Q & A: The Power of Audio for Retail Media Network Campaigns
Apr 24, 2024You have questions on how, when, and why to leverage audio with retail media networks. We have answers from our in-house expert, Adam Ross. Adam is well-versed in digital marketing, shopper marketing, and our retail media network partnerships.
On the heels of the release of our Retail Media Network and Audio Playbook, we sat down with Adam to pick his brain on the opportunity for retail media network advertisers to add audio their buys. Let’s get into it.
Audio is an Off-site Extension for Retail Media Networks
Question: SiriusXM Media’s retail media network partnerships have grown to include eight leading networks today. How did we get here? What led us to solidify these partnerships?
Answer highlight: “We, as a company, really began building out our shopper marketing portfolio and working with big suppliers on a direct IO basis. So that way, when retail media really began to launch, going back about 4-5 years ago, we were already working with many of their suppliers. And we were primed to serve as an off-site extension for retail media networks to help them get more advanced messaging and storytelling to their shoppers and really to extend their platform and extend their reach.”
Off-site Media Can Offset Identifier Erosion and Cookie Depreciation
Question: What is the future of retail media networks, and what role do you envision digital audio playing?
Answer highlight: “Off-site media is expected to exceed 24B in 2027 [on retail media networks]. It was about 6.73B in 2023. And I think streaming audio is really very well positioned to be a big factor in that growth. As you know, retailers look to leverage their data across more channels and engage shoppers with new formats.
As legacy identifiers erode and cookie depreciation continues, offsite media will take a bigger position within retail media, specifically to capitalize on that valuable first-party retailer data. Retail media network growth is incumbent upon new channels like audio, and it allows advertisers to reach these new bespoke audiences and reach them in new environments like audio, where we can do a lot more advanced storytelling, messaging, complex messaging, long-form messaging, etc.”
Retail Media Network Advertisers Can Buy Audio Ads and More
Question: What ad formats can advertisers currently buy from us through their and partners?
Answer highlight: “Retail media network advertisers can access our full suite of products that are available programmatically. This includes streaming audio, our robust podcast network offerings, video, and display products…
SiriusXM Media is going to provide the bulk of audio impressions for an advertiser because our programmatic audio inventory is at the top of our ad stack, and because we have the majority of ad-supported impressions in the marketplace.”
Digital Audio Inventory is Available Programmatically
Question: How does programmatic audio and our partnerships with demand side platforms (DSPs) like The Trade Desk play into the retail media network equation?
Answer highlight: “Our partnerships with major DSP partners running programmatically really allows for turnkey activation for our clients and agencies that are hands on keyboards, allows testing and measurement very easily so that learning is going to be applied in real time. And buyers can include audio as part of their omnichannel approach within the DSPs, just making it more efficient and easier to standardize measurement and planning across different retail media networks that can measure online and offline sales, alongside other tactics like display, video, CTV, and more.”
Audio Ads Prove Effective for Retail Media Network Campaigns
Question: We believe in the power of audio to tell a story. Do you have any examples of successful audio campaigns from a CPG brand that came to us through their retail media network?
Answer highlight: “We have a lot of great success stories to support the power of audio today, and not only in the power of audio to more effectively tell a story, but also how audio can work synergistically with more traditional commerce tactics like search and on-site media to really drive more velocity and better sales outcomes for suppliers. According to some research from our three biggest retail media network partners, we deliver a 4.4% average household penetration uplift. We deliver a 5.4% average incremental sales uplift. And on average, we drive about a 3:1 return on ad spend.
We actually recently published a great case study in partnership with Dollar General Media Network and The Coca-Cola Company to illustrate how the power of audio and our listening data paired with Dollar General Media Network’s robust first-party audience data and closed-loop measurement was able to deliver incredible results for The Coca-Cola Company.”
Digital Audio Ads Are Data-Driven and Measurable
Question: SiriusXM Media has the richest dataset in audio. What benefits does our data provide, particularly for retail media networks, when measuring success for advertisers?
Answer highlight: The real value proposition for audio via a retail media network is to leverage our retail partners’ robust audience data. So, it's not as much about SiriusXM Media's data set. It's really about the retailer’s data, and how we can provide a great platform and great audio inventory for them to leverage that data…
We can ingest all those first-party identities and really do a good job of matching them. But we also pass the exposure files and the other identifiers that are needed to ensure that advertisers can close the loop in a true one-to-one digital environment and receive all the robust measurement metrics that advertisers need.”
Best Tip for Leveraging Audio Ads with Retail Media Networks
Question: What tips do you have for retail media network reps when they're explaining why audio is effective for campaigns?
Answer highlight: “My best tip for thinking about how audio fits into retail media networks, and how we differentiate from all the other tactics that RMNs have to offer, is to think of audio as the perfect platform for storytelling and complex, long-form messaging. If brands take one thing, that's a really important thing to look at…
Streaming audio has been a long-proven tactic for brand-oriented marketers. And now, with the added benefits of retail media partnership, audio is helping advertisers to reach new brand buyers and drive sales with more advanced audience targeting and with more advanced measurement than ever before.”
Ready to turn up your retail media network campaigns with audio? Hit us up.
