In a free market economy, many companies put profits over everything else. If they can sell it, they’ll sell it, even if it puts their customers at risk. But many other companies are starting to see the light. Starting to put their morals over profits, many companies are taking a big risk but it often pays off.
CVS is one of those companies. September 2019 marks the five-year anniversary since CVS took all tobacco products out of their stores. You might be thinking that this is a bad move for CVS, but they take a lot of pride for having made this move. That’s because of who CVS is and what their brand represents. Their focus is on helping customers improve their health, not destroy it.
It’s not just our economy, but our entire country who seems to be moving to a more social conscious way of living. What companies represent has more value than just seeking profits. They want to represent something, help their communities, and be a brand for change. TOMS shoes, for example, hopes to donate a hundred million pairs of shoes by next year. This has only inspired others to want to shop at TOMS to help make a difference.
Whole Foods has designated a certain day in which 5% of all their sales on that day is donated to community-based organizations. Patagonia, a clothing and recreational store, made sustainability a priority with the products they make. Steps like this make a huge difference in how the younger generations are perceiving. These are bold steps that might dig into profits, but it shows these companies have purpose and people are buying into that purpose.
People Over Profits
There’s certainly a drive and a desire to create a legacy that makes the world a better place. To improve the communities in which they operate, to help the environment, and to give to those in need really are the types of companies that are world needs right now. Putting people over profits increases sustainability versus companies that profit in the deaths of others in the destruction of our environment.
CVS realized this when they took tobacco out of their stores. How could a company that advertises its ability to focus on our health turn around and sell tobacco products which is the leading cause of death and disease in our country? Selling these products was contradictory to their model and was a major barrier to their growth as “a trusted health care provider.”
Americans are now smoking less and CVS as part of that reason. In 2017, the American Journal of Public Health found that Americans purchased 100 million less packs and CVS’s decision had a big impact on that number. The study found that people who exclusively got their cigarettes at the pharmacy were 38% more likely to just stop buying them all together. This is a major impact the company has had and it’s the one they’re extremely proud of.
So, CVS took a stand and while they ended up losing money from the lack of tobacco sales, they made a major impact on the health of their customers. This also let the customers know that they take health very seriously and now there are one of the top pharmacies in the country.
