On a July 28 earnings call, Procter & Gamble CFO Andre Schulten emphasized retail media’s position as one of many marketing strategies.

Schulten’s take: “For us, any type of media spend, whether it’s digital, online, OTT, TV, print or, as you say, customer media, is part of the total mix. So what we’re looking to do is optimize our reach effectively with a target and a frequency across all of those different touchpoints, and just like any other channel, retailer media needs to earn its place in our marketing mix model based on the relative return that it can provide.”

eMarketer analyst Andrew Lipsman: “Schulten’s response is a clear affirmation that—as [senior vice president of Kroger Precision Marketing at 84.51˚] Cara Pratt likes to say—retail media is media. That means retail media networks need to make sure they’re acting like media companies, and not like retailers, if they want to earn national media budgets from advertisers like P&G.”