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On platforms like Instacart and Walmart, it’s common to see:

• 1 in 3 ad dollars generating zero sales
• Keywords priced with no connection to product margins
• Campaign-level ROAS that looks “fine”… while individual SKUs lose money

The issue is structure and not the effort.

Retail media performance happens at the SKU level, but most campaigns aren’t built that way.

Retail Media Has Changed the Game

In the past, shelf visibility was bought through budget and relationships.

Today? A two-person brand can outperform a billion-dollar competitor.

Retail media platforms don’t care about your size. They care about:

• Relevance
• Conversion rate
• Bid efficiency

That means the best-structured campaigns win.

And the upside is massive like on Instacart:

• Up to 90% of retail media sales come from new-to-brand customers
• 30–50% of those customers repeat purchase

Retail media is a customer acquisition engine.

Two Brands. One Framework.

Smash Kitchen: From Plateau to 6.7× Growth

A challenger brand with strong products but initially flat retail media performance.

What changes did Smasch Kitchen implement?

• Took full control of campaigns
• Shifted to SKU-level execution
• Eliminated “averaged” performance

Result:

• 6.7× QoQ Instacart growth
• 84% new-to-brand customers

Zack’s Mighty: Turning Ads into Growth Signals

What changed? They didn’t just optimize ads — they used retail media as a decision engine:

• Identified winning SKUs
• Shifted inventory and budget accordingly
• Doubled down on momentum

Result:

• 2× ROAS in under 2 months
• New product launch hit 8.5× ROAS

Why Most Retail Media Campaigns Underperform

Most brands rely on retailers native automated campaigns. Set it once and observe.

The problem? Platforms optimize for their ecosystem, not your profitability.

Common issues:

• 30%+ wasted spend
• Overbid or underbid keywords
• Strong SKUs subsidizing weak ones

Campaign-level reporting hides the truth. If your performance feels “fine but flat,” this is why.

The Radical Granularity Framework is key to maximizing retail media performance.

Step 1: Take Full Control

Full automation and set and forget set up is useful for data collection, not performance.

Winning teams:

• Run auto campaigns for 2–4 weeks
• Extract keyword data
• Then switch fully to manual control

Key principle:
You control keywords, bids, and budget — not the platform.

Step 2: Structure at the SKU Level

This is what most brands miss.

Grouping products = no real optimization.

Winning structure:

• One campaign (or ad group) per SKU
• SKU-specific keywords
• SKU-specific bids
• Independent performance tracking

If you can’t see SKU performance, you can’t scale profitably.

Step 3: Set Bids Using Product Economics

Stop using platform suggestions. Find out what is the maximum price you can pay per click and make sure your advertising is profitable.

Use this formula:

Max CPC = (Conversion Rate × Product Price) ÷ Target ROAS

Example:

• Price: $6.49
• Conversion rate: 37%
• Target ROAS: 5×

→ Max CPC = $0.48

Before Scaling Spend, Fix Conversion

Your product page directly impacts ROAS. Make sure it works for you and include:

• Clear, high-quality images
• Strong reviews – 5 makes a tonne of difference
• Visible benefits
• Certifications (organic, non-GMO, etc.)

Higher conversion = higher allowable bids.

Keyword Strategy

Start narrow:

• “Organic tortilla chips”
• “Gluten-free granola”

Then expand if you cannot hit target ROAS with narrow.

Process:

1. Run auto campaigns
2. Export keyword data
3. Identify winners
4. Move them to manual campaigns
5. Scale in small batches

Small tests = faster learning.

Step 4: Weekly Optimization Discipline

Retail media is not “set and forget.”

Winning teams operate weekly:

• Adjust bids based on ROAS
• Scale winning keywords
• Cut underperformers
• Promote new search terms
• Reallocate budget across SKUs

This is where growth compounds.

The System That Drives Results