December 15, 2023 • 32 mins
Ready to unravel the ever-changing world of retail payments? We've got a fascinating conversation lined up with our guest, Tom Burgess from SnippMedia. Together, we'll explore the concept of a Payments Media Network, a potentially game-changing platform that combines purchase data from retailers and banks to create targeted offers for consumers. If that piques your curiosity, join us as we delve deep into the future of retail payments, dissecting how banks are unlocking the value latent in their data.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:14):
Welcome to the Retail Wire Podcast, your go-to source
for all things retail.
Whether you're a seasonedindustry veteran or just dipping
your toes into the world ofretail, our podcast is your
one-stop shop for the latesttrends, insights and discussions
that are shaping the future ofretail.
Let's dive into today's episode.
We are joined today with TomBurgess from Snip Media and we
are going to dive deep on thetopic of payments.
(00:36):
Tom, thanks for being here.
Hey, Chase, Nice to be herewith you.
I'm really looking forward tohearing from your perspective,
because you've been around theindustry a while.
Give us a little background onwhere you started and so, yeah,
my background, sure.
Speaker 2 (00:51):
So I'm the president of Snip Media, which is actually
Division of Snip Interactive.
It's a global platform as aservice company and it's focused
on helping consumer marketingbrands, or CPGs, with customer
acquisition, retention andengagement.
We can get into that more later, but my personal background is
25 years of innovation,disruption, product discovery,
(01:13):
development.
That's what I do.
I'm a serial entrepreneur.
I started four companies.
I've had the very good fortuneof my career to work with great
people in the advertisingloyalty industries.
I'm also pretty big adrenalinejerking and that's why I like to
take the risk of launching newthings and nobody's ever done
before.
So that's my background.
(01:33):
The current effort that I haveunderway with Snip is Snip's
Payments Media Network, so wecan get into that.
Speaker 1 (01:42):
When I saw what you're doing, I heard the term
Payments Media Network.
Of course, I think of RetailMedia Network.
That's a common topic thatwe've covered at Retail Wire
Consumers having slim marginsand trying to figure out how to
keep those prices low enough soconsumers aren't shocked by
inflation and other priceincreases, but finding ways of
(02:04):
gaining some revenue withouthaving to increase prices.
They've always done that withthe brands, but you have a
unique way of finding a solution.
This is something that soundslike you pioneered a new idea
with the Payments Media Network.
Speaker 2 (02:23):
Yeah.
So your spot on the wholeRetail Media Network has been
obviously bursting, growing veryquickly, and it's based on the
data that incredibly powerfuland valuable purchase data that
retailers have.
So my world in working withloyalty programs and CPGs and
(02:48):
also with Payments Networks sobanks, large banks is that
there's purchase historyeverywhere and it's not been
well monetized.
So the opportunity forsomething new here is to combine
not just where you buy, butwhat you buy or what a consumer,
what a shopper bought.
Retailers know what you buy intheir store.
(03:08):
When you work with a bank, thebank knows where you spent.
When you combine the two, youstart to get to something even
more valuable.
So that's what we focused onwith Payments Media Network, or
Snips.
Payments Media Network iscombining the two, literally
taking the data from the bankand the data from the retailer,
so that now a retailer and thebrands benefit from not only
(03:32):
knowing what their oil customersare spending on when they're in
their stores, but they also canstart to target people that
they know a shop at their storesmay not buy those products at
their stores, and they can startto take effect.
Now, the way we do that isunique in that we're putting
offers inside a bank application.
So we put offers inside whatyou and I and everybody else
(03:55):
uses every day a regular bankingapplication and banks win with
putting these offers inside thebank application because it
causes more, what the banks calltop of the wallet or makes you
and I pull their bank card outbefore we might pull a different
bank card out.
So banks like this and theretailers win because they're
(04:18):
getting an extended reach.
So not to just blabble on andtoo far, but you mentioned
retail media networks, the keythere is that the retailers are
bringing cool data, targetingdata and attribution data, both
on the front part of thecampaign and on the back part of
the campaign, and then they areputting offers out that are
(04:41):
relevant to people based on whatthey've bought at that retailer
in the past.
When you look at that audience,they can, the retailer can max
out that audience.
Similarly, with the banks andsomeone like Bank of America was
a partner of ours with 47million card holders that
retailer can now extend theirreach.
(05:02):
Bring their retail data thatthey have out and reach another
47 million people and guess what?
They'll be able to targetpeople that may not shop at
their stores.
And so there's this really coolmelding of the two.
Speaker 1 (05:15):
I can't help but compare this to a Google ads
type of network, where here's athird party, here's someone who
has an audience with data andthey're able to target those
people outside of the retailer'snormal network.
Banks have not been thinking oftheir data in this way for very
(05:35):
long, have they?
Speaker 2 (05:37):
No, well, so probably banks over the last eight, nine
years have started to realizethat they have a new type or a
new approach to loyalty, thatthey have data they can bring to
the table that can increaseloyalty for themselves.
I get laughed at when I walkinto big banks.
I've been working with bigbanks for like a decade.
(05:58):
Walk in and I say, wow, youbuilt a really cool media
company here.
And they look at you like, well, who is this jerk?
Because they're back, right,that's what they do.
They run payments.
Well, the reality is, they'vegot incredible data and a
consumer typical consumer willgo into their banking
application two to three times aweek.
So now, households aredifferent, right?
(06:19):
So in my house so my wife isthat person that's going into
your three times I'd probably goin maybe once or twice a month,
but that's on average.
So you have a lot of eyeballs inthose banking applications.
You have, therefore, this, likeyou said, tying it back to a
Google network.
You know if you've got a adwords or you've got any kind of
(06:42):
Google campaign, it used to berun off of third party
transaction data, third partydata of any type.
Well, we all know that thirdparty data is going away, the
cookies going away, and so firstparty data is what's hot.
Therein lies the all growth ofretail media networks.
They're first party data.
They can't take that away.
So when you take first partydata from a bank, first party
(07:04):
data from a retailing and putthem together, you end up with
some pretty cool overlap andyou're monetizing an audience
that hasn't really beenmonetized for advertising before
.
It's been leveraged by thebanks for loyalty but not
advertising.
So that's the key thing thatyou're touching right.
Then you're recognizing that'sthe difference for the banks.
(07:25):
Suddenly, we've got a consumerwho's inside an application on a
very regular basis a lot ofimpressions, if you will, a lot
of activity, very engaged, veryloyal and also trusting audience
and giving that a person, thatshopper, an opportunity to save.
(07:46):
Like you were saying, I think,earlier when we were talking.
