CVS/pharmacy’s Rob Price steps down as CMO
WOONSOCKET, R.I. — Rob Price, SVP marketing and advertising and chief marketing officer for CVS/pharmacy, has left the company to take a new role, the retailer said in a statement sent to Drug Store News.
“Rob led the retail marketing team during a period of tremendous growth and strong financial performance and brought numerous positive changes to the business. We thank Rob for his important contributions and wish him the best of luck in the next phase of his career,” the company stated.
With more than 20 years of retail, strategy and marketing experience, Price more tightly integrated the store and digital environments to create a more personalized experience for shoppers and patients at CVS/pharmacy. At the center of this effort are the proprietary insights drawn from CVS/pharmacy’s ExtraCare loyalty program, the largest of its kind. He joined the company in 2006. In October 2011, the company announced that Price had taken on an expanded role in the company with the addition of retail innovation and store design to his responsibilities.
During his time at CVS/pharmacy, his responsibilities included advertising, promotion, marketing, customer relations and consumer research, as well as retail innovation and store design, the CVS.com e-commerce business and the ExtraCare loyalty program.
Among the more recent initiatives launched under Price’s watch is CVS/pharmacy’s new myWeeklyAd, a first-of-its-kind digital circular experience powered by the CVS/pharmacy ExtraCare loyalty program. The myWeekly Ad is a digitized circular program that creates a personalized list of offers based on the actual items an ExtraCare member historically purchases.
In 2012, Price was named to the Aspen Institute’s 2012 Class of Henry Crown fellows. The Henry Crown Fellowship is designed to engage the next generation of leaders in the challenge of community-spirited leadership. It brings together executives from the business world — all entrepreneurs, all younger than 45 years — who have already achieved conspicuous success in their chosen fields and are at a point of inflection in their lives and careers.
Before joining CVS Caremark, Price held marketing and merchandising leadership positions at H-E-B Grocery and Wawa Food Markets.
2014 Retail Clinician Education Congress to offer ‘Healthcare Exchanges’ session
MINNEAPOLIS — Are your patients coming to you with questions about health exchanges? Do you know how to help them navigate these organizations? To help retail-based health clinics better assist patients, this year’s Retail Clinician Education Congress in May will feature a Business Leadership track session titled “Healthcare Reform: Healthcare Exchanges and You.”
This year’s RCEC event will be held May 12 to 15 at the Hyatt Regency in Minneapolis. The Drug Store News Group, in conjunction with the Convenient Care Association and Partners in Healthcare Education, hosts the three-day educational and networking forum.
The “Healthcare Reform: Healthcare Exchanges and You” session will be held on May 14 at 10:05 a.m.
Health exchanges are organizations set up to facilitate the purchase of health insurance in every state in accordance with Patient Protection and Affordable Care Act (PPACA). Marketplaces provide a set of government-regulated and standardized healthcare plans from which individuals may purchase health insurance eligible for federal subsidies. This hour-long panel discussion will address the role of health exchanges, what they mean to different healthcare provider groups and how practitioners can help patients and consumers navigate them.
Additional Business Leadership track sessions include Telehealth, Consumer Views on Clinic’s Roles, Strategic Partnerships and the Building of the Business Model and a CEO Panel.
“The Business Leadership Track on day two of the 2014 Retail Clinician Education Congress is designed to provide great insights on the major growth drivers affecting the retail health care industry and the access to the key leadership responsible for the strategic direction for this important patient care delivery model,” said Wayne Bennett, publisher of the Drug Store News Group.
Click here for more information and to register for the event.
Study: Millennials are more brand-loyal
NEW YORK — Despite their reputation as being jaded by branding efforts, a majority of Millennials consider themselves brand-loyal. According to a new survey of Millennial consumers from marketing data provider Adroit Digital, 64% of Millennials are more brand-loyal or as brand-loyal as their parents, with 24% considering themselves to be more brand-loyal than their parents.
However, 77% of the Millennials surveyed said they are evaluating brands on a different set of criteria than their parents. For example, 55% of young shoppers said that a recommendation from a friend is one of the strongest influencers in getting them to try a new brand. Forty-seven percent consider brand reputation to be almost as important. Product quality ranks fourth at 35%, but price still comes in first at 62%.
Other notable findings include:
• Sixty percent of Millennials said that social advertising has the most influence over them in how they perceive a brand and a brand’s value. This compares with TV at 70%. Traditional media outside of TV has little influence with Millennials. In the realm of influence, radio, billboards and magazines finished last.
• Twenty-six percent of millennial respondents said social is the most likely channel to introduce a new product they will consider for trial. Only TV, at a very small margin of +3%, outranks social.
• Thirty-six percent of Millennials believe digital advertising is the most effective method of influencing their brand decisions, with traditional advertising as a standalone showing markedly less influence at 19%.
• Fifty-two percent of Millennials want brands that are willing to change based on consumer opinion and feedback to maintain future relevance. 44% want to have open dialogue with brands through social channels, and 38% want brands to be more about the consumer and less about the brand.
• Thirty-eight percent of Millennials will switch brands if a company is found to have bad business practice Outside of financial factors, a business found to have bad business practices is the number one reason that Millennials will switch brands. This carries the same weight as a recommendation from a friend, at 38%.