CVS Media Exchange's Parbinder Dhariwal on brand loyalty and taking different approaches with audiences | Variety Studio presented by Canva - video Dailymotion

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Watch CVS Media Exchange's Parbinder Dhariwal on brand loyalty and taking different approaches with audiences | Variety Studio presented by Canva - Variety on Dailymotion

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00:00How do you and your teams approach how best to stand out and break through the audiences?

00:04What does that mean visually and strategically?

00:08How might your approach differ depending on different audiences and different segments

00:12of consumers?

00:14From an audience perspective, I guess there's two types of audiences that we're talking

00:17about here.

00:19The media business, the advertising business at CMX, we're very much focused on engaging

00:26the extra care user base, so 74 million consumers that use extra care.

00:34We have significant latitude and longitude on those consumers.

00:39Average tenure of an extra care consumer is about 10 years.

00:42How do we differentiate that?

00:44Loyalty is a very strong way of transacting, especially in a high-low retailer like CVS,

00:52but more importantly, those rewards in exchange for the way in which we garner that loyalty.

00:58The other side of the fence is the business, which is our advertising business.

01:04We're trying to cut through there across what is becoming a really crowded retail media

01:09space.

01:10There's over 200 retail media networks now.

01:16There needs to be clear differentiation there.

01:18There's two areas where we differentiate in a big way.

01:22Number one, it's our loyalty program and the way in which we engage with our loyalty.

01:27It's not just loyalty in a small capacity, it's loyalty at scale.

01:32The second way in which we differentiate is around measurement and our leadership position

01:37in measurement.

01:39What we've found is in the industry, and if we're really going to compete as retail media

01:44with other more established mediums that have been around for decades, we've got to

01:51be able to be able to deliver measurement that is stronger, that is much more encompassing,

02:00that is full closed loop attribution, and be able to report on that realistically, but

02:07more importantly, confidently, and honestly with the market.

02:11We've really, really led the charge around that.

02:13We've worked with the IAB, we'll continue to drive our differentiation there.

02:17Again, I would just say there's two sides to the way in which we think about our business.

CVS Media Exchange's Parbinder Dhariwal on brand loyalty and taking different approaches with audiences | Variety Studio presented by Canva

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