You know this is a tough timeright now, right, watching
interest rates go up or we'rewatching what we spend on how
much money we're spending, andit's nice when you turn around
in the place where you keep yourmoney is giving you a way to
save that money.
Speaker 1 (08:06):
You know I'm a consumer and if I'm looking at
Facebook and I start to click onthings, I start to get ads for
that product or from similarcompanies.
Maybe I'm just checking my bankaccount.
I don't want to see ads from.
That feels like an invasion ofprivacy.
(08:28):
What do you have to say aboutthat?
Perfect.
Speaker 2 (08:30):
Yeah, so that's the whole privacy piece comes in
everywhere you go, right?
So what's my data being usedfor?
Well, you've got, obviously,your European groups.
That came out first, gdpr, andthen you've got CCPA and you've
got all these other differentloyalty standards that have come
(08:51):
to market in protecting you andme In the banking industry.
It's a embedded it existedalready Like there's no ability
for a bank to leverage your dataoutside their environment for
any kind of market, and so whatthey do inside the environment
is it's all non-PII, whicheverybody kind of knows
(09:14):
personally identifiableinformation, and non-PCI, which
is payment card information.
So there's no data that'sprivate, every shooter or shared
with any brand or any retaileror anything like that.
The only data that is usedinside the banking application
for these offers is where youhave purchased in the past.
(09:35):
You purchase history.
So let's talk about, let's say,you've got a frozen pizza brand
and you want to target peoplethat buy pizza at pizza
restaurants.
That's how it would be used.
That's a really simple and, bythe way, you've got some type of
health care you want topurchase, or you want to target
(09:58):
people that spend at, maybe, aspas or something like that.
You know these kinds of things.
That's the target I'm talkingabout Right.
Speaker 1 (10:07):
So it gives them a category maybe not specific
products, private information,but just categories and spending
patterns and the hope would bethat these are ads that are
sensitive to that or valuableenough that the consumer can
open the banking app and thinkthis is actually a nice feature.
I'm getting some deals orsomething relevant to me, yeah.
Speaker 2 (10:33):
I mean how many people we all can say this.
You know we get charged if wecarry a balance on a credit card
.
You know there's feesassociated with having a bank
account and it's a nice featureto see your bank give you some
credit.
You see your bank give yousomething back, right?
So it's a consumer experiencethat the offers are there.
(10:56):
You could activate them.
They're not interrupting yourbanking application effort.
You have to go into one clickoff the homepage, for instance,
to find the offers and thenthey're relevant and it's not
advertising as much as itsoffers.
That's really what it is.
These are offers that are putright.
Bringing a retailer in as apartner now Allows that retailer
(11:20):
to possibly even bring theirdata.
So now as a consumer, I mightsee a particular offer that's
retailer based.
So it might be xyz retailer,because they're my geographic
area, like it's, so it could begeo-targeted and oh yeah, I shop
there.
Click on that, you go insideand there's offers at that
(11:41):
specific retailer.
So now a retailer is gettinginto the mix and they're
starting to be able to bringtheir data to the table and need
to keep becomes even morerelevant to to the consumer that
there is a a lot ofUnderstanding that people, no
matter what your income level,80% or so of people will take a
deal if it's relevant to them.
These are those statistics.
(12:02):
So it's a perfect environmentin a trusted environment, where
the consumers Are receiving avalue for back from something
that they're paying for already.
Speaker 1 (12:13):
Well, this reminds me of the credit card rewards.
I usually take the cash backbecause you know I don't need a
gift card, but there aredifferent deals like that that
people are used to seeing insideof a credit card Dashboard.
I Don't know if I've seen it ina normal checking account kind
(12:33):
of banking application.
What are, what are, some of thethings that retailers Would be
accustomed to seeing, and how iswhat you're doing different
than than the norm?
Speaker 2 (12:48):
So, yeah, they.
This is a cash back programtypically, although some banks
that allow you to earn points,like you just mentioned, can
have what are considered zero,zero dollar value transactions.
So meaning, okay, consumer,you're in your backing
application.
The back says, hey, when youshop at this retailer or when
you buy these products at anyretailer, in some cases You'll
(13:11):
earn points and then the pointscould be, like you said, at the
end of the month, year, quarter,whatever, I being convert those
over to cash.
However, you want to burn thoseplates down, you can do that.
Typically, though, in the largebanks, they'll do cash back.
It's what's most relevant,right?
We all know it.
Consumer wants cash, right?
It's always the highest number.
(13:31):
I'm when you, when you do theseresearch projects, it looks
it's what do you want to earnwhat cash back?
So typically it's a.
It's an environment where you'rethe consumers receiving cash at
the point of sale in store.
I've gone into the store, I'vepreloaded Offers that my bag is
put in front of the wall and Igo into the store and I use my
payment card and then when Iwalk out, I get cash deposited
(13:55):
back into my bank.
It's called a statement credit.
It can also work because wehave different types of programs
that we run and other peoplerun that will give the consumer
cash discount right there at thepoint of sale.
So the till will actually dropdown.
So take a step at the point ofsale.
That till drops down.
Instead of pay $100 at thebasket, you might pay, you know,
(14:18):
something like 92 dollars orsomething to save yourself the
money right there.
So it's a very real experience.
You realize as a consumer thevalue very quickly, the points
based program.
You're notified.
So hey, you just earned xnumber of points.
So you're walking out the doorand you get an alert on your
back.
I'm the one who says you'rejust earning points.
So it you know, in theseprograms there they're either
(14:39):
way, but they don't replace.
Maybe in some cards, ifsomebody might say well, I've
got my airline, favorite airlinecard and iron points whenever I
spend on that airline.
How's this gonna be different?
It's very different.
You, it's not about theactivity with the co-brand, it's
not about activity with yourbag, with your airline, with
(15:02):
your rental car.
It's not that activity.
You continue to earn thosepoints.
This is additional activity.
This is earn points or earncash back when you spend at
these more affiliated retailersand buy these brands that are
brought to you inside the app.
Speaker 1 (15:20):
Got it Okay.
That's different from thetraditional.
What does a normal partnershiplook like?
If a retailer were to get intothis, what are some examples?
That would be kind oflow-hanging fruit or maybe the
first project that they'd try.
Speaker 2 (15:39):
Yeah, so a retailer's benefit here is number one.
It's big audience, right.
So the top five banks in thecountry, in the US market, are
doing these programs.
It happens to work with Bank ofAmerica and a couple other top
five banks and we work withhundreds of small banks as well.
So we've got about 70 millionactive user audience right now
(16:02):
that we can help a retailerreach.
We can do that geography-wise,we can do all kinds of different
targeting and make sure thattheir efforts are based on their
goals.
