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  • 1. What media companies and brand marketers can do to unleash the power of the Web to build brands onlineIn search of a premiumalternative: an action planfor online brand advertisingBy John Frelinghuysen and Aditya Joshi
  • 2. About this study The authors would like to acknowledge the support and collaboration of the Interactive Advertising Bureau (www.iab.net ) and its members in the development of this Bain Brief. The IAB is comprised of more than 460 leading media and technology companies who are responsible for selling 86 percent of online advertising in the United States.John Frelinghuysen is a partner with Bain & Company and a leader in the firm’sGlobal Media practice. Aditya Joshi is a partner with Bain and a leader in thefirm’s Customer Strategy and Marketing practice.The authors would like to thank Jason Wiethe and Chris Sims, managers withBain & Company, for their contributions to this Bain Brief.Copyright © 2010 Bain & Company, Inc. All rights reserved.Content: Manjari Raman, Elaine CummingsLayout: Global Design
  • 3. In search of a premium alternative: an action plan for online brand advertisingWhat media companies tising revenues fell by just 3 percent in 2009, while print and television advertising sawand brand marketers double-digit declines.1 Moreover, future growthcan do to unleash the prospects appear robust: Bain & Company fore- casts that online advertising revenues will growpower of the Web to at an average annual rate of 12 percent betweenbuild brands online 2010 and 2014. Spending on online advertising will overtake print in 2010. Dig a little deeper, however, and some worrying trends emergeAs online advertising approaches maturity, it (see Figure 1). Consider:faces a major crossroads. The industry cancontinue down the path of commoditization • Much of the projected growth will comedriven by direct response, with its promise of from direct-response advertising—in particu-high volumes but little room for differentiation. lar, search. This suits advertisers seeking anOr it can reinvent itself around brand advertiser immediate, measurable return on invest-needs and deliver more premium offerings. ment (ROI), usually in the form of websiteMaking the right choice will not just ensure traffic and sales transactions. However,sustainable growth—it will redefine the indus- response advertising is not geared to build-try’s future winners. ing long-term brand affinity for marketers and does not fully value the content andOn the surface, online advertising appears to “premium environment” of specific sitesbe in good shape. It has weathered the down- on which ads are placed. For example, twoturn better than other media: Online adver- sites offering comparable response ratesFigure 1: Brand marketers still rely on traditional media, while increasingly, the leadingmedium for response marketers is online Brand marketers Response marketers Percent of total advertising spend 100% Other Other 80 Online +5% Online +8% 60 TV, 40 magazines, 3% newspapers TV, magazines, 20 newspapers 6% 0 2008 2011P 2008 2011P Source: Bain/IAB 2009 Marketer survey; N=700 11 AB Internet Advertising Revenue Report: 2009 Full-year Results. Pricewaterhouse Coopers (PWC), April 7, 2010.
  • 4. In search of a premium alternative: an action plan for online brand advertising (that is, click-throughs or transactions) generated. Implication: As audiences shift become increasingly interchangeable— online, advertisers and media companies even if one is a top-tier content site such as face serious constraints in their ability to FT.com (Financial Times), and the other deeply engage consumers and build brands. is a relatively unknown financial blog. Implication: Premium rates on “premium” Little wonder that marketers seeking to build publisher sites will be difficult to sustain. brands online have become disappointed with the medium. A recent survey of marketers con- • Display advertising is increasingly commodi- ducted by Bain and the Interactive Advertising tizing due to excess inventory, lack of high- Bureau (IAB) highlighted brand-focused mar- impact creative and the proliferation of keters’ preferences: They spend about 75 percent low-cost ad networks. These developments of their advertising budgets on TV and print have been devastating for online publishers. media, nearly three to four times as much as Their ability to charge for premium display they advertise online. In our survey, marketers advertising, measured in CPMs (cost per recognized that the Web is inherently more thousand impressions), has deteriorated— and shows no sign of a turnaround. Despite interactive and can address a broader set of the potential for lower rates in the short marketing needs (see Figure 2). But despite the term, brand marketers also have cause for immense potential for online advertising, the concern. As sites grow more cluttered, current reality falls short. So, what will it take marketers have less control over placement, in this environment to build brands online? the other advertisers adjacent to their ads, A first step is to recognize the obstacles. and the overall quality of the impressions Figure 2: The online medium is versatile, with the potential to influence the full set of marketing objectives Which marketing objectives are the following media vehicles best suited for? Percent of respondents 100% Promoting loyalty Driving traffic/ 75 purchase intent Promoting 50 consideration Generating Brand familiarity objectives 25 Creating awareness 0 TV Magazine Newspapers Online Total ad spend (2008): $64.4 billion $13.3 billion $34.4 billion $23.1 billion Source: Bain/IAB 2009 Marketer survey; N=7002
