• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
2013 Digital IQ Index: Beer
 

2013 Digital IQ Index: Beer

on

  • 1,186 views

L2′s first Digital IQ Index®: Beer benchmarks the digital competence of 50 Beer brands based on more than 675 data points across four dimensions: Site, Digital Marketing, Social Media, and Mobile.

L2′s first Digital IQ Index®: Beer benchmarks the digital competence of 50 Beer brands based on more than 675 data points across four dimensions: Site, Digital Marketing, Social Media, and Mobile.

Statistics

Views

Total Views
1,186
Views on SlideShare
1,186
Embed Views
0

Actions

Likes
5
Downloads
0
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    2013 Digital IQ Index: Beer 2013 Digital IQ Index: Beer Presentation Transcript

    • Excerpt from the Digital IQ Index : Beer ® To access the full report, contact membership@L2ThinkTank.comMarch 7, 2013SCOTT GALLOWAYNYU Stern Beer © L2 2013 L2ThinkTank.com
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com Beer Change Brewing Watch the Beer Video Click to Play For more than a decade, beer brands’ share of the U.S. alcohol beverage market has declined, from 56 percent in 2000 to 49 percent in 2012—ceding ground to the booming spirits trade.1 But weakening demand for “premium” and “light” brands has been offset by double-digit growth in the “craft” segment, up 13.9 percent annually from 2009-2011.2 Last year, five of the 10 fastest growing beers were craft brands. U.S Annual Growth in Alcohol Consumption Crafty In Percent Change, Gallons Per Person There is a substantial resource gulf between premium and craft Beer Wine Spirits beer brands. A craft brewer produces less than six million barrels a year vs. an Anheuser-Busch InBev, which shipped close to 100 4.4% 4.1% million barrels domestically in 2011 (almost half of all the beer sold 3.8% in the U.S.).3 4 While industry titans spend upward of 85 percent 2.9% of their working media budgets on television,5 a single 30-second 2.8% 2.7% 2.4% Super Bowl spot ($3.8 million) is larger than the annual marketing 2.2% 2.0% expenditures of many craft brewers. These smaller, more nimble 1.6% 1.7% 1.5% 1.4% 1.4% 1.4% brands with no/limited traditional media have been forced to 0.9% 0.9% 0.7% 0.7% develop skills to cut through the noise with superior product 0.4% 0.2% 0.4% and innovation, an approach that is evidence of a broader trend 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 threatening the broadcast industrial complex. Digital is one of these 0.0% weapons, and craft brewers boast an average Digital IQ 13 points -0.5% higher than any other beer category. -1.0% -0.9% -1.2% -2.5% -3.0% -3.8% 1. “Annual Industry Review 2012,” Distilled Spirits Council, February 6, 2013. Source: Beverage Information Group and U.S. Census 2. “State of the Craft Beer Industry,” Demeter Group Investment Bank, 2013. 3. “Craft Brewer Defined,” Brewers Association, accessed February 2013. 4. “The Audacity of Hops,” David Rosenbaum, CFO.com, September 11, 2012. 5. Kantar Media Stradegy data, accessed March 1, 2013.© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 2
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com Beer Echo Social Media Lift from Super Bowl XLVII Ad Buy Premium beer brands use digital to extend the shelf life of their February 1–4, 2013 broadcast investment, whereas craft beers try to use digital as the initial “Boom.” A recent survey suggests 24 percent of the Average Comparative U.S. television audience qualify as “TV Talkers” (posting online Beer Brand Performance Notes references to what they watch on a weekly basis, including ads).6 +3,451,275 views +9,748 views ×354 Budweiser hosts less than 10 minutes of content on its Despite an exclusive on beer-related Super Bowl advertising, +93.26% +0.33% primary YouTube channel. The two “Clydesdales” videos now represent 92 percent of all views. only half of Anheuser-Busch InBev’s six spots contained a digital call to action—all in the form of a hashtags (#Clydesdales, +1,537 followers +130 followers ×12 Budweiser’s Twitter account started broadcasting on #HereWeGo).7 Although the visibility of those ads dwarfed +54.72% +0.74% January 27—it remains to be seen if the account can grow past the goodwill it engendered with the Super Bowl spot. other activity across the Index for a three-day window, the buzz across each of the