I read a story today about a follow up plan from CVS banning tobacco sales in its stores. “To bolster its image as a health care company, CVS will announce a corporate name change to CVS Health. Retail stores will still be called CVS/Pharmacy.”
This is a prime example of a brand not taking advantage of its leadership.
I think I mentioned in the past that I took this same idea to Rite Aid over a decade ago. (Rite Aid was under different management then and it was like a meeting with The Sopranos.) Needless to say, they were not very interested in doing so.
So kudos to CVS for running with the new position. But, shame on you for not leveraging the move in a way that would steal market share.
You ABSOLUTELY need a name change and not simply a change of the company’s legal name. The pharmacy itself needs to rebrand.
I believe that your current customers will appreciate the move and that loyalty will increase based upon the new tobacco ban. But the goal should be to attract the competitor’s customers and they — not your customers – need to SEE the change and understand it. Right now, you are simply a meaningless three-letter acronym that means pharmacy.
Come on guys. CVS banning of tobacco sales is a BIG move. Don’t blow this.