Building a Retail Media Network that resonates with The Very Group

At February’s Mad//fest North event in Manchester, Head of Very Media Group Paul Stafford took the stage to share tips and lessons from building a successful Retail Media Network in today’s ever-evolving landscape.  Built in partnership between The Very Group and SMG, Very Media Group has proven itself a successful RMN, with over 12 years of building campaigns for the world’s biggest brands.

From classic pitfalls to avoid, all the way to the non-negotiables needed to build a strong team, Paul’s talk drew on his wealth of experience with previous roles at Pepsico, Virgin Media, and Superdrug, delivering a powerful session packed with usable insights.

“When you get it right, retail media can drive high-margin, high-revenue results for a brand,” Paul said. “But more importantly, it also offers huge brand-building potential when retailers and advertisers work collaboratively.”

With that in mind, we break down the biggest takeaways from Paul’s session that demystify the complex world of retail media.

The 5 C’s of building a retail media network

To start with you’ll need both internal and external support to deliver the right proposition. So, choosing the right partner is critical (spoiler alert: that’s where SMG comes in). But there are some key questions to consider as you embark on this journey. Paul’s session outlined these in the framework of the 5 Cs.

1. Curiosity

An entrepreneurial spirit and an inquisitive mind go a long way in this fast-paced industry. Challenge perceptions, introduce new ways of thinking, and always look ahead.

2. Capabilities 

A thorough assessment of existing and required capabilities is vital. Setting up an RMN is a huge transformational change for any business, so consider how ways of working, new processes, and your existing model factor into this.

This also impacts any commercial planning:

• What will you charge for your inventory?
• What is your current JBP model?
• What “value add” can you bake into your services?

Finally, what team will you need to deliver this? Often, a third-party or specialist commerce media agency helps to complement and build out existing skills, from media planners to innovation experts.

3. Credentials 

First-party data (1PD) is one of the most valuable assets a retailer has. But building this into a proposition that utilises it safely,  provides rich insights, and packages brands want to use is crucial. 

Choosing the right inventory that complements your data is also a consideration. Retailers should look at their capabilities across both on-site and off-site, identifying any overlap and aligning on a strategic roadmap for launching new channels.

Effective measurement of retail media has been a hot topic amongst advertisers, and for good reason.  Ensuring that transparent, clear, and consistent reporting exists for campaigns is a must. For Media Networks that can get this right and truly achieve closed-loop measurement, the opportunity to deliver both results and valuable insights to brands is huge.

4. Connectivity

Retail media is a hugely complex and fast-moving industry. So the ability to plan ahead (but be agile) is a key factor in determining success. Retailers looking to enter this space need to consider how to future-proof by looking two, three, or even five years ahead, balancing short-term deliverables with long-term vision.

This new world also requires strong partnerships. Building mutually beneficial relationships with brands, suppliers, agencies, and third-party advertisers, such as the TradeDesk, will help support your proposition and build authority and trust. 

And finally, you can’t mention connectivity without including the tech that brings it all together. Retail media is built on data, and to manage it effectively, you’ll need to consider how your current tech stack connects to your new retail media proposition. From finance and billing to reporting and ad serving, seamless integration between new and existing tech must be a priority.

5. Chaos

Building something from the ground up is not easy. Innovation and change are often uncomfortable. Friction is inevitable, but Paul urges retailers to embrace a little bit of chaos to unlock new ways of thinking and take lessons from early failures to build better for the future.

About Very Media Group

Very is the UK’s largest pureplay retailer, stocking 2,000 brands and serving over 4.2m active customers, offering advertisers a unique opportunity to engage customers across the full journey as they browse, shop and pay.

SMG’s partnership with Very has been going strong for over 12 years. In 2024, we took things to the next level and co-launched Very Media Group – a brand new retail media network and a refreshed proposition. With rich data from millions of loyal customers, we help brands unlock unique shopping behaviours and deliver personalised, omnichannel experiences, all backed by strong data and market-leading creativity.