Podcast Summary: The CPG Guys – Retail Media Executive Education May 2025 with Cornell University's Dan Hooker
Release Date: February 5, 2025
Hosts: Peter V.S. Bond & Sri Rajagopalan
Guest: Dan Hooker, Faculty at Cornell University
Episode Title: Retail Media Executive Education May 2025
Introduction
In this special episode of The CPG Guys Podcast, hosts Peter V.S. Bond and Sri Rajagopalan engage in an insightful conversation with Dan Hooker, a seasoned faculty member at Cornell University. The episode centers around the launch of Cornell's inaugural Retail Media Executive Education Program scheduled for May 2025. This program aims to bridge the gap between academic excellence and industry expertise, focusing on the rapidly evolving field of retail media.
Cornell's Executive Education Program Overview
Dan Hooker provides a comprehensive overview of Cornell’s executive education landscape, highlighting the extensive offerings through eCornell, the university’s robust online education platform. He mentions:
"For over 25 years, we have a very robust online education business or operation called eCornell. And on eCornell, we offer hundreds of certificate courses, from artificial intelligence to leadership to marketing to digital commerce." (06:12)
Dan elaborates on the Food Executive Program, a prestigious initiative running for over six decades, which brings industry leaders to Cornell’s campus for immersive learning and networking.
Program Design and Partnership with The CPG Guys
Peter underscores the significance of the partnership between Cornell and The CPG Guys, emphasizing the collaborative effort between academia and industry practitioners. He states:
"The CPG guys are strategic partners for this immersive four-day program that brings together industry thought leaders and renowned faculty to share best practices for building compelling retail media platforms." (00:28)
This collaboration ensures that the program is both academically rigorous and practically relevant, addressing the current challenges and opportunities in retail media.
The Urgency of Retail Media Education
Dan discusses the pressing need for education in retail media, attributing it to shifts in privacy laws and the digital transformation of marketing strategies:
"One of the hottest areas in the world of retail and consumer goods is retail media... it's an arms race to capture all those digital marketing dollars that are shifting or moving from traditional media to everything digital." (11:05)
Peter adds context from his experience at General Mills, highlighting the critical role retail media plays in regaining lost market share and fostering consumer loyalty:
"CMOs for the first time started taking a much more detailed involvement in retail media and the role of retail media in a media mix as opposed to retail media as a lower funnel sales activation engine." (12:43)
Program Location and Structure
The program is set to take place at Cornell Tech on Roosevelt Island, New York City—a hub for financial, technological, and media innovations. Dan describes the venue:
"Greater than ever location to host or have this program than at the financial and technology and media center of the world, New York City... a great hotel called the Graduate Hotel where everyone stays so we're all in one place." (15:34)
Peter highlights the unique setting for networking events:
"Imagine being on an island in the middle of Manhattan and feeling like you're actually on an island... amazing views of the East River and Midtown Manhattan." (17:39)
Program Modules and Curriculum
The four-day program is meticulously structured to cover all facets of retail media, ensuring participants gain both strategic insights and practical skills.
Day 1: Foundations of Retail Media
- Consumer Behavior: Understanding the evolution and current landscape of retail media.
- Retail Media Strategies: Building compelling strategies that integrate upper, middle, and lower funnel tactics.
- Inventory Types: Exploring on-site, off-site, and in-store inventory options.
- Storytelling in Retail Media: Crafting content that justifies and optimizes budget allocations.
Notable Quote:
"We're definitely going to address is retail media media or not? Is retail media a new phenomenon? Is it old? Has it been around forever?" (27:52)
Day 2: Collaboration and Partnership
- Emphasizing the importance of collaboration between brands and retailers.
- Interactive sessions to foster joint value creation and strategic alliances.
Day 3: Data, Analytics, and Measurement
- Clean Rooms: Ensuring data privacy and secure information sharing.
- Audience Building: Targeting the right demographics through advanced analytics.
- ROI and KPIs: Developing measurement frameworks to evaluate campaign effectiveness.
Notable Quote:
"Clean rooms enable, call it the ability to share information in a safe way... it's a big part of how collaboration is going to happen going forward." (30:39)
Day 4: Global Perspectives and Ethical Considerations
- Examining international trends in retail media.
- Addressing ethical challenges, especially with AI and content personalization.
Final Sessions: Presentations and Graduation
- Participants engage in group projects, culminating in presentations.
- Formal graduation ceremony with certificate distribution.
Networking and Collaborative Learning
Both hosts emphasize the value of networking within the program. Peter describes the kickoff event:
"The networking event serves a very important purpose... practitioners from brands meet with peers from sales and RMNs in a safe space to discuss and ask questions." (17:09)
Dan echoes this sentiment, highlighting the informal learning that often occurs outside structured sessions:
"In our Omnichannel program last summer, we learned so much from a retailer in sporting goods about their approach to the omnichannel shopper during non-classroom time." (22:24)
Data Privacy and Security
A critical component of the curriculum is addressing data privacy. Dan explains the role of clean rooms in facilitating secure data sharing:
"Clean rooms enable, call it the ability to share information in a safe way... cyber security and data privacy are top concerns for CEOs of retailers and CPGs." (30:39)
Global and Ethical Considerations
Peter highlights the global reach of retail media and the importance of understanding diverse markets:
"In Latin America and Western Europe, in-store retail media has been around forever and is now migrating to the United States." (32:06)
Ethical considerations, particularly regarding AI and content creation, are also addressed to ensure responsible media practices.
Hands-On Learning and Participant Engagement
The program emphasizes experiential learning through workshops, small group projects, and interactive sessions. Dan details the structure:
"Participants are placed into small groups with a challenge or project to work on... they present their solutions on the final day." (35:49)
Peter adds that these activities are designed to foster creativity and practical problem-solving.
Certification and Continuing Education
Upon completion, participants receive a Retail Media Strategy Certificate from Cornell University, validating their expertise and commitment to shaping the industry’s future.
"Every participant that completes the program will get a certificate in retail media strategy from Cornell University." (37:15)
Registration and Participation
Dan explains the inclusive nature of the program, welcoming participants from various sectors within retail media, including brands, retailers, supply chain companies, and service providers. Applicants can register through multiple channels:
"You can apply through Cornell's website, reach out directly to Sri, Peter, or myself, or search for 'Cornell Retail Media' to find our landing page." (41:07)
Given the cap of 60 seats, early registration is encouraged to secure a spot.
Conclusion and Next Steps
Peter wraps up the episode by reiterating the significance of the program:
"The CPG Guys are very excited to partner with Cornell on this... shaping the first-ever industry executive education program in retail media." (38:15)
Listeners are encouraged to visit cpgguys.com for more information and to apply for the program. The hosts emphasize the unique opportunity to influence and drive positive change in the retail media landscape.
Final Notable Quote:
"What Dan and I look forward to is you collectively shaping the outcome of retail media for this industry." (44:55)
Key Takeaways
- Cornell's Executive Education: Offers a blend of online and on-campus programs, with a strong emphasis on executive education tailored to industry needs.
- Urgency of Retail Media: Driven by digital transformation and changing privacy laws, making it essential for brands and retailers to adapt.
- Program Structure: Four-day immersive experience covering foundational strategies, collaboration, data analytics, global trends, and ethical considerations.
- Networking Opportunities: Facilitates meaningful connections among industry leaders through structured and informal interactions.
- Certification: Participants receive a prestigious certificate from Cornell, enhancing their professional credentials.
For more details on the Retail Media Executive Education Program and to apply, visit cpgguys.com or reach out via email at contact@cpgguys.com.