In his time with CVS Media Exchange (CMX), the retail media arm of CVS Pharmacy, Praveen Menon has leveraged his diverse skill set to devise strategies that support longevity amid a volatile and ever-changing landscape. Of note, he successfully implemented a closed-loop reporting system designed to deliver accurate and precise attributable sales metrics. This reporting system combines data from the marketing and sales functions to illustrate the actual impact of CMX advertisements on shopper behaviors.  
 
Praveen recognized that by marrying first-party front-store and online engagement data, retailers could create their own closed-loop systems through retail media networks and shed light on the efficacy of a given campaign with more precision. This closed-loop reporting system can evaluate performance based on transparent, easy-to-understand metrics, including: 

• More accurate ROI through test-and-control methodology;  
• Audience and consumer insights reflecting the behavior of brand buyers in the CMX audience;  
• Brand sales assessment segmented by exposure to a given ad; 
• New-to-brand (NTB) CVS customers related to the campaign; and 
• Brand health (via off-site social and video). 

The closed-loop system now in place at CMX connects sales at CVS Pharmacy stores and online properties to customers known to have seen certain advertising materials, enabling brands to assess how different messaging and channel tactics drive traffic and contribute to online and offline sales. To drive even more insight from its closed-loop system, CMX employs secure and controlled clean room environments, allowing CMX to review pseudonymized retailer data at an aggregated level for a deeper understanding of customer journeys.  

Praveen also played a critical role in integrating CVS ExtraCare loyalty touch points into CMX campaigns to better understand ExtraCare shopper behaviors and offer true omnichannel experiences to partners.