brands’ social media channels rapidly trailed + 1,915 fans +2,186 fans ×0.9 Budweiser’s largest online community (3.7 million) was off, suggesting the echo effect is not as powerful as touted by 0.05% +0.32% mobilized to name the Clydesdale foal via comments (0.31 percent post engagement)—but no organized voting tab/app. ad mavens. Smaller brands were not completely absent from the Super Bowl conversation. Will Ferrell’s irreverent ad for Old Milwaukee aired in just three markets (Sherman, Texas; Ardmore, Oklahoma; and Glendive, Montana) and received 3.5 million views on YouTube. Red Stripe created a response to Volkswagen’s Jamaican accent ad and nabbed almost 35,000 Budweiser: Social Media Lift from Super Bowl (“Clydesdales: Brotherhood”) views and substantial buzz on blogs. January - February 2013 Digital IQ = Shareholder Value YouTube Twitter Facebook This study attempts to quantify the digital competence of 50 6,000,000 6,000 Daily Change in Video Views Daily Change in Fans/Followers iconic beer brands in the U.S. Our aim is to provide a robust tool 5,000,000 5,000 to diagnose digital strengths and weaknesses and help brands (Facebook, Twitter) 4,000 4,000,000 (YouTube) achieve greater return on incremental investment. Like the medium 3,000 3,000,000 we are assessing, our methodology is dynamic and we hope you 2,000 2,000,000 1,000 will reach out with comments that improve our methodology and 1,000,000 0 findings. You can reach me at scott@stern.nyu.edu. 0 -1,000 January 2013 February 2013 Scott Galloway Professor of Marketing, NYU Stern Founder, L2 6. “The New Power of Television: How Social Is Revitalizing the Future of TV,” Initiative, October 2012. 7. “2013 Super Bowl Beer Ad Scorecard,” Drink Nation, February 4, 2013.© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 3
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerAbout the Ranking The Methodology 25% 25% 20% 30% Site Digital Marketing Mobile Social Media Effectiveness of Brand Site Search, Display, and Email Marketing Efforts Compatibility, Optimization, and Brand Presence, Community Size, Content, Age Gateway Search: Marketing on Smartphones and Tablets and Engagement Traffic, SEM, SEO, Web Authority
 Mobile Site: Facebook: Site Technology Compatibility, Functionality, Load Time Likes, Growth, Tabs & Applications, Responsiveness, Advertising & Innovation: Navigation & Site Search Engagement Display, Retargeting, Miscellaneous Brand Initiatives Mobile Applications: Customer Service & Retail Locator Availability, Popularity, Functionality, Twitter: Blog & Other User-Generated Content: Account
Capture iPhone/iPad/Android Differentiation Followers, Growth, Frequency, Programming
 Mentions, Sentiment Brand Content Innovation: YouTube: Email Marketing: Untappd, SMS, Other Mobile Initiatives Views, Number of Uploads, Subscriber Growth, Viral Videos, Product Page Frequency, Content, Promotion, Segmentation YouTube Search Visibility Emerging Social Media: Instagram, Google+, Pinterest Digital IQ ClassesGenius  140+ Gifted  110–139 Average  90–109 Challenged  70–89 Feeble  < 70Digital competence is a point of Brands are experimenting and innovating Digital presence is functional Limited or inconsistent adoption of Investment does notcompetitive differentiation for these brands. across site, mobile, and social platforms. yet predictable. Efforts are mobile and social media platforms. match opportunity.Creatively engineered messaging reaches Digital presence is consistent with brand often siloed across platforms. Sites lack inspiration and utility.consumers on a variety of devices and in image and larger marketing efforts.many online environments.© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 4
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerDigital IQ RankingIn the Company of GeniusRANK BRAND DIGITAL IQ Rank BRAND DIGITAL IQ Rank BRAND DIGITAL IQ GENIUS Heineken Budweiser Genius Gifted Average 1 GIFTED Bud Light 3 138 10 109 Stella Artois Samuel Adams Coors Light AB InBev Diageo Sierra Nevada New Belgium Blue Moon AVERAGE Guinness 3 138 10 109 Miller Lite 150 Beck’s Pabst Blue Ribbon AB InBev MillerCoors Widmer Brothers Corona Heineken International Redhook Shiner Saranac 5 133 12 107 Newcastle Brown Ale Rolling Rock CHALLENGED The Boston Beer Co. AB InBev Dos Equis Michelob ULTRA Pyramid Yuengling Henry Weinhard’s 6 132 13 104 Old Milwaukee Coors Miller64 MillerCoors Pabst Brewing Co. Red Stripe 2 Miller Genuine Draft Miller High Life Labatt Blue Keystone Light 7 124 13 104 FEEBLE Amstel Light Budweiser Select Sierra Nevada Brewing Co. Craft Brew Alliance Modelo Especial Bud Light Lime LandShark Foster’s 142 George Killian’s 8 122 15 97 Labatt Blue Light Tecate AB InBev Busch Light New Belgium Brewing Co. Crown Imports Pacifico Busch Michelob Select 55 Natural Light 9 120 16 96 St. Pauli Girl Milwaukee’s Best MillerCoors Craft Brew Alliance© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 5
