Podcast
Retail Media Breakfast Club
Hosted by Kiri Masters · EN
10 minutes of expert insights every weekday. Your morning ritual for staying ahead in retail media.
85episodes
Episodes
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How Clorox Uses Data Clean Rooms to Unlock Powerful Personalization (AI Marketing Explained)
May 2000:11:17Summary readyIn this episode, I share snippets of a recent episode of the Flywheel Commerce Collective podcast, and take you inside how Clorox has evolved its approach to data clean rooms. In short: an experimental investment just a few years ago has now become a foundational pillar of modern marketing. What’s changed? A lot. I break down how clean rooms are no longer just a “nice-to-have” piece of tech, but essential infrastructure powering personalization in a privacy-first world.I dig into real-world examples shared by Tiffany Tan, Head of eCommerce Growth Accelerator at Clorox, including how Clorox tailors messaging based on context, behavior, and intent rather than demographics. From back-to-college campaigns, to crisis-driven demand spikes, this episode explores how brands are finally getting closer to the “why” behind consumer behavior, and what that means for the future of retail media and AI-driven marketing.This episode is sponsored by Mirakl AdsTimeline[00:00] – Clorox’s early investment in clean rooms and the 2023 CES context[00:51] – Tiffany Tan’s recent insights and how the conversation has evolved[01:00] – Publicis acquires LiveRamp for $2.2B — why this validates the space[02:00] – Clean rooms reframed as a personalization enabler, not just technology[03:30] – Brita example: tailoring messaging for back-to-college moments[05:12] – Crisis scenario: lead in water and high-intent consumer behavior[08:15] – Measuring success: why personalization is cumulative over timeLinks & ResourcesListen to Tiffany Tan's full appearance on The Commerce Collective Podcast: How Clorox is building toward 1:1, personalized marketing in a multi-retailer worldSubscribe to The Commerce Collective Podcast on Apple PodcastsFollow Tiffany Tan, Head of eCommerce Growth Accelerator at The Clorox Company, on LinkedInFollow Emma Irwin, Brand Marketing Manager @ Flywheel & Host of The Commerce Collective Podcast, on LinkedInRead my related articles:LiveRamp's Acquisition: Three Hot Takes That Matter To Retail MediaWhoever Owns the Budget Determines What Retail Media Is Allowed to BeThe Retail Media Buffet Has Gotten A Lot Less EnticingEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
Summary
Publicis Buys LiveRamp: What It Means for Retail Media, Data Ownership & the Future of Identity
May 1900:09:10Summary readyI’m coming to you from an airport lounge (because business travel is always glamorous, right?) with the breaking news that I couldn’t ignore: Publicis has acquired LiveRamp in a multi-billion dollar deal. And it has major implications for retail media.In this episode, I unpack the biggest reactions from across the industry and what they really mean. From the bull case calling this the smartest deal of the decade, to serious concerns about neutrality, consolidation, and whether identity infrastructure can still be trusted: there’s a lot to digest. I also dig into the retailer-specific angle: are retail media networks truly owning their data, or just renting it? And why that question just became urgent.This episode is sponsored by Mirakl AdsTimeline[00:00] – Recording from Atlanta Airport + why this acquisition grabbed my attention [00:32] – Breaking down the $2.2–$2.5B Publicis–LiveRamp deal [01:00] – Reflections from RampUp: the role of data collaboration and RampID [02:10] – Top industry reactions: “smartest deal of the decade” vs. skepticism [03:15] – The neutrality problem: consolidation of identity under holding companies [05:00] – The retailer wake-up call: who really owns your customer data? [06:00] – Product debate: can LiveRamp evolve, or is the model fundamentally broken? [07:30] – What I’m watching next for retail media networks and data ownershipLinks & ResourcesMy full article on The Drum: LiveRamp’s new owner raises harder questions for retail mediaRead my related articles:Five Ad Servers, Four Takeaways, and One Thread That Tied RampUp Together"We're All Holding Our Breath"The ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year!Important to know that the survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. I'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
Summary
Dollar General’s Retail Media Power Play: The Full-Stack Strategy Unlocking Brand Dollars
