CVS Pharmacy, the retail division of CVS Health, has rolled out CVS Media Exchange (CMX), a platform designed to help advertisers more effectively reach new and existing customers across channels.
How Does The CVS Media Exchange Work?
In order to gain a competitive advantage in the retail digital advertising space, CMX will use the decades of first party data collected from sales and the CVS loyalty program to serve ads across channels, including in-store advertising, banner ads on CVS.com, programmatic display, online video, social media and search engines. According to Digiday, “off-site placements on Google, Facebook and Instagram that use CVS data” will also be available.
CVS consumer packaged goods (CPG) supplier partners and brands using CMX will have the ability to personalize relevant ads to the appropriate consumers at the appropriate time.
Will Brands Be Able To Measure The Effectiveness Of Their CMX Campaigns?
Like other retailers that are launching ad platforms, CMX is also offering robust analytics that allow brands to see how their campaigns are performing. Chain Store Age explains, “The platform also offers a closed-loop (in-store and online) measurement system, plus value-addition metrics including brand sales lift, new buyer growth and brand health.”
How Is The CVS Media Exchange Beneficial For Digital Marketers?
The mix of digital and in-store channels offered by CMX can be a particularly powerful tool for digital marketers, because it allows for multichannel campaigns and can reach retailers when they are in store and looking to gain more information before making a purchase and also help reinforce brand awareness when consumers are at home. According to CVS, “76% of the U.S. population lives within five miles of one of its brick-and-mortar stores.”
Additionally, dynamic digital ad inserts, like those offered by CMX, do more than just blanket ads everywhere, instead, they allow for more refined marketing messaging based on demographics, geography, time of day and more. By offering this level of targeting, CMX is giving digital marketers more tools to reach consumers accurately, and CVS gains a foothold against the big boys like Walmart and Amazon which have thrived during the COVID-19 pandemic.
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