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  "documentTitle": "Legion Partners | Activist Presentation Deck | 168 slides",
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  "authorName": "Legion Partners",
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  "presentationDate": "2019-04-01 00:00:00",
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  "pageNumber": 81,
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  "notes": "The slide uses a combination of a bar chart for historical spend and a pie chart for channel mix to illustrate the inefficiency.",
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      "text": "Advertising Spend - History",
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      "text": "Experts estimate as much as 50% of the advertising budget is still traditional print with the second largest budgetary expense SEM - Digital and Social Engagement could be a bigger focus (poor execution is distorting potential opportunity to shift mix to more efficient channels)\nCompany still struggles to appropriately personalize emailed coupons failing to properly utilize vast customer data it has accumulated in CRM\nConversations with former executives highlight that a “cheap” culture anchored to historical strategies that lack understanding of how to compete in digital environment remains the biggest impediment to modernizing the Company’s broken marketing approach\nThe result, advertising spend has almost doubled since 2012, with little to show in terms of increased engagement or traffic",
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      "text": "While the Company talks about personalization, digital/social, and investments in data analytics, poor execution of modern advertising tools has resulted in subpar returns despite large P&L and capital investments",
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      "kind": "source-note",
      "text": "Source: SEC Filings; Investor Group estimate based on conversations with industry experts",
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      "kind": "title",
      "text": "Time to focus on improving efficiency of advertising program and embracing digital/social",
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