May 1800:08:17Summary readyDollar General has been making serious waves in retail media. In this episode, I break down what’s really going on beneath the surface of their latest announcements. From AI-powered in-store audio to a fully unified on-site and off-site media buying solution, it might look like a story about better tech… but there’s a much bigger shift happening here.I dive into insights Kathryn Mazza shared on a recent episode of the Omni Talk Retail podcast that reveal the economic pressure forcing retail media networks to evolve. I also unpack why trade dollars are drying up, what it actually takes to win brand budgets, and why the sequencing of building a retail media network could make or break its future. If you want to understand where retail media is headed — and how Dollar General is positioning itself ahead of the curve — this one’s for you.This episode is sponsored by Mirakl AdsTimeline[00:00] – Dollar General’s back-to-back announcements and why they matter beyond the headlines [01:19] – The real problem: why retail media networks are running out of trade dollars [01:54] – The importance of full-funnel offerings to unlock brand marketing budgets [03:23] – Why shifting to brand dollars is no longer optional — it’s survival [04:30] – What agencies actually want (and why most RMNs fall short) [05:45] – The overlooked power of in-store media in a changing retail landscape [07:15] – The strategic sequencing behind building a profitable retail media networkLinks & ResourcesWatch the full Kathryn Mazza episode on Omni Talk Retail: ChatGPT Wants Your Ad Dollars, DG Goes Full Funnel & Audible Opens A Bookless BookstoreSubscribe to Omni Talk Retail hosted by Chris Walton: YouTube & Apple PodcastsFollow Kathryn Mazza, Chief Growth Officer US @ Barrows Connected Store, on LinkedInFollow Chris Walton, President & CEO @ Omni Talk, on LinkedInRead my related articles:How Can RMNs Tap Upper-Funnel Brand BudgetsThe Last Mile of America: Inside Austin Leonard's Plan For Dollar General Media NetworkManaging a Multi-Retailer RMN Stack: The Operational RealityI'm keynoting at Xnurta's Signal to Scale summit on Tuesday May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
Summary
The Retail Media Illusion: Why Agentic Commerce Will Disrupt E-Commerce Sooner Than You Think
May 1400:11:21Summary readyLast week, I stepped onto the stage at the Digital Shelf Summit here in Atlanta for a debate that’s been heating up across the industry: is agentic commerce an existential threat to e-commerce traffic? I took the “yes” side — boldly — and in this episode, I’m unpacking my full rebuttal to the idea that this is all just hype.I walk through where I agree with the skeptics (because yes, some of the data has been overstated), but more importantly, where I think the industry is missing the point entirely. This isn’t about transaction share: it’s about where decisions are being made. If AI shifts the moment of product discovery and comparison upstream, what happens to the retail media model as we know it? Let’s dig into the real implications before we all get too comfortable.This episode is sponsored by Mirakl AdsTimeline[00:00] – Setting the stage: My debate at Digital Shelf Summit and why this topic matters now[01:25] – Breaking down the “agentic commerce is a hallucination” argument[03:15] – The critical flaw: Measuring transactions instead of decision-making moments[04:30] – Why retail media depends on consumer behavior that may be disappearing[06:30] – New data reveals a shift toward direct-to-product-page shopping[08:00] – The hidden trade-off: Higher conversion, fewer ad impressions[10:30] – My final takeaway: The real hallucination isn’t disruption, it’s thinking nothing will changeLinks & ResourcesAndrew Lipsman's guest post on The AI Ad Economy: An Agentic Commerce Reality CheckSubscribe to Debra Aho Williamson's newsletter The AI Ad EconomySubscribe to Andrew Lipsman's newsletter Media, Ads + CommerceCriteo's 2026 COMMERCE & AI TREND REPORTAdobe's Quarterly AI Traffic Report (April 2026)Read my related articles:No Incentive To Sound The AlarmDark Search, Broken Signals, and What Comes Next for Retail MediaThe 3 Ways Agentic Commerce Could Destroy Retail MediaAgentic Shopping Poses An Existential Threat To Retail Media (Part 2)OpenAI is killing Instant Checkout. Don't dance on the grave of agentic shopping yet (The Drum)Loyalty data is becoming retail media’s strongest defense (The Drum)Retailers, here’s how your media network can still thrive in an AI-shopping era (The Drum)I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
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Predictive Commerce: Why Life-Stage Data Could Replace Retail Media’s Obsession with Transactions
