Solving the age-old John Wanamaker riddle, Kroger Precision Marketing has evidence that "we can execute 51% fewer impressions and deliver the same sales impact to a brand and generate 40% greater long-term value from a customer." In this Legends & Leadership interview, Jack Myers speaks with Cara Pratt, Senior Vice President at Kroger Precision Marketing powered by 84.51॰, who discusses "the opportunity that sits in front of us to influence a $140 billion retailer and a $1.5 trillion food ecosystem." (View their full conversation above.)
"We have the power, energy, passion and purpose to come to the table with a curious and collaborative mind," says Pratt. "We bring different talent with different experiences and different superpowers, [including] data architects, data scientists, our commercial talent and operational talent. We need all the players at the table."
Kroger Precision Marketing powered by 84.51॰ was one of the first movers in retail to heavily invest in data science while also launching several innovative marketing partnerships, including a strategic collaboration last year with Omnicom to use their SKU-level store inventory data to signal Omnicom's Supply Chain IQ score. Pratt shares how this has enabled a reallocation of media budgets to markets based on inventory levels. On the publisher side, KPM has created partnerships with Disney Advertising Sales, Roku, Pinterest, Meta and Snap to leverage their super-rich buying behavioral data while meeting privacy standards.
Pratt believes "it takes the entire industry to recognize the change that's necessary, and then the organizational components to sustain and support it. By looking at the data we can understand what we need to do differently … and mobilize differently to influence investments differently.
"The data speaks for itself on the power and the potential," she explains. "It really is around modern marketing and making sure the whole ecosystem is starting to think differently about how to use this asset [to deliver] the most productive performance for their business and their customers."
View the full interview above and here. Go here to view the extensive MediaVillage coverage of retail and commerce media.
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