Issue link: http://osercommunicationsgroup.uberflip.com/i/858127
Chain Drugstore Daily Sunday, August 20, 2017 4 2 2017 Best of Show GROWTH SPURS NEW PHARMACY STRATEGIES From a small single house pharmaceuti- cal distributor located in Spartanburg, South Carolina from 1944-2003, Smith Drug Company was known to service independent pharmacy covering four states. Then in 2004, Smith Drug Company staked claim in Paragould, Arkansas as a new distributor covering additional states, including Arkansas, Mississippi, Alabama and Louisiana. The third location was established in Valdosta, Georgia to better serve lower Georgia and Florida and shared responsi- bilities in Alabama. With the three distri- bution centers, the expansion became widespread throughout the southeast and Smith Drug Company carved out a nice piece of the pie, being known for its per- sonal customer service and product serv- ice level, along with depth of product selection. Fast forward to 2016; there were many changes occurring behind the scenes under the new leadership of President Jeff Foreman, RPh. In January, 2017, Burlington Drug Company based in Milton, Vermont was acquired by the JM Smith Corporation, which is also the par- ent company of Smith Drug Company. With the synergies and location of Burlington Drug Company, it was a natu- ral fit for the two companies to join forces and continue the growth that was initiated in 2004. The two companies com- bined now service not only independent pharmacy, but chain pharmacy and long term care pharmacy in 31 states. This geographical expansion is only pos- sible by maintaining the stellar reputation as a regional pharmaceutical distributor that can deliver the products, programs and services the next day just as well as any of its competition. But the industry landscape caused the company to take a look at a new approach with the develop- ment of offerings to assist pharmacies so that they could thrive in a very competi- tive marketplace. President Jeff Foreman's extensive background within the industry gave Smith Drug Company a new recipe for the new HealthWise Pharmacy suite of solu- tions. From consultations, clinical programs and serv- ices, to branding and mar- keting the pharmacy using the HealthWise Pharmacy banner, Foreman is giving guidance to cultivate Smith Drug Company and Burlington Drug Company as the supplier of choice with solutions that will move pharmacy forward as the industry continues to evolve. President Jeff Foreman, staffing six pharmacists who bring a wealth of specialized knowl- edge and experience, has proven to be advantageous in his strategy of an all- encompassing supplier as a one stop atti- tude for its customers. For more information, visit booth #4013 or go to www.smithdrug.com. PROVING THE POWER OF INFLUENCE THROUGH ADVANCED ANALYTICS By Bill Sussman, President, Collective Bias Influencer marketing is booming because of its success in reaching audiences desensitized to traditional brand out- reach. However, while influencer cam- paigns have been lauded for generating impressions, there has been some uncer- tainty as to the ability of content-based engagement to drive incremental sales. That uncertainty has been quashed with the release of our groundbreaking report, "The Power of Influence: A Window into ROI." This is the first industry report to comprehensively connect online influ- encers with increases in brick and mortar sales metrics including sales lift, coupon redemption and Return on Advertising Spend (ROAS). The report's findings are from a 14-month study that measured sales impact from 12 Collective Bias influencer campaigns promoting national brands across five CPG categories. Loyalty Card Study This analysis paired third-party loyalty card data with Collective Bias' audience data to examine a campaign for a confec- tion brand targeting retailers during Halloween. Audiences exposed to Collective Bias influencer content during the campaign (852.9K unique house- holds) spent $0.75 more per household than audiences not exposed to the con- tent. This translated to $639,700 incre- mental revenue earned during the cam- paign. As the total program spend was $84,000, the brand garnered a 7x ROAS. Retail Sales Lift-Analysis By using client-supplied POS data and forming test and control groups across multiple retailer regions, we measured sales lift for a variety of campaigns promoting sever- al CPG products. Highlighting this part of the study was analy- sis of an influencer campaign for a laundry detergent brand targeting shoppers across sever- al states. The campaign cost $75,000 to execute and resulted in a sales lift of $233,000 – representing a 3.1x ROAS. Promotion Redemption Assessment As Collective Bias and Inmar are now making promotions a key element of influencer marketing, it has become imperative to understand how influencer marketing can drive coupon redemption. Therefore, the study included analysis of the impact of influencer content on redemption rates for a coupon included as part of campaign for a rice brand look- ing to drive trial at a major mass mer- chandiser. The brand had already been leverag- ing the unique activation capabilities of digital promotion to generate an exception- al redemption rate of 15 percent. However, using Collective Bias influ- encer content to promote the included offer, the brand reported an incredible 44.8 percent redemption rate, which exceeded all performance expectations. Collective Bias has long been a pio- neer in influencer marketing, but now we are setting a new standard for accounta- bility. Marketers must have metrics that inform and enable more effective engagement, and we, together with Inmar Analytics, can provide data showing the connection between online content and in-store activity – along with the numbers that show return on campaign spend. The goal of our study was to gain insights into how influencer marketing can connect shoppers to a brand through relevant content and what would culmi- nate from that connection. What we found was irrefutably proof that influ- encer marketing drives results. We weren't surprised. At all. For more information, visit booth #3031.