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerDigital IQ RankingRank BRAND DIGITAL IQ Rank BRAND DIGITAL IQ Rank BRAND DIGITAL IQ GENIUS Heineken Budweiser GIFTED Bud Light 17 95 24 87 30 76 Stella Artois Samuel Adams Coors Light The Gambrinus Co. D.G. Yuengling & Son MillerCoors Sierra Nevada New Belgium Blue Moon AVERAGE Guinness 18 94 25 81 32 72 Miller Lite Beck’s Pabst Blue Ribbon Matt Brewing Co. MillerCoors North American Breweries Widmer Brothers Corona Redhook Shiner Saranac 19 93 26 79 33 71 Newcastle Brown Ale Rolling Rock CHALLENGED Heineken International Pabst Brewing Co. MillerCoors Dos Equis Michelob ULTRA Pyramid Feeble Yuengling Henry Weinhard’s 20 91 27 78 34 69 Old Milwaukee Coors Miller64 AB InBev MillerCoors Heineken International Red Stripe Miller Genuine Draft Miller High Life Challenged Labatt Blue Keystone Light 21 89 27 78 35 67 FEEBLE Amstel Light Budweiser Select Heineken International MillerCoors AB InBev Modelo Especial Bud Light Lime LandShark Foster’s George Killian’s 22 88 27 78 36 66 Labatt Blue Light Tecate Busch Light AB InBev Diageo Crown Imports Pacifico Busch Michelob Select 55 Natural Light 22 88 30 76 37 65 St. Pauli Girl Milwaukee’s Best North American Breweries MillerCoors AB InBev© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 6
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerDigital IQ RankingRank BRAND DIGITAL IQ Rank BRAND DIGITAL IQ GENIUS Heineken Budweiser GIFTED Bud Light 37 65 45 48 Stella Artois Samuel Adams Coors Light AB InBev AB InBev Sierra Nevada New Belgium Blue Moon AVERAGE Guinness 39 64 45 48 Miller Lite Beck’s Pabst Blue Ribbon MillerCoors AB InBev Widmer Brothers Corona Redhook Shiner Saranac 40 52 47 46 Newcastle Brown Ale Rolling Rock CHALLENGED MillerCoors AB InBev Dos Equis Michelob ULTRA Pyramid Yuengling Henry Weinhard’s 40 52 48 43 Old Milwaukee Coors Miller64 North American Breweries AB InBev Red Stripe Miller Genuine Draft Miller High Life Labatt Blue Keystone Light 40 52 49 34 FEEBLE Amstel Light Budweiser Select Heineken International AB InBev Modelo Especial Bud Light Lime LandShark Foster’s George Killian’s 43 51 50 33 Labatt Blue Light Tecate Busch Light AB InBev MillerCoors Pacifico Busch Michelob Select 55 Natural Light 44 50 St. Pauli Girl Milwaukee’s Best Crown Imports© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 7
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerKey Findings Site Path to Purchase Retail Locators Percent of Locators With the Following Features Regulation in the beer industry inhibits direct-to-consumer January 2013, n=23 e-commerce. While 46 percent of brands sell merchandise through their sites, Saranac, which offers custom-labeled six- packs through its mysaranac.com microsite, is the only brand to sell product directly to consumers. Less than half (46 percent) of sites include a retail locator, far fewer than the 84 percent registered in Digital IQ Index®: Spirits. Despite the lower adoption rate, the locator functionality proves to be more robust. All but one beer locator provides search by ZIP code and 77 percent distinguish between bars, restaurants, and retail locations. Pyramid, for example, offers listings ranging from bars and restaurants to convenience stores and wholesale clubs through its “Global Pint Seeker” tool. The majority of product locators employ a skinned tool 95% Search by Address/Zip powered by Google maps. Not surprisingly, the Super-premium/ Craft category offers robust locators due to product scarcity. 77% Distinguishes Between Bar/Restaurant/Retail 35% Directions Includes Map 43%Specific Search by 13% Location by IP Products Auto Detects© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 8