Right, they're based on theKPIs they want to achieve.
The only thing they want toachieve is that they've got a PM
on, they maybe have a retailmedia network running and they
(16:24):
maybe max out on their audience,right, they have other budgets,
that being the shopper dollarsor the shopper marketing dollars
that they've had from theirvendors, their CBGs, and they
would like to continue to spendthat, but they've maybe
exhausted their audience on it.
So now we've got this massiveaudience that allows those
retailers to put their shopperdollars or their private label
(16:46):
dollars towards this uniqueaudience, right.
So retailers have a lot ofbenefits.
An additional benefit, onethat's a little more geeked out,
is getting down to the conceptof offsetting interchange.
So retailers don't like to payinterchange.
Again, every retailer isworking on tight margins.
(17:08):
Why pay so much?
Interchange Bank swing whilethey're going to say, well,
we've got to make money.
So are you going to go to thebottom you know it's an erase to
the bottom or are you going totry to find more value in the
relationship?
So this is this concept ofoffsetting interchange, which
means, okay, a retailer can goto a bag, a retailer can reach
an audience and, in fact, maybeeven generate additional revenue
(17:30):
where the bag is bringing thedollars, the advertising dollars
, to the table.
So now you've got a retailerthat says, hey, I'll put these.
Or I should say the bank saysto the retailer I can take your
offers, put them in front of myaudience and drive people into
your store and give you theattribution data that proves
(17:52):
that it won't.
And they only pay when theperson redeems.
So it's a direct correlation tointerchange.
So it's a unique.
That's a very unique.
We're getting deep into weedsthere, but that's a very unique
value proposition to theretailers offsetting interchange
.
Speaker 1 (18:06):
I was just going to ask how much does it cost the
retailer?
And then you got into this newkind of interchange offset.
So in this case, why would thebank pay the retailer?
Speaker 2 (18:18):
The bank generates the revenue through CPGs.
So you guys know but in youraudience knows this but there
are shopper dollars that areassociated directly with the
retailer and the brands together.
Then there are national dollarsand both play in this game.
So if the brand comes to thetable, which is to the table of
(18:42):
the bank, and wants to putoffers out for their products
across multiple retailers, theycan use their national dollars
and the bank is paid and SNP isthe intermediary and they're
running the whole network makingthis all.
We're the glue that keeps ustogether.
That makes sense.
So when the brand pays, we havedollars that we can share.
So if a retailer brings alittle bit of their data to the
(19:02):
table, then they get paid forthat.
So there's the offset.
I kind of got loose and gooseythere.
I had a little bit there when Iwas saying the bank's paying,
it's the funds that come intothe bank or that media value
that gets shared with theretailer when the retailer is
bringing little data to thetable.
Speaker 1 (19:20):
What are some cautions that retailers should
or even CPG brands, you knowwhen they're spending this.
What are some cautions thatthey should be aware of?
Speaker 2 (19:31):
Yeah.
So I'd say, in our experience,the biggest caution is managing
budgets, managing such a largeaudience and understanding,
testing, not expecting to beable to reach an entire audience
(19:52):
of 70 million plus people andnot have it just burn through a
budget in a week.
So there's targetingopportunities here.
Take your KPIs, put yourprogram together, make sure your
marketing is clear to theconsumer, make sure you're
targeting to reach the rightpeople so that you're getting
the right value proposition.
(20:12):
Afterwards, additionally,studying the data and we all do
this we're, all, I would say,interested in data upfront.
We look at dashboards and wesee wow, look at the difference
there, look at that trove, look,keep studying that and optimize
as you go, because this is nota, this is a game of return and,
(20:34):
fortunately, because it's anewer, unique environment, right
?
So not many people have heardabout putting offers up on bank
applications, I mean, but it's amassive audience.
Wow, I got to take care of thisor I got to take advantage of
this.
How do I do it?
Well, the good start here isthat there's an opportunity to
do it on a performance basis.
In other words, pay for whatyou get, don't pay beyond that.
(20:56):
You're not just buyingimpressions.
It's not that world you broughtup, kind of global, or in
Google, facebook, you're buyingimpressions, mostly, right, it's
a high value audience forgetting your brand in front of
somebody.
This is a shopper, more shoppermarketing, promotional dollar
type of approach where we'redriving consumers to take an
(21:20):
action, to make a purchase, andthat's the data playing a part.
Those other channels, thoseother traditional digital media
channels, don't have one to oneattribution.
So, as a brand or retailer,make sure you know what your
goals are, make sure you applythe right budgets to it and make
sure you get your marketingcorrect so that when you run a
campaign you're getting the mostreturn on your value, and so
(21:43):
it's an ROI game.
Speaker 1 (21:44):
You know, in e-commerce there's a lot more
attribution that can happenbecause you can follow that
customer journey all the way tothe shopping cart and purchase.
But in brick and mortar ithasn't been part of the tool set
and I think now it's becomingthat as retailers merge that
(22:05):
e-commerce with the physicalstore and to drop a buzzword
here but Omni Channel mergingthat data all in one.
But what you said about theattribution and a banking app do
you know that they made thatpurchase?
Speaker 2 (22:24):
No, when they made it , where they made it, how much
they spent, and it can be tiedto an ID.
Right Again, keeping verycareful not to share PII or PCI.
You need to be relevant tospecific data points, an ID so
you can say this ID increasedtheir frequency, this ID
(22:45):
increased their basket.
Now, these are the types ofvalue metrics or metrics or KPIs
, whatever value, whatever youwant to put around it, what
you're going to learn as you runthrough the programs.
Speaker 1 (22:56):
So the metrics are shown, but they're sort of
anonymized.
Yeah, they have to beanonymized?
Speaker 2 (23:01):
Yeah, there's no.
Yeah, nobody wants to give upany privacy information.
Speaker 1 (23:06):
The bank would have to pay me to bank there.
Speaker 2 (23:08):
if that's the case, yeah, and the goal and you know
you kind of imagine being ittook just in order to get these
programs up and running.
The banks make vendors like SNPgo through a year-long process,
a vetting process.
It's not an easy thing to geton the ground right I've been
doing this for a decade and it'snot easy.
But when you put it together inthe right way, then the value
(23:32):
proposition works.
Consumers getting thosediscounts.
The consumers getting maybe afair market value for, or a
better offer from their bankingapplication, from their bank,
which is providing them withtheir credit cards.
So they're feeling better aboutyou know, hey, I'm spending
with this card and this cardgets me more value back.
(23:54):
That's a good thing for thebank, good thing for the banking
consumer.
But the retailer is winning inthe sense that they're driving
more traffic into their storesand they're getting more data
about what's going on.
