CVS has the biggest market share in the United States pharmacy industry, but it wasn’t always the case! Today we dive into how CVS was able to redefine consumer satisfaction and the industry along with it!
Several industries that produce goods or services are essentially interchangeable with those of their rivals. Whether it’s through pricing, availability, partnerships, or outrageous advertising campaigns, there are various branding and marketing techniques to account while differentiating.
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While CVS sells prescription drugs, a wide range of general merchandise, and convenience foods, much like other major pharmacy retailers, it has changed the game and established the company as an active player in influencing health behavior and guiding the future of healthcare for individuals, organizations, and communities.
How CVS became a household brand?
CVS decided to chart a course from being a drugstore to becoming an active, crucial component of a patient’s health journey. They took the decision to set themselves apart from the competitors. One of the major change was when they changed their name to CVSHealth. With this move, it solidified its position as a fundamentally committed to assisting people. This is when they pivoted in leading healthy lives rather than merely being a drugstore.
Owners of small businesses can learn from CVS. To uncover ways to distinguish your company from the competition, research the big picture of your sector. Executives from CVS decided that merely stating that the corporation promotes healthy living wasn’t sufficient. In order to stand out from the competition, CVS made the decision to transition from being just a pharmacy. This is when they found the way to becoming an integral, active part of a patient’s health journey. This began in 2004 with the opening of walk-in MinuteClinics.
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In 2007, CVS bought Caremark, a prescription benefit management business. This made it easier to buy prescription refills, get drug cost estimates, and identify methods to save on drugs. Then in 2010, CVS/Caremark entered into an arrangement with Aetna to support 9.7 million Aetna PBM members in enhancing care management and reducing prescription expenditures.
Small business proprietors can learn how to set your business apart from the competition of CVS. Consider ways your business may fully integrate itself into the discussions and situations that occur before people purchase your product. Find out more about them here!