May 1300:10:02Summary readyMost retail media networks are built to look backward. But what if the real opportunity is predicting what customers will do next? In this episode, a reprise of my recent article for The Drum, I dig into a fascinating new model that challenges the industry’s reliance on transaction data and closed-loop attribution.I’m unpacking my recent conversation with Marco Steinsieck, former head of Sephora’s media network and now GM of Backpack Media, an education-powered commerce media network built on Sallie’s ecosystem. I also play a snippet of Marco's recent appearance on The Middlemen podcast to explore how life-stage signals — like planning for college or making first financial decisions — might be a far more powerful indicator of future purchases than anything sitting in a transaction log. This one raises big questions about where commerce media is headed and whether the current playbook is already outdated.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why most commerce media networks are stuck selling the past [00:30] – Marco Steinsieck's big idea: predicting future purchases, not past behavior [01:04] – Life-stage data vs. transaction data: why one is a leading indicator [02:00] – Inside Backpack Media and how education data powers predictive modeling [03:15] – Lessons from Sephora: building a high-performing media network without massive scale [04:00] – The privacy-first challenge of building media inside a financial institution [07:30] – Is this really “commerce media”? Rethinking the definition of the category [09:00] – Why predictive commerce is still unproven, and what needs to happen nextLinks & ResourcesMarco Steinsieck profile on The Drum: Meet the former Sephora exec betting commerce media can predict the futureMarco Steinsieck's full appearance on The Middlemen podcast: Beyond Transactions — Marco Steinsieck (Backpack Media)Subscribe to The Middlemen on YouTube and Apple PodcastsFollow Marco Steinsieck on LinkedInRead my related articles:Best Buy Wants To Become An Ad Platform, Not Just Another RMNSam's Club Cracked the Code on In-Store Retail Media—Here's How They Did ItRetailers Hit 99% Ad Coverage Without Killing User Experience, New Research ShowsI'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
Summary
AI Is Quietly Breaking Retail Media — And No One Wants to Admit It
May 1200:09:45Summary readyToday I unpack a contrarian take that’s been sitting with me since my conversation with James Deaker on The Yield Doctor: what if the biggest threat to retail media is already here, but no one has the incentive to talk about it? I replay snippets from my convo with James, and dig into how AI-enabled commerce is reshaping the shopper journey long before customers ever land on a retailer’s site, and why that creates a structural risk for the entire retail media model.I also explore the uncomfortable truth about leadership incentives: why retail media executives may be disincentivized from sounding the alarm, even as behavioral data signals start to disappear and ad surfaces lose relevance. This isn’t about the death of retail media, but it is about a major reset. The question is: who’s actually preparing for it?This episode is sponsored by Mirakl AdsTimeline[00:00] - My opening take: why retail media leaders aren’t incentivized to sound the alarm on AI[00:50] - James Deaker on why retail media must prioritize advertiser relationships[01:26] - The fragility of endemic advertiser demand and why it matters[01:52] - The hidden assumption: shoppers still arrive with unformed intent[02:31] - The shift to AI-driven discovery before retailer interaction[02:45] - My contrarian answer: AI-enabled commerce as an underappreciated threat[03:27] - Real-world behavior change: using AI tools instead of retailer search[04:10] - Declining behavioral signals and shrinking ad surface engagement[05:07] - Why this signals a reset — not the end — of retail mediaLinks & ResourcesWatch the full replay of my appearance on The Yield Doctor: Maximum Yield: Kiri Masters on Growing Your Retail Media Bottom LineSubscribe to The Yield Doctor with James Deaker on YouTubeFollow James Deaker on LinkedInRead my related articles:'The Biggest Change in My Lifetime' — Marketecture CSO on AI ShoppingAI Is Claiming Browsing Behavior. Commerce Media Must Compete On Its Data AdvantageWhy AI Search Advertising Could Reach $25 Billion By 2029I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year!Important to know that the survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. I'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