They know, because we mentionedearlier, that a retailer knows
what you do in their stores butyou may not know what the
consumer where else?
That consumer what's your shareof the wallet?
(24:15):
Right, and literally that bankand retailer Berger brings that
data to them.
So there's and of course thebrands are finding this as an
opportunity to help drivetransactions that they may not
have seen from this uniqueaudience because, as I mentioned
earlier, this is a audiencethat's of regular.
(24:38):
It's not the typical couponseeking audience, right, it's
not those the coupon crazy typepeople.
It's those people that are justin their banking application.
They're everyday people thatare looking to, hey, make it
easier for their lifestyle leavetheir family, kind of.
Speaker 1 (24:54):
Yeah, that's a throwback to the initial start
of this, I think was theincentivized receipt scanning
the rewards programs, where youscan your receipt and then
you're giving them the data.
I think most people didn't evenrealize what they were giving.
They're like I don't know whythey want my garbage.
It's just a receipt, but thenyou get some kind of reward
(25:16):
points or a few pennies for eachtime you do that, and what you
just said was really insightfulthat the people that are going
to do that are a certain type ofshopper.
There are people who just saythat's not worth my time, and so
you're getting a differentsegment of the population and
that might not be the usefulsegment that a retailer or brand
(25:37):
is looking for.
Speaker 2 (25:39):
The retailer may already be reaching that segment
and this is giving them anopportunity to reach beyond that
segment.
That's kind of the big point ofthis audience, and it's a big
audience.
Is there going to be a bleedover?
Sure, you're going to have somepeople that are already at it
and they're going to find thisand they're going to want to
participate as well.
But you're going to reach otherpeople and you're right,
although I think receiptscanning is a valuable still
(26:03):
channel in that in some cases atsmaller retailers, it's going
to be a benefit for the brand.
Brand may want to put programsout that allows a consumer to
buy their product at anyretailer, right?
So some small retailers thecorner shop, the Main Street
Bakery they're not going to beconnected to these massive data
(26:24):
networks, right?
So you've got to leave the dooropen for those folks to have
those programs and that worksvery well for a receipt scanning
kind of thing and it works wellfor that segment or that
audience.
This is a program where thesetypes of programs reach
everywhere, and now all I'mdoing is maybe spending with my
debit card or my credit card, ormaybe I'm taking one little
(26:45):
extra action at a point of sale,scanning a barcode identifying
myself and someone, and I'mgetting the benefit of all of
this.
It's a unique proposition.
It's a brand new.
Audience is the big part of it.
Speaker 1 (26:56):
It reminds me of Target's red card discounts.
How is this similar ordifferent than that?
Speaker 2 (27:02):
Yeah, so they're all retailer cards.
So if you look at anyretailer's loyalty program,
however, the red card is apayment card.
You are.
You talked about the loyaltyprogram that drives activity in
that retailer, and this again isa cross retailer.
That's why these are funded bythe CPGs typically.
(27:23):
So it's funded in the sensethat, hey, here's an offer for
XYZ product, maybe it's a paperproduct, maybe it's a health and
care, health and wellnessproduct, or it might be some
type of food product, and theconsumer is now able to make
their choice when do I want togo?
So there's a difference there.
(27:44):
Right, it's not just associatedwith go to this particular
retailer, thereforeparticipating in that particular
loyalty program.
So that's where it draws innational dollars and also
sharper dollars.
So in the backing environmentand the way this is all set up
is, a retailer has theopportunity to leverage their
(28:04):
audience.
They can put offers up that areonly available at their store
and they can do best offer.
So they can go to a brand.
They can say spend on myretailer and get this deal and
they can lock that up and thebank is happy to pull out that A
retailer or sorry, a brand thatsays I got a national dollar
(28:24):
budget here, I've got to reacheverywhere they can now do the
same thing so they can put up amore agnostic offer and the
consumer can redeem anywhere.
So both programs work.
But yeah, you know, you'reright on that the Co-brand card.
So many retailers might have acard that's got their Co-brand
(28:47):
and it's a credit card, it'spayment card and it's going to
have activity that the consumeris going to be able to do in
their stores to earn points.
It's just a different type of,it's more of an agnostic program
.
Speaker 1 (28:57):
So this sounds like there's a great opportunity for
brands who have a nationalbudget and they don't want to
manage region by region orpartnership by partnership.
But I'm curious how retailerscan discover those partnership
opportunities.
Is there sort of a marketplacethat they can jump in and see oh
(29:17):
we carry that brand, let'spartner up with this.
Banking advertisement payment.
Speaker 2 (29:21):
Yeah so you're doing version 2.0 for me here and you
know that's great.
The cool thing that's happeningright now is that very large
bags are doing this.
This isn't like, oh, we've donea little tiny test with one
little region like this isreaching the entire country and
you can pretty much if you're alarge retailer and you want to
work with a bank and can go tothat bank and there'll be a
(29:43):
player like a SNP.
So I'm taking my SNP hat offand kind of putting my industry
hat on and saying, if you're abig brand, a big retailer and
you want to do something with aparticular bank, you can go to
that bank and they're going tohave a program that's similar to
this.
Not all of the banks have thatcapability to go to the SKU or
UPC level, but that's coming andthat's what SNP's role is in
this marketplace.
(30:03):
We're bringing the SKUcapability.
So you go to Bank of Americaand you say, as a retailer, I
want to promote my private labelacross your banking audience.
Great Bank of America will saygo, work with SNP, put this
together and we can do apartnership.
So that's kind of it is anopportunity right now, whether
it's private label or it'sshopper dollars?
(30:24):
There's no.
I would say version 2.0 willbring in that marketplace.
But today we're at thepartnership.
Pick up the phone, send anemail.
Speaker 1 (30:36):
And, as expected, for a lot of emerging solutions,
right?
Well, tom, this has been soinsightful and I'm glad you were
able to answer my questions.
I'm always connecting them tothings I know and I don't know a
lot, so thanks for bringingthat knowledge.
No, that was great, that was agood conversation and, yeah,
(30:58):
it's been fun talking with you.
Chase, if people want to findyou, obviously I connected with
you on LinkedIn so I can findyou there, but what are the ways
that people can reach you tofollow up with questions?
Speaker 2 (31:10):
Yeah, the best is going to SNPcom.
That's SNIPPcom, and on therein particular is SNP's payments
media network and you can findthat information there and my
email is using it's tomburges atSNPcom.
Speaker 1 (31:26):
Well, this has been such a great conversation.
Thank you for joining us andfor those who are new or just
kind of stumbling upon thepodcast, you can subscribe to us
on Spotify, apple, youtube, allthe different podcast platforms
, and we also have a LinkedInpage you can follow for the
(31:47):
latest news and events thatwe're doing and at retailwarcom
slash subscribe.
