The CPG Guys Podcast

Episode Summary: "Retail Media & CTV with Roku's Jordan Ross & Merkle's Jeff Bustos"

Date: September 24, 2025
Hosts: Peter V.S. Bond, Sri Rajagopalan
Guests: Jordan Ross (Head of Ad Marketing, Roku), Jeffrey Bustos (SVP Retail Media & Analytics, Merkle)
Theme: Exploring the intersection of Retail Media and Connected TV (CTV), with deep dives into measurement, personalization, and the evolving effectiveness of shoppable, data-driven advertising.

Overview

In this insightful episode, Sri and Peter engage with Jordan Ross from Roku and Jeffrey Bustos from Merkle to explore how retail media and connected TV (CTV) are converging to revolutionize how brands engage and measure consumer interactions. The conversation covers rapid changes in video and TV consumption, strategic partnerships like Roku-Amazon, advancements in shoppable TV, new measurement standards (like new-to-brand metrics), content personalization, and the implications for CPG brands aiming to maximize ROI in a fragmented media landscape.

Key Discussion Points & Insights

1. The Shift to CTV: Roku’s Milestone and Industry Context

• CTV Overtakes Traditional TV:
  • Roku has surpassed all of broadcast TV in hours watched, marking a "seismic shift" in entertainment consumption ([04:56], Jordan Ross).

    “More television hours are watched on a Roku device across all of the different range of content that we provide than all of broadcast television, traditional television as a whole. So a pretty seismic shift ...” — Jordan Ross (05:57)

• CTVs Role as Platform:
  • Roku positions itself as a platform not just for streaming content but as the connective tissue for advertisers and retail media, “increasingly a platform for retail media companies and retail media advertisers to connect all of their great retail media activity with the largest screen in the household.” ([06:50], Jordan Ross).

2. The Convergence of CTV and Retail Media

• Integrating Content and Commerce:
  • Research from Roku and Merkle reveals a strong correlation between shoppable TV ads and consumer engagement.

    “[Our research shows] a 96% correlation between the content in ads and shopper behavior, especially in driving awareness, consideration and purchase. … Ads inviting consumers to engage had 30% higher brand awareness and drove 47% more purchase intent compared to standard video ads.” — Jeffrey Bustos (08:35)

  • The focus is not just on reach but on making ads interactive, immersive, and data-rich for true attribution and measurable ROI.

3. The Roku-Amazon Partnership: Capabilities & Measurement

• Cross-Ecosystem Audience Targeting:

  • The partnership enables advertisers using Amazon DSP to reach audiences across both Roku and Amazon, leveraging Amazon’s vast shopper data for precision targeting and measurement ([10:31], Jordan Ross).

    “If you're using the Amazon DSP, you can buy across a wider range of inventory, manage audience engagement much more effectively … In early testing we saw ... you were able to reach 40% more viewers because of this match.” — Jordan Ross (11:11)

• Closed-Loop Measurement & “New to Brand” Metrics:

  • Roku’s partnerships (Amazon, Instacart, Kroger) increasingly offer closed-loop measurement, with a spotlight on incremental and new-to-brand sales attribution. This is highly sought after by brands trying to quantify advertising impact ([15:52]).

4. Evolving Measurement in CTV & Retail Media

• Advances in Metrics:

  • Moving beyond legacy metrics (like GRPs and CPMs) to real indicators like new-to-brand, purchase intent, and leading indicators that can optimize campaigns quickly ([18:06], Jeffrey Bustos).

    “Now we can actually bring in all these other retail media metrics and understand what is the correlation impact between these retail media metrics and brand awareness in a sale and then you can start really optimizing your video ads … much more efficiently.” — Jeffrey Bustos (18:06)

• Caution on Vanity Metrics:

  • There's a growing push to focus less on “vanity” numbers and more on actionable trends and correlations (e.g., page traffic leading to future sales) ([20:43], Jeffrey Bustos quoting Cara Pratt).

5. Personalization: Table Stakes & Creative Implications

• Personalization as Baseline Expectation:

  • 83% of people value ads personalized to shopping behavior, though only a third pay more attention as “personalization is table stakes” ([22:17], Jordan Ross).

    “People expect if you're a dog owner, not to see cat relevant ads, but you have to do more than that to be truly valuable.” — Jordan Ross (23:03)

  • Effective personalization moves beyond targeting—into creative, offers, and seamless experiences.

• Contextualization & Bundling Offers:

  • Bundled product offers and localized deals resonate when messaged transparently and with as little purchase friction as possible ([24:12], Jeffrey Bustos).

