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  "docSlug": "eb305b39ce19",
  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-23 00:00:00",
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  "notes": "Uses a bar chart to visualize a 0% vs 100% survey result to emphasize the lack of value proposition.",
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      "text": "Based on the results of the complete survey, not a single one of the 30 randomly-selected national advertisers stated that they value an ad on Patch more than any other form of broad-based Display advertising.",
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      "text": "National Advertiser Survey Results: Do national advertisers value a Display ad on Patch more than any other form of broad-based display advertising? Yes 0%, No 100%",
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      "text": "L.E.K. contacted 19 additional randomly-selected national advertisers to increase the total sample size to 30 national advertisers. Based on the results of the complete survey, not a single one of the 30 randomly-selected national advertisers stated that they value an ad on Patch more than any other form of broad-based Display advertising.",
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      "text": "advertiser preference: 0%",
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      "kind": "paragraph",
      "text": "In order to provide shareholders with a more comprehensive analysis of the value of Patch to national advertisers, we engaged L.E.K. to conduct additional surveys of national advertisers.",
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      "kind": "quote",
      "text": "The consensus on hyper-local in the company is that, generally speaking, we have products that are sold nationwide; therefore, our communications efforts must effectively and efficiently reach that audience. Hyper-local typically sacrifices the latter for the former. Hyper-local just isn’t as efficient and would be too expensive.",
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      "kind": "quote",
      "text": "“The consensus on hyper-local in the company is that, generally speaking, we have products that are sold nationwide; therefore, our communications efforts must effectively and efficiently reach that audience. Hyper-local typically sacrifices the latter for the former. Hyper-local just isn’t as efficient and would be too expensive.” — Digital marketing manager, May 2012",
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      "kind": "source-note",
      "text": "(1) Survey from L.E.K. Consulting. Sample size of 30 randomly-selected national advertisers. (2) Based on interviews conducted by L.E.K. Consulting.",
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      "kind": "title",
      "text": "We believe additional surveys confirm that national advertisers do not value Patch",
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