You can find our newsletter.
Thanks for tuning in and we'llsee you next time.
Welcome to the Retail Wire Podcast, your go-to source
for all things retail.
Whether you're a seasonedindustry veteran or just dipping
your toes into the world ofretail, our podcast is your
one-stop shop for the latesttrends, insights and discussions
that are shaping the future ofretail.
Let's dive into today's episode.
We are joined today with TomBurgess from Snip Media and we
are going to dive deep on thetopic of payments.
(00:36):
Tom, thanks for being here.
Hey, Chase, Nice to be herewith you.
I'm really looking forward tohearing from your perspective,
because you've been around theindustry a while.
Give us a little background onwhere you started and so, yeah,
my background, sure.
Speaker 2 (00:51):
So I'm the president of Snip Media, which is actually
Division of Snip Interactive.
It's a global platform as aservice company and it's focused
on helping consumer marketingbrands, or CPGs, with customer
acquisition, retention andengagement.
We can get into that more later, but my personal background is
25 years of innovation,disruption, product discovery,
(01:13):
development.
That's what I do.
I'm a serial entrepreneur.
I started four companies.
I've had the very good fortuneof my career to work with great
people in the advertisingloyalty industries.
I'm also pretty big adrenalinejerking and that's why I like to
take the risk of launching newthings and nobody's ever done
before.
So that's my background.
(01:33):
The current effort that I haveunderway with Snip is Snip's
Payments Media Network, so wecan get into that.
Speaker 1 (01:42):
When I saw what you're doing, I heard the term
Payments Media Network.
Of course, I think of RetailMedia Network.
That's a common topic thatwe've covered at Retail Wire
Consumers having slim marginsand trying to figure out how to
keep those prices low enough soconsumers aren't shocked by
inflation and other priceincreases, but finding ways of
(02:04):
gaining some revenue withouthaving to increase prices.
They've always done that withthe brands, but you have a
unique way of finding a solution.
This is something that soundslike you pioneered a new idea
with the Payments Media Network.
Speaker 2 (02:23):
Yeah.
So your spot on the wholeRetail Media Network has been
obviously bursting, growing veryquickly, and it's based on the
data that incredibly powerfuland valuable purchase data that
retailers have.
So my world in working withloyalty programs and CPGs and
(02:48):
also with Payments Networks sobanks, large banks is that
there's purchase historyeverywhere and it's not been
well monetized.
So the opportunity forsomething new here is to combine
not just where you buy, butwhat you buy or what a consumer,
what a shopper bought.
Retailers know what you buy intheir store.
(03:08):
When you work with a bank, thebank knows where you spent.
When you combine the two, youstart to get to something even
more valuable.
So that's what we focused onwith Payments Media Network, or
Snips.
Payments Media Network iscombining the two, literally
taking the data from the bankand the data from the retailer,
so that now a retailer and thebrands benefit from not only
(03:32):
knowing what their oil customersare spending on when they're in
their stores, but they also canstart to target people that
they know a shop at their storesmay not buy those products at
their stores, and they can startto take effect.
Now, the way we do that isunique in that we're putting
offers inside a bank application.
So we put offers inside whatyou and I and everybody else
(03:55):
uses every day a regular bankingapplication and banks win with
putting these offers inside thebank application because it
causes more, what the banks calltop of the wallet or makes you
and I pull their bank card outbefore we might pull a different
bank card out.
So banks like this and theretailers win because they're
(04:18):
getting an extended reach.
So not to just blabble on andtoo far, but you mentioned
retail media networks, the keythere is that the retailers are
bringing cool data, targetingdata and attribution data, both
on the front part of thecampaign and on the back part of
the campaign, and then they areputting offers out that are
(04:41):
relevant to people based on whatthey've bought at that retailer
in the past.
When you look at that audience,they can, the retailer can max
out that audience.
Similarly, with the banks andsomeone like Bank of America was
a partner of ours with 47million card holders that
retailer can now extend theirreach.
(05:02):
Bring their retail data thatthey have out and reach another
47 million people and guess what?
They'll be able to targetpeople that may not shop at
their stores.
And so there's this really coolmelding of the two.
Speaker 1 (05:15):
I can't help but compare this to a Google ads
type of network, where here's athird party, here's someone who
has an audience with data andthey're able to target those
people outside of the retailer'snormal network.
Banks have not been thinking oftheir data in this way for very
(05:35):
long, have they?
Speaker 2 (05:37):
No, well, so probably banks over the last eight, nine
years have started to realizethat they have a new type or a
new approach to loyalty, thatthey have data they can bring to
the table that can increaseloyalty for themselves.
I get laughed at when I walkinto big banks.
I've been working with bigbanks for like a decade.
(05:58):
Walk in and I say, wow, youbuilt a really cool media
company here.
And they look at you like, well, who is this jerk?
Because they're back, right,that's what they do.
They run payments.
Well, the reality is, they'vegot incredible data and a
consumer typical consumer willgo into their banking
application two to three times aweek.
So now, households aredifferent, right?
(06:19):
So in my house so my wife isthat person that's going into
your three times I'd probably goin maybe once or twice a month,
but that's on average.
So you have a lot of eyeballs inthose banking applications.
You have, therefore, this, likeyou said, tying it back to a
Google network.
You know if you've got a adwords or you've got any kind of
(06:42):
Google campaign, it used to berun off of third party
transaction data, third partydata of any type.
Well, we all know that thirdparty data is going away, the
cookies going away, and so firstparty data is what's hot.
Therein lies the all growth ofretail media networks.
They're first party data.
They can't take that away.
So when you take first partydata from a bank, first party
(07:04):
data from a retailing and putthem together, you end up with
some pretty cool overlap andyou're monetizing an audience
that hasn't really beenmonetized for advertising before
.
It's been leveraged by thebanks for loyalty but not
advertising.
So that's the key thing thatyou're touching right.
Then you're recognizing that'sthe difference for the banks.
(07:25):
Suddenly, we've got a consumerwho's inside an application on a
very regular basis a lot ofimpressions, if you will, a lot
of activity, very engaged, veryloyal and also trusting audience
and giving that a person, thatshopper, an opportunity to save.
(07:46):
Like you were saying, I think,earlier when we were talking.
You know this is a tough timeright now, right, watching
interest rates go up or we'rewatching what we spend on how
much money we're spending, andit's nice when you turn around
in the place where you keep yourmoney is giving you a way to
save that money.
