites. DIGITS estimates this covers only around 1 hour of phone time per day. Incorporating 3P tactics enables you to reach the same shopper but in different placements during the remaining 3+ hours.
Creative License: Leveraging 3P empowers you to own and drive the creative message. Whether you’ve been yearning to use GIFs, videos, or explore other innovative formats, 3P provides the flexibility to unleash your creativity.
Control: With 3P, you regain control of the campaign. Lower minimum spends, faster turnarounds, quicker optimization, and tighter targeting are among the benefits that come with ownership.
CAMPAIGNS TAILORED FOR 3P
New Item Launches & Tent Pole Events: If it’s a “can’t miss” moment for you and your team, investing in 3P diversifies your tactics and allows you to double down on success to increase the odds you are reaching the priority shoppers.
Regional Programs: Whether you’re launching a brand into 300 stores or aiming to boost sales in specific demographics like Hispanic markets, 3P equips you with the tools to dissect the business and narrow the scope tighter than Roundel will allow.
Promotions: 3P media provides the opportunity to piggyback on General Incentive or Circle Week events, maximizing your promotional efforts with burts of impressions targeted at the most likely to impact shoppers
At DIGITS, we recommend embracing the full Target digital flywheel to support your business endeavors. With 3P media seamlessly integrated into your RMN strategy, you’re poised for unparalleled success in the dynamic retail landscape.
Dave Glaza, Founder & CEO of DIGITS, remains committed to bringing digital capabilities to physical stores!
LinkedIn: https://www.linkedin.com/in/davidglaza/
Follow DIGITS on LinkedIn: https://www.linkedin.com/company/digits-agency/