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Kroger’s Retail Media Playbook: Why Context Data Is the Future of Commerce Media
May 1100:12:12Summary readyA few weeks ago, Kroger Precision Marketing announced a major partnership with Google that allows brands to activate Kroger audiences directly inside YouTube and DV360 while tying campaign measurement back to actual Kroger sales. On the surface, this looks like another retail media expansion story. But in this episode, I share snippets of a recent LinkedIn Live, and unpack why it’s actually something much bigger.On the livestream I was joined by Christine Foster from Kroger Precision Marketing and Jon Flugstad from MetaRouter to explore the real competitive advantage emerging in commerce media: context. We discuss why retailer-owned shopper intelligence is becoming more valuable than rented identity solutions, how loyalty data changes the game for omnichannel measurement, and why the future winners in retail media won’t necessarily be the retailers with the most ad products, but the ones with the strongest infrastructureThis episode is sponsored by Mirakl AdsTimeline[00:00] Why Kroger’s Google partnership is really a story about shopper context, not just media activation [01:00] What retailers uniquely own that platforms and infrastructure companies can’t replicate [02:22] Christine Foster explains how Kroger’s 20+ years of loyalty data powers trusted audience intelligence [04:14] Jon Flugstad breaks down the fragmented retail media tech stack and why reconciliation is so difficult [05:30] Why retailer-owned context is becoming the “gold” of commerce media in the AI era [07:18] How Kroger designed its Google integration to give brands self-serve activation directly inside existing workflows [09:37] Why omnichannel visibility across online and in-store sales is the next evolution of retail media measurement [10:58] My biggest takeaway: the future winners in commerce media will be defined by infrastructure and context layers, not ad formatsLinks & ResourcesFull livestream replay: How Kroger Precision Marketing Is Plugging Into National Brand BudgetsFollow Christine Foster, Group VP @ Kroger Precision Marketing, on LinkedInFollow Jon Flugstad, Chief Business Officer @ MetaRouter, on LinkedInRead my related articles:How Kroger Is Cracking Into Brand Budgets With YouTubeManaging a Multi-Retailer RMN Stack: The Operational RealityAI Is Claiming Browsing Behavior. Commerce Media Must Compete On Its Data AdvantageI'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
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Retail Media’s Narrative Problem (And How to Fix It for Optimal Impact)
May 700:09:24Summary readyToday I dive into a powerful idea that completely reframed how I think about retail media in relation to communicating narrative. After listening to a conversation featuring Joe Zappa on the AdTechGod Pod, I couldn’t ignore how directly his framework applies to our world. We’re not struggling with innovation: we’re struggling with storytelling.I unpack why so many retail media announcements fall flat, even when the products themselves are solid, and what’s missing from the way we communicate value. I explore how shifting from feature-first messaging to problem-first narratives can transform how brands, agencies, and the industry as a whole responds. Plus, I break down practical ways leaders can stand out: not by being louder, but by being clearer and more intentional with their voice.This episode is sponsored by Mirakl AdsTimeline[00:00] - Why I’m looking outside retail media to rethink how we tell our story[01:00] - The core problem: leading with features instead of fixing what’s broken[02:30] - Why most retail media announcements fail to answer “why should anyone care?”[03:30] - The real opportunity for executives: sharing learnings instead of self-promotion[05:15] - A simple 4-part framework for creating impactful LinkedIn content[07:30] - Why being present and opinionated beats being technically “different”[08:45] - The shift retail media needs: from “we launched” to “here’s the problem we solve”Links & ResourcesListen to the full AdTechGod Pod episode with Joe Zappa: Ep. 130 The Power Flip: Joe Zappa on Why Leaders Must Become the MediaSubscribe to the AdTechGod PodFollow Joe Zappa on LinkedInRead my related articles:Why RMNs Keep Their Tech Stacks SecretGet On The Damn StageApply For The Damn AwardTODAY (Thursday May 7) I'm hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE [signup link]I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
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I Need Your Help! Which Retail Media Trends Can’t You Ignore in 2026?
