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  "docSlug": "86d8f17ffaaed8be61f8b36e2c739da4",
  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
  "authorId": "starboard-value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-01 00:00:00",
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  "pageNumber": 33,
  "pageCount": 96,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses former employee quotes to validate the performance gap.",
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  "slideHref": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/33",
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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. In 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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      "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....\" – Former Patch ad manager, March 2012",
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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",
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      "kind": "source-note",
      "text": "(1) Based on interviews conducted by L.E.K. Consulting.",
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      "kind": "subtitle",
      "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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