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Best Buy launches in-house media company

Best Buy launches in-house media company
Written by publishing team

Diving Brief:

  • Electronics retailer Best Buy has launched an in-house media company called Best Buy Ads with the goal of connecting brands and consumers, according to a press release.
  • In addition to consumer e-brands, Best Buy Ads will serve agencies and non-endemic brands, and dedicated teams and capabilities have been assembled from across the company as part of the offering, a spokesperson for the brand told Dive Marketing.
  • Best Buy interacts with its customers 3 billion times a year, per issue, and is an organization that organizes its data-driven ad offerings across various channels, including owned and external channels. This offering comes as digital retail advertising is expected to continue to grow in 2022 and also features a component that seeks to address inclusion and diversity in advertising – another industry priority.

Diving Insight:

Best Buy’s launch of an in-house media company sees the electronics retailer formalize its advertising offerings amid an increase in retail media advertising, which eMarketer expects to grow 31.4% to $41.37 billion in 2022. The company says it has 3 billion interactions with customers per customer, said Keith Bryan, president of Best Buy Ads, media strategy and customer relationship management, in an email statement.

As part of launching an in-house media company, Best Buy Ads will also launch an advertising-focused Career Pathways program to help address inclusion and diversity in the advertising industry, which is 73% white, per job market data cited by the company. The program looks to create opportunities and a pipeline for diverse candidates seeking advertising careers through paid internships, mentorship, and experiences. The show is part of Best Buy’s larger five-year plan to address underrepresentation and technical disparities.

Best Buy Ads includes paid search, sponsored product listings on BestBuy.com, on-site and off-site viewing, on-site and off-site video, Facebook and Instagram, in-store video and rough messaging to reach users of the Best Buy app, and Best Buy Ads website feedback. CEO Cory Barry said in a November 2021 earnings call that the company is investing in its long-term advertising business to help sellers reach their customers.

“The importance of Best Buy, customer relationships, and first-party data along with customer technology needs and our ability to meet those needs have grown in importance. These are all great examples of the value we can provide to our reseller partners that many other retailers cannot,” Barry said. .

Best Buy is the latest retailer to invest in retail media display, a space that has been growing for years but has gained momentum amid growing privacy concerns related to digital media. Lowe’s in October revealed a retail media network that offers multi-channel advertising and worked with CitrusAd and Criteo on the initiative. Similarly, advertisers can use the Criteo platform to reach Best Buy shoppers in the US and Canada.

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