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerKey Findings Social Media Facebook continued Looking at each brand’s most popular city on Facebook, we see the regional preferences for local craft breweries. The heritage of Samuel Adams in Boston, Sierra Nevada in California, and Redhook in Washington State are on display in their concentration of Facebook engagement. On the macro side, Facebook Most Popular Cities Feburary 2013 cities like Houston have “taken” Budweiser from its St. Louis origin and Chicago has seized Rolling Rock from Pennsylvania. Brazil finds a place on the map, hosting the most popular cities CHICAGO Miller Lite for Heineken and Guinness. Beck’s Rolling Rock Keystone Light Miller Genuine Draft PORTLAND SEATTLE Miller64 Widmer Brothers Redhook Amstel LIght UTICA Henry Weinhard’s ROCHESTER Saranac George Killian’s Labatt Blue Light Miller High Life BOSTON PHILADELPHIA Samuel Adams Yuengling SIOUX FALLS NEW YORK Michelob Coors Light MILWAUKEE Labatt Blue Old Milwaukee BALTIMORE CHICO New Belgium Sierra Nevada DENVER MARIETTA Coors Busch Light ST.LOUIS Busch Natural Light VIRGINIA BEACH Select 55 LOS ANGELES BUENOS AIRES Stella Artois Pyramid Newcastle Brown Ale LONDON Foster’s Blue Moon MÉXICO CITY Modelo Especial Pabst Blue Ribbon SANTIAGO Corona Red Stripe SÃO PAULO Heineken, Guinness SAN ANTONIO Pacifico Dos Esquis Tecate HOUSTON Landshark Shiner Bud Light Budweiser Select Budweiser Bud Light Lime Michelob Ultra© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 9
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerKey Findings Mobile Mobile Site Are You Still Serving? Mobile Site Adoption February 2013, n=50 Thirty-one percent of Google monthly keyword searches for beer brands in the Index originate from mobile devices. Despite strong evidence that consumers are seeking out 4% these brands, comparatively few have optimized their sites to Redirect to cater to mobile users. Sixty percent of brands rely exclusively 8% Facebook Broken/Flash on the desktop version of their sites. Only half of the six 28% brands that maintain a flash desktop site have compensated Mobile Site with a mobile site or by redirecting visitors to the brand’s official Facebook page. Furthermore, 64 percent of all mobile age gates are not mobile-optimized and require QWERTY keyboard inputs. The 14 mobile-optimized sites reviewed are a content 36% Non-HTML5 graveyard, housing recent ad campaigns and pushing users toward more engaging social media channels. Less than two thirds of the mobile optimized sites feature a retail locator, 24% undermining the mobile users signaling local intent to find/buy. HTML5 Mobile Site Features February 2013, n=14 86% 79% 64% 50% 7% Links to Social Easy Input Age Gate Retail Finder Video Content Site Search© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 10
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerKey Findings Social Media YouTube: Pre-Game Ad Releases Super Bowl Brands Pre-Releasing the Following Ad Types The Echo Effect February 2013, n=45 The hype around advertising was as high as ever for Super Bowl XLVII, with each 30-second time slot costing (on 67% average) $3.75 million. This year, 80 percent of advertisers 8 47% across industries pre-released some form of ad on YouTube, 11% Actual 7% with 67 percent releasing actual ads. AB InBev, the exclusive Teaser beer advertiser for the game,9 bought four and a half minutes Extended Contender of air time10 to promote Bud Light and Budweiser and introduce two new brands: Beck’s Sapphire and Budweiser Black Crown. Top 10: Ad Views on YouTube Gone are the days when beer reigned as Super Bowl ad Views by Individual Video (Monday Morning) king. This year, car advertisers dominated the ad and teaser Super Bowl XLVII commercials, nabbing six of the top ten view count totals 13,422,896 on YouTube the Monday morning after the Super Bowl. 1 8,653,115 Toyota’s “Wish Granted” ad starring actress Kaley Cuoco 2 came out on top, with 13.5 million views. Budweiser’s “The Clydesdales: Brotherhood” ad earned the top Ad Meter score this year,11 and ranked seventh in terms of YouTube video views immediately following the weekend. Other AB InBev ads proved much less popular. Toyota Volkswagen Wish Granted (Ad) Get In. Get Happy. (Ad) 8,459,360 7,755,171 3 6,631,695 6,551,114 4 5 6 Samsung Mobile Audi Mercedes-Benz Go Daddy El Plato Supreme (Teaser) Prom (Ad) Kate Upton (Teaser) Perfect Match (Ad) 6,004,196 5,990,254 3,886,963 3,595,299 7 8 9 10 Only beer ad in top 10 8. “Super Bowl Commercial Time Is a Sellout,” Stuart Elliott, Forbes, January 8, 2013. 9. “MillerCoors Breaking ABInBev’s Super Bowl Stranglehold With Apple Ale Ads,” Shanken News Daily, December 17, 2012. Budweiser Hyundai SodaStream Mercedez-Benz 10. “Who Bought What in Super Bowl 2013,” Brian Steinberg, AdAge, February 1, 2013. The Clydesdales: Team (Ad) The Unaired Soul (Extended) 11. “Budweiser takes 2013 Ad Meter title in thriller,” USA Today, February 4, 2013. “Brotherhood” (Ad) SodaStream Ad (Ad)© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 11