6. User Experience & Content Engagement

• Brand Integration in UX:
  • Roku encourages brands to move ads beyond pre-roll/video spots and engage across the UX, e.g., home screens and Roku City, for broader storytelling and reach ([26:55], Jordan Ross).

    “We encourage advertisers to in some ways pull their advertising out of the spot and bring it into the user experience so that you could be as a brand part of the whole content journey.” — Jordan Ross (26:55)

7. Overcoming Fragmentation: Value-Oriented Shoppers & Platform Churn

• Reaching Value Shoppers:
  • The surge of free ad-supported TV (FAST channels) aligns with value-driven consumer behaviors; shoppers regularly churn between streaming services for cost savings ([32:01], Jordan Ross).
• Combatting Fragmentation in Retail & Media:
  • Cross-partner data integration is crucial to avoid redundant messaging, control frequency, and offer seamless “whole consumer” views ([33:12], Jeffrey Bustos).

8. Entry Points & Practical Steps For Brands

• Democratization of CTV Advertising:
  • Roku Ads Manager allows even small brands to easily upload, create, and optimize video ads, adopting interactive overlays with low barriers to entry ([36:11], Jordan Ross).
• Three Ways to Engage With Roku:
  • Self-serve via Ads Manager (templates, guides), advanced programmatic buying via DSPs, or direct consultation with Roku’s team for end-to-end strategic support ([38:09], Jordan Ross).

Memorable Quotes & Notable Moments

• On the scale of change:

  “A pretty seismic shift and one that's been, you know, years in the making as CTV and streaming become a much more mainstream behavior for more Americans.” — Jordan Ross (05:57)

• On research and shopper engagement:

  “[Within our study] action ads … had 30% higher brand awareness and drove 47% more purchase intent compared to standard video ads.” — Jeffrey Bustos (08:54)

• On new-to-brand measurement and closed-loop insights:

  “What we're learning at the convergence of CTV and retail media is... advertisers are able to build a wider funnel that’s inherently more measurable and attributable.” — Jordan Ross (15:52)

• On vanity metrics and evolving benchmarks:

  “Let’s move away from vanity metrics. Not just within a retail ecosystem, but bring in CTV... closed measurement is imperative to really close the loop on the consumer journey.” — Jeffrey Bustos (21:08)

• On personalization:

  “Personalization is table stakes. People expect if you're a dog owner, not to see cat relevant ads, but you have to do more than that to be truly valuable...” — Jordan Ross (23:03)

Important Timestamps

• 04:56–07:35 – Roku’s scale, the CTV vs. broadcast TV milestone, and implications for advertisers
• 08:31–10:11 – Research on shoppable TV, measuring action ads, and the engagement matrix
• 10:31–13:44 – The Roku-Amazon partnership and benefits to brands
• 15:52–17:34 – Closed-loop measurement, “new to brand” metrics, and funnel accountability
• 18:06–20:38 – Innovations in metrics, avoiding vanity measures, and measurement’s role in creative optimization
• 22:17–25:32 – Personalization, consumer expectations, and advanced creative approaches
• 26:55–28:56 – The role of content, integrating advertising in the user experience, and real-world examples
• 32:01–34:50 – Coping with fragmentation, tracking value-driven and transient users, and improving consumer/advertiser experiences
• 36:11–39:38 – Entry tactics for brands, leveraging Roku Ads Manager, and different working models with Roku

Takeaways & Closing Thoughts

• Peter’s takeaway ([40:11]):

  “Personalization is table stakes. If you're going to really take advantage of streaming television, connected tv, you can't just serve up the same ad you would have served up if it was a non-personalized ad because people don't respond in a greater manner. … The game has been elevated. Consumers expect more.”

• Sri’s takeaway ([41:07]):

  “CTV has arrived as a platform … Anyone not taking advantage as an advertiser … is obviously missing out … as you build your marketing mix model and decide where to put your money, make sure to include CTV in the first place.”

Episode Highlights – At a Glance

• CTV now surpasses broadcast TV: a watershed moment for every advertiser
• Closed-loop, new-to-brand measurement now possible at scale via integrated partnerships
• Personalization and interactivity have moved from “nice-to-haves” to minimum expectations
• Fragmentation of platforms and retail touchpoints challenges advertisers—convergence and unified data are key
• Roku offers low-barrier entry for brands, from DIY to fully managed, with a focus on measurable outcomes

For CPG leaders, marketers, and retailers, this episode is a must-listen primer on the "new normal" of media, advertising, and consumer engagement. The convergence of CTV with retail media is not just a trend—it's fundamentally changing the dynamics of brand building and sales in the digital age.