Are your values worth more than your profits?
CVS Pharmacy did a brave thing today: they decided to stop selling cigarettes in their drug stores. The decision according to Forbes will result in $2B fewer sales per year out of a total of $125B in sales for the pharmacy.
The question for you is: what would it take for you to turn away from $2B assuming, of course, that you don’t run SnapChat?
Maybe 2% of sales isn’t that big of a deal for them. More important is the approach CVS is now taking: they are evolving from a pharmacy into a place of wellness. They are shifting from simply selling drugs into a place that helps people feel healthier. Selling cigarettes did not fit into CVS’ new vision or values
Currently CVS offers a Minute Clinic with nurse practitioners and physician assistants on site. As part of this shift away from tobacco, they will now be offering a “robust national smoking cessation program” in their stores.
It’s an impressive to see a brand, the second largest pharmacy in the U.S., attempt a shift like this.
What should your brand to less of, or more of, to align your products and services with your vision and values, assuming you have some?
How would the people with the most to lose from the shift react?
No comments yet. Be the first!