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerAbout L2 ? L2 is a think tank for digital innovation. Upcoming Events L U N C H :   A PA C We are a membership organization that brings together thought leadership from academia and industry to drive digital marketing innovation. March 14, 2013 · New York clinic :  social cRm R esearc h Digital IQ Index®: The definitive benchmark for online competence, Digital IQ Index® reports score April 4, 2013 · New York brands against peers on more than 600 quantitative and qualitative data points, diagnosing their digital strengths and weaknesses. Upcoming Research L2 Collective : Series of benchmarking reports designed to help member brands better understand ® D igital I Q I nde x ® Re p o rts : resources, human capital, budgets, and priorities supporting digital strategies. Auto EVEN T S Specialty Retail Forums: Big-picture thinking and game-changing innovations meet education and entertainment. r esea r ch su p p lements : The largest gatherings of prestige executives in North America. China: Fashion 300+ attendees China: Hotels Clinics: Executive education in a classroom setting with a balance of theory, tactics, Hair: Europe and case studies. intelligence r e p o rts : 120 –180 attendees APAC Working Lunches: Members-only lunches led by digital thought leaders and academics. Tablet Topic immersion in a relaxed environment that encourages open discussion. 40–80 attendees c on su lting Advisory Services: L2 works with brands to garner greater return on investment in digital initiatives. Advisory work includes Digital Roadmaps, Social Media Strategy, and Organizational Strategy engagements. MEMBER SHIP For membership info and inquiries: membership@L2ThinkTank.com© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 12
    • Digital IQ Index®: Excerpt from the Digital IQ Index : Beer ® March 7, 2013 To access the full report, contact membership@L2ThinkTank.com BeerTable of ContentsClick Logo to ReturnClick to Go To: 5 Methodology 11 Key Findings 38 Flashes of Genius 11 Digital IQ Distribution 38 Budweiser: Super Bowl Blitz 6 Digital IQ Rankings 12 Enterprise Value 39 PBR: Focus on Mobile 6 Genius Site 40 Stella Artois and Labatt Blue: La Société and Good 7 Gifted 13 Age Gate Stuff Rewards 7 Average 14 Path to Purchase 41 AB InBev: Zythology App 8 Challenged 15 Content 42 Dos Equis: A “Most Interesting” Microsite 9 Feeble 16 Sponsorship 43 Old Milwaukee: Will Ferrell Goes Viral Digital Marketing 44 Guinness and Saranac: Experimenting with QR Codes 17 Empty Inbox 45 Heineken: “Crack The Case” 18 Data Capture 46 Bud Light: The Bud Light Hotel 19 In Search of Search 47 Coors Light: Mobile Ad Tactics Social Media 48 Heineken: Red Star Access 21 Facebook 49 Samuel Adams, Pyramid, and Redhook: Finding Your Beer 24 Facebook: Size vs. Engagement 25 Twitter 50 L2 Team 27 YouTube 29 YouTube: In Search of Video 51 About L2 30 Social Spotlight: Brazil 31 Emerging Social Media 32 Instagram: The Big Picture 33 Super Bowl: The Echo Effect Mobile 35 Mobile Site: Are You Still Serving? 36 Mobile Apps: Hit & Miss 37 Geolocal: Untappd—The Foursquare for Beer© L2 2013 L2ThinkTank.com. Circulation of the report violates copyright, trademark and intellectual property laws. 13
    • Excerpt from the Digital IQ Index : Beer ® To access the full report, contact membership@L2ThinkTank.com A Think Tank for DIGITAL INNOVATION51 East 12th Street, 2nd FloorNew York, NY 10003 © L 2 2013 L 2 ThinkTank.com Reproductions ProhibitedL2ThinkTank.com This report is the property of L2 Think Tank. No copyrighted materials may be reproduced, redistributed, or transferredinfo@L2ThinkTank.com without prior consent from L2. L2 reports are available to L2 Members for internal business purposes.