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  "docSlug": "eb305b39ce19",
  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-23 00:00:00",
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  "pageNumber": 33,
  "pageCount": 96,
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  "density": "overcrowded",
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  "notes": "Uses former employee quotes to validate the quantitative gap.",
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      "kind": "callout",
      "text": "Despite Patch's target of selling 80% of its ad slots to local advertisers, less than 20% of ad placements on Patch are filled by local businesses.",
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      "kind": "chart",
      "text": "Local Ads as a % of Total Patch Ad Placements",
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      "text": "We believe Patch has failed to achieve this target because local advertisers want direct response ads that have an attractive measurable ROI, something that we believe Patch's Display ads cannot provide.\nIn addition, based on the Company's monthly rate card pricing, which implies extremely high effective CPMs, we believe local advertisers find it difficult to justify advertising on Patch.",
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      "text": "Local Ad Placement %: 18%",
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      "kind": "paragraph",
      "text": "Despite Patch's target of selling 80% of its ad slots to local advertisers, less than 20% of ad placements on Patch are filled by local businesses.",
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      "kind": "quote",
      "text": "“... our local advertisers are sophisticated and smart. They want to know about metrics and performance. They're not going to pay a $35 CPM to reach twelve people, which is unfortunately what they would have been paying at times....”",
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      "kind": "quote",
      "text": "“... Patch provides general branding for local businesses, but this is not what most customers want. Local advertisers want to see the impact of their spend, and generally prefer pay-for-performance advertising...”",
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      "kind": "quote",
      "text": "“... Patch provides general branding for local businesses, but this is not what most customers want. Local advertisers want to see the impact of their spend, and generally prefer pay-for-performance advertising...” — Former Patch ad manager, March 2012; “... our local advertisers are sophisticated and smart. They want to know about metrics and performance. They’re not going to pay a $35 CPM to reach twelve people, which is unfortunately what they would have been paying at times....” — Former Patch ad manager, March 2012",
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      "kind": "source-note",
      "text": "(1) Based on interviews conducted by L.E.K. Consulting.",
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      "kind": "title",
      "text": "Patch has failed to sell a meaningful portion of its ad slots to local advertisers",
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    {
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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