Speaker 1 (08:06):
You know I'm a consumer and if I'm looking at
Facebook and I start to click onthings, I start to get ads for
that product or from similarcompanies.
Maybe I'm just checking my bankaccount.
I don't want to see ads from.
That feels like an invasion ofprivacy.
(08:28):
What do you have to say aboutthat?
Perfect.
Speaker 2 (08:30):
Yeah, so that's the whole privacy piece comes in
everywhere you go, right?
So what's my data being usedfor?
Well, you've got, obviously,your European groups.
That came out first, gdpr, andthen you've got CCPA and you've
got all these other differentloyalty standards that have come
(08:51):
to market in protecting you andme In the banking industry.
It's a embedded it existedalready Like there's no ability
for a bank to leverage your dataoutside their environment for
any kind of market, and so whatthey do inside the environment
is it's all non-PII, whicheverybody kind of knows
(09:14):
personally identifiableinformation, and non-PCI, which
is payment card information.
So there's no data that'sprivate, every shooter or shared
with any brand or any retaileror anything like that.
The only data that is usedinside the banking application
for these offers is where youhave purchased in the past.
(09:35):
You purchase history.
So let's talk about, let's say,you've got a frozen pizza brand
and you want to target peoplethat buy pizza at pizza
restaurants.
That's how it would be used.
That's a really simple and, bythe way, you've got some type of
health care you want topurchase, or you want to target
(09:58):
people that spend at, maybe, aspas or something like that.
You know these kinds of things.
That's the target I'm talkingabout Right.
Speaker 1 (10:07):
So it gives them a category maybe not specific
products, private information,but just categories and spending
patterns and the hope would bethat these are ads that are
sensitive to that or valuableenough that the consumer can
open the banking app and thinkthis is actually a nice feature.
I'm getting some deals orsomething relevant to me, yeah.
Speaker 2 (10:33):
I mean how many people we all can say this.
You know we get charged if wecarry a balance on a credit card
.
You know there's feesassociated with having a bank
account and it's a nice featureto see your bank give you some
credit.
You see your bank give yousomething back, right?
So it's a consumer experiencethat the offers are there.
(10:56):
You could activate them.
They're not interrupting yourbanking application effort.
You have to go into one clickoff the homepage, for instance,
to find the offers and thenthey're relevant and it's not
advertising as much as itsoffers.
That's really what it is.
These are offers that are putright.
Bringing a retailer in as apartner now Allows that retailer
(11:20):
to possibly even bring theirdata.
So now as a consumer, I mightsee a particular offer that's
retailer based.
So it might be xyz retailer,because they're my geographic
area, like it's, so it could begeo-targeted and oh yeah, I shop
there.
Click on that, you go insideand there's offers at that
(11:41):
specific retailer.
So now a retailer is gettinginto the mix and they're
starting to be able to bringtheir data to the table and need
to keep becomes even morerelevant to to the consumer that
there is a a lot ofUnderstanding that people, no
matter what your income level,80% or so of people will take a
deal if it's relevant to them.
These are those statistics.
(12:02):
So it's a perfect environmentin a trusted environment, where
the consumers Are receiving avalue for back from something
that they're paying for already.
Speaker 1 (12:13):
Well, this reminds me of the credit card rewards.
I usually take the cash backbecause you know I don't need a
gift card, but there aredifferent deals like that that
people are used to seeing insideof a credit card Dashboard.
I Don't know if I've seen it ina normal checking account kind
(12:33):
of banking application.
What are, what are, some of thethings that retailers Would be
accustomed to seeing, and how iswhat you're doing different
than than the norm?
Speaker 2 (12:48):
So, yeah, they.
This is a cash back programtypically, although some banks
that allow you to earn points,like you just mentioned, can
have what are considered zero,zero dollar value transactions.
So meaning, okay, consumer,you're in your backing
application.
The back says, hey, when youshop at this retailer or when
you buy these products at anyretailer, in some cases You'll
(13:11):
earn points and then the pointscould be, like you said, at the
end of the month, year, quarter,whatever, I being convert those
over to cash.
However, you want to burn thoseplates down, you can do that.
Typically, though, in the largebanks, they'll do cash back.
It's what's most relevant,right?
We all know it.
Consumer wants cash, right?
It's always the highest number.
(13:31):
I'm when you, when you do theseresearch projects, it looks
it's what do you want to earnwhat cash back?
So typically it's a.
It's an environment where you'rethe consumers receiving cash at
the point of sale in store.
I've gone into the store, I'vepreloaded Offers that my bag is
put in front of the wall and Igo into the store and I use my
payment card and then when Iwalk out, I get cash deposited
(13:55):
back into my bank.
It's called a statement credit.
It can also work because wehave different types of programs
that we run and other peoplerun that will give the consumer
cash discount right there at thepoint of sale.
So the till will actually dropdown.
So take a step at the point ofsale.
That till drops down.
Instead of pay $100 at thebasket, you might pay, you know,
(14:18):
something like 92 dollars orsomething to save yourself the
money right there.
So it's a very real experience.
You realize as a consumer thevalue very quickly, the points
based program.
You're notified.
So hey, you just earned xnumber of points.
So you're walking out the doorand you get an alert on your
back.
I'm the one who says you'rejust earning points.
So it you know, in theseprograms there they're either
(14:39):
way, but they don't replace.
Maybe in some cards, ifsomebody might say well, I've
got my airline, favorite airlinecard and iron points whenever I
spend on that airline.
How's this gonna be different?
It's very different.
You, it's not about theactivity with the co-brand, it's
not about activity with yourbag, with your airline, with
(15:02):
your rental car.
It's not that activity.
You continue to earn thosepoints.
This is additional activity.
This is earn points or earncash back when you spend at
these more affiliated retailersand buy these brands that are
brought to you inside the app.
Speaker 1 (15:20):
Got it Okay.
That's different from thetraditional.
What does a normal partnershiplook like?
If a retailer were to get intothis, what are some examples?
That would be kind oflow-hanging fruit or maybe the
first project that they'd try.
Speaker 2 (15:39):
Yeah, so a retailer's benefit here is number one.
It's big audience, right.
So the top five banks in thecountry, in the US market, are
doing these programs.
It happens to work with Bank ofAmerica and a couple other top
five banks and we work withhundreds of small banks as well.
So we've got about 70 millionactive user audience right now
(16:02):
that we can help a retailerreach.
We can do that geography-wise,we can do all kinds of different
targeting and make sure thattheir efforts are based on their
goals.
Right, they're based on theKPIs they want to achieve.
The only thing they want toachieve is that they've got a PM
on, they maybe have a retailmedia network running and they
(16:24):
maybe max out on their audience,right, they have other budgets,
that being the shopper dollarsor the shopper marketing dollars
that they've had from theirvendors, their CBGs, and they
would like to continue to spendthat, but they've maybe
exhausted their audience on it.