May 600:09:18Summary readyToday, I’m doing something a little different. After attending Possible Miami and The Drum's Global Commerce Media Leaders Forum, my brain is overflowing, in the best way possible. I’ve got pages of notes, dozens of conversations swirling around, and one big question: which buzz-y trends actually matter most to you?So instead of pretending I’ve got all the answers, I’m opening this up. In this episode, I walk you through seven of the most pressing, debated, and under-the-radar topics in retail media right now — from agency misalignment to AI agents — and I want your take. Which of these deserve a deeper dive? Which ones are hype vs. a real opportunity? Let’s figure it out together.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why my brain is overflowing after Possible Miami and why I’m asking for your input[01:20] – Why brands don’t want retail media as a line item anymore[02:28] – Objective-based buying: breakthrough solution or black box?[03:11] – The hidden impact of ad sales team compensation on retail media performance[04:00] – Untapped potential in email, SMS, and CRM as retail media channels[05:45] – Experiential retail media and the return of in-store human connection[06:52] – Data clean rooms and AI agents: real use cases vs. vendor hypeLinks & ResourcesRecap of the panel I hosted at The Drum's inaugural Global Commerce Leaders Forum: Bring the "Retail" back to Retail MediaRead my related articles:Best Buy Wants To Become An Ad Platform, Not Just Another RMNAgentic Commerce Is a Sequencing Problem, Not an Existential OneSam's Club Cracked the Code on In-Store Retail Media—Here's How They Did ItOn Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE [sign up link]I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
Summary
Why iROAS Metrics Are So Inconsistent (And Why Debate Is Good For The Industry)
May 500:07:35Summary readyToday I unpack the intense industry reaction to a piece of Albertsons Media Collective, Ovative Group, and Kellogg School of Management research that challenged how we measure iROAS in retail media. When a single campaign’s return can swing wildly — up to 6.5x — based purely on methodology, it raises some uncomfortable but necessary questions. I walk through the biggest critiques that surfaced from practitioners and academics, and why this debate matters more than ever for brands trying to make sense of their performance data.I also share how the authors of the study responded to the pushback, and what they didn’t address. More importantly, we get into what this all means for real-world advertisers, especially mid-market brands navigating opaque reporting standards. If you’ve ever questioned whether your campaign results are telling the full story, this episode will give you a fresh lens to evaluate retail media measurement.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why controversial research is better than silence, and what sparked this debate[00:31] – The headline finding: iROAS can vary dramatically depending on measurement methodology[01:24] – Key critique: Are these methodologies even comparable in the first place?[02:07] – The BSTS debate: causal method or misapplied forecasting tool?[03:08] – A practical question: What are brands actually using iROAS for?[04:30] – The authors respond: what the study was, and wasn’t, designed to prove[05:39] – What mid-market brands should do next: pushing for transparency and better disclosureLinks & ResourcesThe white paper in question, titled iROAS Demystified, is a collaboration between Albertsons Media Collective, Ovative Group, and professors from Northwestern University's Kellogg School of Management. My original article on the white paper: iROAS results can be easily gamed. But we shouldn't just throw it awayThe LinkedIn comment thread in which the research was fiercely debatedCheck out Prof. Koen Pauwels' Substack Amazon DaysRead my related articles:Why ROAS Refuses To DieRetail Media's Measurement Problem: It's Not Just the Retailers'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing forOn Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE.I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
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