Full-Funnel Retail Media: From First Impression to Final Sale
Topic: Program Benefits
Read Time: 6 minutes
Covering the full funnel means reaching prospective customers at three stages: awareness, consideration, and decision. In today’s marketing landscape, many brands are using a wide array of tools and partners to make connections at each stage, which can create a very fragmented experience for prospective customers.
Working with a retail media partner, however, can harmonize your media strategy across touchpoints through the entire sales funnel, seamlessly leading someone from first impression to final sale.
Full-funnel advertising = a more holistic strategy
Ask a group of marketers what advertising success looks like, and you’re bound to hear a familiar answer — conversions. Lower funnel tactics, like ads with pricing information, will move customers across the finish line who are familiar with a brand. However, over-investing in this area neglects crucial introductory messaging for new audiences.
Sales make everyone happy, but the path to a purchase takes time, strategic planning, and balanced investment throughout the customer journey. At Best Buy Ads, we see impressive growth from brands who adopt this more holistic strategy.
Running the full-funnel numbers
Our partners who choose full-funnel advertising see more ROAS, more reach, and more impressions. Although the process requires a longer lead time and more investment, the results are significant.
When customers are exposed to a campaign across every stage of the customer journey, we see double the lift in consideration and 2.4x lift in purchase intent. In FY23, full-funnel campaigns at Best Buy Ads also delivered a ROI 1.5x higher than a la carte campaigns.
The importance of the upper funnel
The goal of investing in the upper funnel is to build your audience by investing in your future customers.
When casting this wide net, you may not garner the same eye-catching analytics that are available towards the bottom of the funnel. But investing in a healthy amount of top-of-funnel tactics across connected TV, social advertising, and more will lift the success of your entire advertising program.
Ultimately, top-of-funnel messaging gives you more opportunities to tell your story and opens the path to conversion for a wider audience of customers who aren’t yet familiar with your brand.
Why do brands pass on top-of-funnel retail media partnerships?
Upper funnel marketing is typically more expensive than lower funnel tactics. Plus, hands-on tools through Google, Facebook, and more make it easy to send out awareness advertising on a short timeline with nearly any budget.
So, naturally, some advertisers may ask, “Why should I seek out a retail media network to help?”
As a leading retail media company specializing in consumer electronics, we’re positioned to reach highly relevant tech audiences who are well-positioned to become your next customers.
In addition to our advanced targeting, we can optimize your entire advertising program, arming you with upper funnel marketing that synchronizes with every touchpoint — moving customers from top-of-funnel leads to bottom-of-funnel brand loyalists. But that’s not all we’re capable of.
Sharing your message during major shopping events
When it comes to lower-funnel messaging, retailers are uniquely positioned to plan campaigns around key shoppable moments where there’s a major amount of customer demand.
Best Buy has numerous seasonal opportunities where demand reaches peak levels. By activating media around these key moments, our partners find continued success on BestBuy.com and in stores.
Reporting the entire journey
Offering full-funnel advertising is one thing, proving success is another. It’s important to have a partner who can tell a detailed story of how customers interacted with your creative across touchpoints.
Many retail media networks are only capable of “basket-level reporting,” which attributes ad exposure to sales even if the customer didn’t purchase your product. At Best Buy Ads, we’re able to connect ad exposure to in-store and online sales with an impressive 90% revenue identification rate.
For more hands-on clients, we also have self-service capabilities through My Ads, offering accessible reporting 24/7 through our convenient dashboard.
Meet our audiences across the entire funnel
Best Buy customers trust the brand for expert service and innovative products. These deep relationships are the foundation that help us determine the best audience for your ads.
Talk with an expert on our team today to see what opportunities you can take part in to reach new audiences, drive sales, and create returning customers time and time again.
Contact a Partner & Category Marketer today.
