How to navigate Retail Media success with your Joint Business Plan

The era of omnichannel media and omnichannel Retail Media has arrived. In an environment where retail media spending is expected to increase significantly but brands and marketers are under ever increasing scrutiny on the performance and value that their marketing spend achieves, the joint business planning process allows both brands and retailers the ability to maximize the effectiveness of marketing dollars in furtherance of their goals.

Brands and retailers that lean into the JBP process are able to achieve significantly better ROI on their investments on both sides of the equation. For Brands, that can mean using your retail media spend for more targeted audiences to grow your share in key demographics, or innovative activations, like in-store pop-ups. Retailers can coordinate across merchandising and retail media for ad spend that grows sales in key categories or verticals, while also driving high margin ad revenue.

Retail media is constantly growing to encompass more surfaces and experiences. Investing the time and energy to improve outcomes from the JBP process can increase ROI by 10%, making it worth everyone's time to improve. And as retailers for more brand dollars and expect more investment from their brand partners, finding ways to deliver more value for brands and help achieve their growth goals is the best path to unlock increase investments over time. A well-crafted JBP can truly be a joint win-win that accomplishes everyone's goals period.

But how can brands and retailers make the most of their JBPs in an omnichannel environment? Microsoft Advertising partnered with DSI (Digital Shelf Institute) to answer this question and provide insight into how to make this easier, and what to avoid. We conducted a comprehensive study on the best practices and optimization strategies for JBPs, interviewing 18 senior-level executives across retailers and brands, who shared their insights and challenges on JBP process. The study also provided a framework and a checklist for JBP success, which can help brands and retailers improve their collaboration and performance.

Access and download the report today at: Joint Business Planning | DSI (digitalshelfinstitute.org)