​​How Travel Organizations can Learn from Retailers

At True Omni, we discuss the changes and opportunities every day with destination engagement, traveler convenience, and better ways to increase opportunities for the community and the organizations that support them. We understand that with the evolution of digital touchpoints around key travel and high-traffic areas, there is a real opportunity for DMOs and Tourism organizations to control their destiny and bring another level of independence. Also, there is a noticeable shortage of real travelers and guest understanding of what services and experiences many find valuable.

But as with most technology, you don’t have to reinvent the wheel; you can see other industries and technologies that can create real opportunities. The below information will help you start thinking of ways to monetize and engage your travelers in new ways. This is about the future of ways we can control some key aspects such as What’s Nearby, What’s Going on in the destination, and how travelers can learn more and have a more personalized experience.

With the announcement of the Omni Ad Network, we understood that the first steps were important in connecting some of the key elements in achieving the definition of media networks.

  1. Ensure smooth integration with CRM, CMS, and Advertising services.
  2. Easy to control Ads and awareness information through a central platform across any device.
  3. Ability to leverage new technology that can increase awareness of ticket purchases.
  4. Connect new analytical tools and partnerships to lay the groundwork for better travel data.

Below is an overview of key elements of a media network, something to think about as you think about your revenue, awareness, and data strategy. I like this statement as it gets you thinking about the potential of media networks with the implementation of privacy controls.

Retail media networks are a notable exception because consumers purchase products directly from the retailer after seeing the retail media network ad, putting retailers in a unique position to offer closed-loop marketing in a way that other digital advertising networks now struggle to do.

Also, consider elements of cooperative advertising; there can be some ways to leverage partnerships deeper. The fundamental idea of cooperative advertising (or Co-Op) is that a retailer would buy an ad (such as in a newspaper), and wholesale brands would pay for a portion of the advertisement in exchange for being featured in the ad.

What is a media network, and how should travel and hotel organizations consider it? Take your lessons from Retail.

A retail media network is an advertising infrastructure that comprises a collection of digital channels (e.g., websites, apps) that are offered by a company to third-party brands for their various advertising purposes. Purchasing ad space on a retail media network can help brands of all sizes further build their digital marketing strategies.

The retail media landscape is growing. According to management consulting firm Bain & Company, businesses are expected to increase their ad spend in the retail media space by $25 billion from 2018 to 2023.

 With the growing popularity of online shopping among consumers, retailers are recognizing their digital channels as useful opportunities to help brands reach and engage shoppers.

Top things to consider as you think through these strategies.

  1. Building new ways to access relevant points of purchase for customers.
  2. Customers can be directed to become aware of new products and be inspired.
  3. Building data blocks that will connect a long-term understanding of travelers and privacy rules on a large network.

Additionally, when brands advertise on a retailer’s website or app, the ads can feel more relevant to consumers who are browsing online. When shoppers engage with a brand’s retail media or purchase their products from an online store, the third-party brand has an opportunity to receive first-party insights that can help them better understand their audiences’ shopping patterns. This information can help brands tailor their products and messaging to better serve shoppers.

As the advertising industry evolves, access to first-party insights is becoming more important for brands. Marketers are seeing how retail media networks can help them better plan, make more informed media buying decisions, and implement more strategic campaigns. Having first-party information is the main reason consumer packaged goods (CPG) brands say they chose to work with retail media networks, according to 2021 research by eMarketer. Research from McKinsey found that 75% of non-CPG advertisers have plans to increase their investment in retail media networks too.

To learn more about media networks and ways True Omni can help you step into this field for your travel or hotel organization, contact us through email info@trueomni.com or call 888-334-6664 to get a free consultation.

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