Advertisement Ideas: CVS Re-Branding! Smart or Stupid?
Today, Corporate America is all a buzz about the recent name change for CVS and the decision to remove the tobacco products a month earlier than expected. This leads to the question of whether a name change is good or bad for business? If CVS is to be a totally health based store they need to remove more than tobacco products from their shelves. They will need to stop selling sugar laden drinks, candy bars, food high in sodium and any other items that are considered to be risk factors creating health issues. The CVS name has come to mean community, value, and service to the loyal customers it has garnered over the years. The change from using pharmacy to health should prove lucrative as the connotation of pharmacies in The United States has become a detriment as they are often viewed as evil corporations out for the big money grab. Depending on what other steps CVS takes in the re-branding process will determine whether this was a smart business move or a knee jerk stupid decision to satisfy shareholders. The removing of the tobacco products may prove to be advantageous in the long run as the staunch anti-smoking groups may be more inclined to shop at CVS.
CVS is not the first large chain store to remove tobacco products from their stores. A few years ago Walmart removed tobacco products from their shelves and have also added healthier food choices in their stores. As a result their earning have seen a trend upward. Though I only go to Walmart to fill prescriptions and check my blood pressure I have seen first hand the increase volume of people shopping there. How much of this can be attributed to the removal of tobacco products I do not know, however from the outside looking in it seems to have been effective.
The most important aspects in branding and re-branding are exposure, influence, engagement, and action. Look at how much exposure the branding or re-branding will give you, how will it influence the consumer, how much will it engage the consumer and what action will it prompt the consumer to take. Before spending money on a branding or re-branding campaign look at all aspects of what you are doing. Make sure your message is relevant, entertaining, and resonating. the key is grab your audience, keep your audience, and give your audience a reason to continue to do business with you.
CVS in its re-branding and going tobacco free is engaging customers with this campaign as well as other health program campaigns. Time will tell if this move by CVS was smart or stupid.
In your own business it is important to evaluate how well your brand is known and if a re-branding may be necessary. Everyone now and then do a branding check-up and see what may be hurting and diagnose and treat it accordingly. Look at where you are and where you want to go and how branding is affecting the image of your company in the market place.
