Retail Media has become an invaluable engagement and sales strategy for brands and retailers everywhere. But when it comes to figuring out how to build a Retail Media team, there are many complexities in this newer space of marketing.
Not only are marketing leaders stumped with how to structure their Retail Media teams. They’re also unsure of what type of talent they even need. And all of this becomes even more challenging as Retail Media continues to face a massive talent shortage.
As you navigate this next chapter, use this guide to help you understand the nuances of how to build a Retail Media team.
Guide Overview
How to Build a Retail Media Team
Step 1: Define your desired state + current resources.
First, define your goals + objectives.
Start by clearly defining what you aim to achieve by establishing a Retail Media team. Whatever your objectives and goals are, make sure they’re specific with measurable KPIs to track the success of your efforts.
Areas you might consider:
- Expanding into new audience segments
- Growing a specific product or existing audience
- Gaining more traction across new or existing channels
- Directly attributing sales to advertising activity
- Increasing brand visibility + credibility in a crowded marketplace
Next, take inventory of your current resources.
Budget
Unfortunately, there’s no “golden standard” for Retail Media team budgets yet because of how new the practice is. However, as you map out your plan and create a budget, the key areas to consider are salary, training/development, advertising spending, data and analytics tools, creative production, and technology infrastructure.
Data Streams + Technology
Data is the name of the game in Retail Media. And so is understanding the state of its quality, usability, and attribution. What’s also important is having a clear picture of your existing technology’s infrastructure and solutions (think ad management platforms, data analytics tools, CRMs, content management systems.)
People
A big mistake many brands make is forcing existing employees into roles that require Retail Media expertise. You may have lots of retail experience in-house, but they more than likely don’t understand the intricacies of how media networks function. That said, don’t be tempted to put a square peg in a round hole to save a few bucks today. Instead, focus on how to leverage your most qualified existing employees.
Organizational Structure
Depending on how other teams and departments are structured, some capabilities may not need to live on your Retail Media team. It all comes down to what you currently have and what your end goals are.
Step 2: Find your business’ optimal Retail Media team structure.
Structure Options
There are two ways to structure a new Retail Media team. The first is to build it completely in house. The second is a hybrid approach made up of in-house talent with the support of an agency.
OPTION 1
OPTION 2
Choosing the Right Structure
Several deciding factors go into choosing the structure that’s right for your business. To help get you started, we suggest considering these core areas:
INDUSTRY
Brick-and-mortar retailers tend to benefit most from an in-house approach. This is because of their existing customer data, loyalty programs, and in-store operational insights. For e-commerce-only retailers, they may have less information to start with – making it more attainable to build their Retail Media team through a hybrid approach. But these aren’t “hard and fast” rules – there are plenty of brick-and-mortar brands who still leverage agencies and many e-commerce brands that sufficiently build on in-house.
COST
There’s a big ramp up cost when you build exclusively in-house. However, there are long-term payoffs and savings from doing this. This is where internal alignment and key stakeholder buy-in are important. Is your CFO ok with being in the negative for 18-24 months as you build your in-house structure? Or would they rather hedge their bets with a hybrid approach, knowing that they will pay more in the long run by using an agency?
TALENT
At this point, you should understand what in-house talent will bring value to your Retail Media team. From there, start by identifying what capabilities you need to cover your basis.
These needs might include:
- Department leader(s) with Retail Media experience
- Retail Media Planners, Buyers + Optimizers
- Advertising + Branding
- Creative
- Data, Technology + Analytics
- Operations
- Sales + Account Partners / Management
PRO TIP
Determining the structure and composition of your retail media team is anything but black and white. In fact, most brands feel completely lost at this point and have no idea where to begin.
That’s why it’s critical to have an outside Retail Media expert guide you – regardless of your resources or firmographics. Because the brands who end up “winging it” lose precious time, market share, and talent opportunities.
Step 3. Recruit the right people to build your Retail Media team.
About Retail Media Talent
There’s a reason Retail Media experts are unicorns. They’re a unique blend of strategic and tactical thinkers. They need to possess business acumen, know how to sell the space, and understand how the tools work (think social, paid search, email, and analytics.)
When you add this to the fact that the Retail Media space is new, complex, and evolving quickly, it’s no surprise that there’s a major talent shortage. And it’s not going anywhere anytime soon.
Recruitment Options
All of these unique dynamics leave you with one of three options:
- Spend your time looking for a unicorn.
- Hope your internal or external recruiter can work some magic.
- Remove the uncertainty by working with a Retail Media-specific recruiter.
Recommended Approach
As a Retail Media-specific recruiter, we’re naturally advocates for option 3. It’s by far the most time- and cost-efficient strategy to building your Retail Media team, because it helps you:
Confidently make key decisions like how to structure your team, who you need to hire, and how to leverage other departments in Retail Media campaigns.
Take more ad dollars from your competitors because you’re able to get to market faster with the right team in place.
Hire Retail Media leaders and experts who will help you grow sustainably and meet company goals.
Establish a competitive Retail Media program by working with a team that has connections + experience across national + local retailers, ad agencies, and technology partners.