So now we've got this massiveaudience that allows those
retailers to put their shopperdollars or their private label
(16:46):
dollars towards this uniqueaudience, right.
So retailers have a lot ofbenefits.
An additional benefit, onethat's a little more geeked out,
is getting down to the conceptof offsetting interchange.
So retailers don't like to payinterchange.
Again, every retailer isworking on tight margins.
(17:08):
Why pay so much?
Interchange Bank swing whilethey're going to say, well,
we've got to make money.
So are you going to go to thebottom you know it's an erase to
the bottom or are you going totry to find more value in the
relationship?
So this is this concept ofoffsetting interchange, which
means, okay, a retailer can goto a bag, a retailer can reach
an audience and, in fact, maybeeven generate additional revenue
(17:30):
where the bag is bringing thedollars, the advertising dollars
, to the table.
So now you've got a retailerthat says, hey, I'll put these.
Or I should say the bank saysto the retailer I can take your
offers, put them in front of myaudience and drive people into
your store and give you theattribution data that proves
(17:52):
that it won't.
And they only pay when theperson redeems.
So it's a direct correlation tointerchange.
So it's a unique.
That's a very unique.
We're getting deep into weedsthere, but that's a very unique
value proposition to theretailers offsetting interchange
.
Speaker 1 (18:06):
I was just going to ask how much does it cost the
retailer?
And then you got into this newkind of interchange offset.
So in this case, why would thebank pay the retailer?
Speaker 2 (18:18):
The bank generates the revenue through CPGs.
So you guys know but in youraudience knows this but there
are shopper dollars that areassociated directly with the
retailer and the brands together.
Then there are national dollarsand both play in this game.
So if the brand comes to thetable, which is to the table of
(18:42):
the bank, and wants to putoffers out for their products
across multiple retailers, theycan use their national dollars
and the bank is paid and SNP isthe intermediary and they're
running the whole network makingthis all.
We're the glue that keeps ustogether.
That makes sense.
So when the brand pays, we havedollars that we can share.
So if a retailer brings alittle bit of their data to the
(19:02):
table, then they get paid forthat.
So there's the offset.
I kind of got loose and gooseythere.
I had a little bit there when Iwas saying the bank's paying,
it's the funds that come intothe bank or that media value
that gets shared with theretailer when the retailer is
bringing little data to thetable.
Speaker 1 (19:20):
What are some cautions that retailers should
or even CPG brands, you knowwhen they're spending this.
What are some cautions thatthey should be aware of?
Speaker 2 (19:31):
Yeah.
So I'd say, in our experience,the biggest caution is managing
budgets, managing such a largeaudience and understanding,
testing, not expecting to beable to reach an entire audience
(19:52):
of 70 million plus people andnot have it just burn through a
budget in a week.
So there's targetingopportunities here.
Take your KPIs, put yourprogram together, make sure your
marketing is clear to theconsumer, make sure you're
targeting to reach the rightpeople so that you're getting
the right value proposition.
(20:12):
Afterwards, additionally,studying the data and we all do
this we're, all, I would say,interested in data upfront.
We look at dashboards and wesee wow, look at the difference
there, look at that trove, look,keep studying that and optimize
as you go, because this is nota, this is a game of return and,
(20:34):
fortunately, because it's anewer, unique environment, right
?
So not many people have heardabout putting offers up on bank
applications, I mean, but it's amassive audience.
Wow, I got to take care of thisor I got to take advantage of
this.
How do I do it?
Well, the good start here isthat there's an opportunity to
do it on a performance basis.
In other words, pay for whatyou get, don't pay beyond that.
(20:56):
You're not just buyingimpressions.
It's not that world you broughtup, kind of global, or in
Google, facebook, you're buyingimpressions, mostly, right, it's
a high value audience forgetting your brand in front of
somebody.
This is a shopper, more shoppermarketing, promotional dollar
type of approach where we'redriving consumers to take an
(21:20):
action, to make a purchase, andthat's the data playing a part.
Those other channels, thoseother traditional digital media
channels, don't have one to oneattribution.
So, as a brand or retailer,make sure you know what your
goals are, make sure you applythe right budgets to it and make
sure you get your marketingcorrect so that when you run a
campaign you're getting the mostreturn on your value, and so
(21:43):
it's an ROI game.
Speaker 1 (21:44):
You know, in e-commerce there's a lot more
attribution that can happenbecause you can follow that
customer journey all the way tothe shopping cart and purchase.
But in brick and mortar ithasn't been part of the tool set
and I think now it's becomingthat as retailers merge that
(22:05):
e-commerce with the physicalstore and to drop a buzzword
here but Omni Channel mergingthat data all in one.
But what you said about theattribution and a banking app do
you know that they made thatpurchase?
Speaker 2 (22:24):
No, when they made it , where they made it, how much
they spent, and it can be tiedto an ID.
Right Again, keeping verycareful not to share PII or PCI.
You need to be relevant tospecific data points, an ID so
you can say this ID increasedtheir frequency, this ID
(22:45):
increased their basket.
Now, these are the types ofvalue metrics or metrics or KPIs
, whatever value, whatever youwant to put around it, what
you're going to learn as you runthrough the programs.
Speaker 1 (22:56):
So the metrics are shown, but they're sort of
anonymized.
Yeah, they have to beanonymized?
Speaker 2 (23:01):
Yeah, there's no.
Yeah, nobody wants to give upany privacy information.
Speaker 1 (23:06):
The bank would have to pay me to bank there.
Speaker 2 (23:08):
if that's the case, yeah, and the goal and you know
you kind of imagine being ittook just in order to get these
programs up and running.
The banks make vendors like SNPgo through a year-long process,
a vetting process.
It's not an easy thing to geton the ground right I've been
doing this for a decade and it'snot easy.
But when you put it together inthe right way, then the value
(23:32):
proposition works.
Consumers getting thosediscounts.
The consumers getting maybe afair market value for, or a
better offer from their bankingapplication, from their bank,
which is providing them withtheir credit cards.
So they're feeling better aboutyou know, hey, I'm spending
with this card and this cardgets me more value back.
(23:54):
That's a good thing for thebank, good thing for the banking
consumer.
But the retailer is winning inthe sense that they're driving
more traffic into their storesand they're getting more data
about what's going on.
They know, because we mentionedearlier, that a retailer knows
what you do in their stores butyou may not know what the
consumer where else?
That consumer what's your shareof the wallet?
(24:15):
Right, and literally that bankand retailer Berger brings that
data to them.
So there's and of course thebrands are finding this as an
opportunity to help drivetransactions that they may not
have seen from this uniqueaudience because, as I mentioned
earlier, this is a audiencethat's of regular.
(24:38):
It's not the typical couponseeking audience, right, it's
not those the coupon crazy typepeople.
It's those people that are justin their banking application.
They're everyday people thatare looking to, hey, make it
easier for their lifestyle leavetheir family, kind of.
Speaker 1 (24:54):
Yeah, that's a throwback to the initial start
of this, I think was theincentivized receipt scanning
the rewards programs, where youscan your receipt and then
you're giving them the data.
I think most people didn't evenrealize what they were giving.
They're like I don't know whythey want my garbage.
It's just a receipt, but thenyou get some kind of reward
(25:16):
points or a few pennies for eachtime you do that, and what you
just said was really insightfulthat the people that are going
to do that are a certain type ofshopper.
There are people who just saythat's not worth my time, and so
you're getting a differentsegment of the population and
that might not be the usefulsegment that a retailer or brand
(25:37):
is looking for.
Speaker 2 (25:39):
The retailer may already be reaching that segment
and this is giving them anopportunity to reach beyond that
segment.
That's kind of the big point ofthis audience, and it's a big
audience.
Is there going to be a bleedover?
Sure, you're going to have somepeople that are already at it
and they're going to find thisand they're going to want to
participate as well.
But you're going to reach otherpeople and you're right,
although I think receiptscanning is a valuable still
(26:03):
channel in that in some cases atsmaller retailers, it's going
to be a benefit for the brand.
Brand may want to put programsout that allows a consumer to
buy their product at anyretailer, right?
So some small retailers thecorner shop, the Main Street
Bakery they're not going to beconnected to these massive data
(26:24):
networks, right?
So you've got to leave the dooropen for those folks to have
those programs and that worksvery well for a receipt scanning
kind of thing and it works wellfor that segment or that
audience.
This is a program where thesetypes of programs reach
everywhere, and now all I'mdoing is maybe spending with my
debit card or my credit card, ormaybe I'm taking one little
(26:45):
extra action at a point of sale,scanning a barcode identifying
myself and someone, and I'mgetting the benefit of all of
this.
It's a unique proposition.
It's a brand new.
Audience is the big part of it.
Speaker 1 (26:56):
It reminds me of Target's red card discounts.
How is this similar ordifferent than that?
Speaker 2 (27:02):
Yeah, so they're all retailer cards.
So if you look at anyretailer's loyalty program,
however, the red card is apayment card.
You are.
You talked about the loyaltyprogram that drives activity in
that retailer, and this again isa cross retailer.
That's why these are funded bythe CPGs typically.
(27:23):
So it's funded in the sensethat, hey, here's an offer for
XYZ product, maybe it's a paperproduct, maybe it's a health and
care, health and wellnessproduct, or it might be some
type of food product, and theconsumer is now able to make
their choice when do I want togo?
So there's a difference there.
(27:44):
Right, it's not just associatedwith go to this particular
retailer, thereforeparticipating in that particular
loyalty program.
So that's where it draws innational dollars and also
sharper dollars.
So in the backing environmentand the way this is all set up
is, a retailer has theopportunity to leverage their
(28:04):
audience.
They can put offers up that areonly available at their store
and they can do best offer.
So they can go to a brand.
They can say spend on myretailer and get this deal and
they can lock that up and thebank is happy to pull out that A
retailer or sorry, a brand thatsays I got a national dollar
(28:24):
budget here, I've got to reacheverywhere they can now do the
same thing so they can put up amore agnostic offer and the
consumer can redeem anywhere.
So both programs work.
But yeah, you know, you'reright on that the Co-brand card.
So many retailers might have acard that's got their Co-brand
(28:47):
and it's a credit card, it'spayment card and it's going to
have activity that the consumeris going to be able to do in
their stores to earn points.
It's just a different type of,it's more of an agnostic program
.
Speaker 1 (28:57):
So this sounds like there's a great opportunity for
brands who have a nationalbudget and they don't want to
manage region by region orpartnership by partnership.
But I'm curious how retailerscan discover those partnership
opportunities.
Is there sort of a marketplacethat they can jump in and see oh
(29:17):
we carry that brand, let'spartner up with this.
Banking advertisement payment.
Speaker 2 (29:21):
Yeah so you're doing version 2.0 for me here and you
know that's great.
The cool thing that's happeningright now is that very large
bags are doing this.
This isn't like, oh, we've donea little tiny test with one
little region like this isreaching the entire country and
you can pretty much if you're alarge retailer and you want to
work with a bank and can go tothat bank and there'll be a
(29:43):
player like a SNP.
So I'm taking my SNP hat offand kind of putting my industry
hat on and saying, if you're abig brand, a big retailer and
you want to do something with aparticular bank, you can go to
that bank and they're going tohave a program that's similar to
this.
Not all of the banks have thatcapability to go to the SKU or
UPC level, but that's coming andthat's what SNP's role is in
this marketplace.
(30:03):
We're bringing the SKUcapability.
So you go to Bank of Americaand you say, as a retailer, I
want to promote my private labelacross your banking audience.
Great Bank of America will saygo, work with SNP, put this
together and we can do apartnership.
So that's kind of it is anopportunity right now, whether
it's private label or it'sshopper dollars?
(30:24):
There's no.
I would say version 2.0 willbring in that marketplace.
But today we're at thepartnership.
Pick up the phone, send anemail.
Speaker 1 (30:36):
And, as expected, for a lot of emerging solutions,
right?
Well, tom, this has been soinsightful and I'm glad you were
able to answer my questions.
I'm always connecting them tothings I know and I don't know a
lot, so thanks for bringingthat knowledge.
No, that was great, that was agood conversation and, yeah,
(30:58):
it's been fun talking with you.
Chase, if people want to findyou, obviously I connected with
you on LinkedIn so I can findyou there, but what are the ways
that people can reach you tofollow up with questions?
Speaker 2 (31:10):
Yeah, the best is going to SNPcom.
That's SNIPPcom, and on therein particular is SNP's payments
media network and you can findthat information there and my
email is using it's tomburges atSNPcom.
Speaker 1 (31:26):
Well, this has been such a great conversation.
Thank you for joining us andfor those who are new or just
kind of stumbling upon thepodcast, you can subscribe to us
on Spotify, apple, youtube, allthe different podcast platforms
, and we also have a LinkedInpage you can follow for the
(31:47):
latest news and events thatwe're doing and at retailwarcom
slash subscribe.
You can find our newsletter.
Thanks for tuning in and we'llsee you next time.
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