  • 5. In search of a premium alternative: an action plan for online brand advertisingBarriers to building brands online The typical website is cluttered with too many banner ads, and the placement of low-costThrough our survey, as well as interviews response ads (for example, mortgage ads)with brand marketers, agencies and media alongside image-oriented brand ads is oftencompanies, we identified five major gaps that jarring. Despite the early promise of onlinehold online back as a medium for premium video and larger-format ads, marketers stillbrand engagement: perceive a lack of innovative, new creative ideas from agencies and media companies. Many#1: Ad formats and creative execution marketers with whom we spoke believe thatare not evolving with the medium agencies are holding online back by not commit- ting their best creative talent to the medium.Brand marketers are disenchanted that theonline medium has not lived up to its potential #2: The Internet is awash with undiffer-for storytelling (see Figure 3). Static display entiated, low-cost inventory“banners,” originally inspired by newspaperand magazine ad formats, are still the primary The recent exponential growth in online adver-unit of online inventory, and with surprisingly tising inventory has not been matched by alittle innovation over the past 15 years. Banners proportional increase in demand. Without trulyare inherently limited for brand advertising, differentiated, premium offerings, the massivewith marketers preferring more engaging, oversupply has forced content publishers toeven interruptive, ads with sound and motion. aggressively monetize “remnant” inventoryFigure 3: Despite its potential, online advertising falls short on meeting the key needs ofbrand marketers Perceived strength Online Brand marketing needs TV Radio Magazines Online advertising issues • High impact creative, • Clutter customization • Static, small creative Engagement/ • Audience attention, • Creative execution emotional interactivity lacking response • Cross platform • Precision: right customer, • Often hard to target right time at scale Targeting • Ad position, timing • Less placement control • Reach and frequency • Reliance on impressions • Ability to gauge brand • Lack of media awareness, equity comparability Measurement • Link to sales impact • Small scale • Pro active solutions • Less access/relationship, Sales/ and packages too reactive support • Cost and resources to • Often small buys, plan/manage subscaleSource: Synthesis of marketer interviews and surveys 3
  • 6. In search of a premium alternative: an action plan for online brand advertising and depend even more on less-premium, #4: Online offers unreliable targeting—Brand marketers response-driven advertising and ad networks. especially on a large scale In fact, Bain’s 2008 digital pricing study, con-struggle to target Brand marketers struggle to target specific ducted with the IAB, highlighted that leadingspecific consumer publishers were releasing excess inventory to consumer segments online, at a scale that issegments online, ad networks at one-sixth to one-tenth the price comparable to traditional offline brand cam- of direct sales. This behavior further reduces paigns. While network TV can deliver a largeat a scale that the attractiveness of the online medium for audience watching a specific show in a specificis comparable premium brand marketers, worsens the supply- time slot, websites have the much harder taskto traditional demand imbalance and conditions buyers to of gathering traffic from across their pages andoffline brand shift dollars to ad networks. Airlines typically across different points in time. Consequently, create a premium experience for first-class marketers have difficulty accurately assessingcampaigns. the unduplicated reach of their ad, the frequency passengers; they don’t place them in the same seats as budget travelers paying a fraction of the with which it is viewed and the gross rating cost. But this is essentially what online media points (GRPs) across multiple sites. Large companies have been doing, with costly results. marketers (such as consumer goods companies) told us that the complexity and uncertainty #3: Too many metrics, too few that associated with targeting at scale on premium brand marketers really need sites actually makes them recognize the value of mass reach with ad networks and portals. Marketers are inundated with online tracking At least, these non-premium options can offer measures, from click-throughs to page views high unduplicated reach and delivery metrics to unique visitors, and many more. These can which can be measured with a single cookie. be valuable metrics for direct response adver- tising, but marketers can’t use them to answer #5: Support from agency and media branding questions, such as: What is the impact partners is underwhelming for premium of the campaign on increasing brand aware- brand campaigns ness in my target audience? Does it influence purchase intent? While various survey-based Marketers indicated in our survey that they alternatives (such as, Dynamic Logic, comScore, want media and agency partners who under- Brand.net) exist to track such measures, mar- stand their industries, develop innovative ideas, keters indicate they are too expensive and don’t and help them execute consistent and integrated allow for effective comparison across media. campaigns across media platforms. Instead, Also, as different vendors are often used, there agencies are hindered by silos, both within is no standard “currency” on which buyers and individual agencies and among different agen- sellers can agree. This limits marketers from cies serving the same account. Online media comparing online with other media, and thus companies also fall short in brand marketers’ from making the decision online media com- perceptions. Today, many sales teams use a panies want most: shifting more brand spend- selling approach that, unintentionally, further ing to the Web. A leading consumer packaged commoditizes their inventory: They focus on goods marketer summed up the problem: buying agencies, respond almost solely to “What we need to see is: If we move 10 percent requests for proposals (RFPs) and provide of our TV dollars to online, are we better off? limited customization or innovation in offer- There’s no way to measure that today.” ings. In addition, online sales teams often lack4
  • 7. In search of a premium alternative: an action plan for online brand advertisingindustry vertical expertise, interact with mar- service models that address different marketerketers too late in the media planning process objectives (see Figure 4). At the same time, theyand do not have the caliber of talent required need to determine which model, out of theto advise senior decision makers. Media com- three, will be their “core” business.panies with both online and offline operationsoften struggle to deliver integrated cross-platform Strengthen direct-response offerings. This isad campaigns; their respective sales teams tend the proven “killer app” of online marketing today. It focuses on specific customer actionsto work in silos, too. and satisfies a marketer’s critical need forMaking brand marketing immediate “transactions” and “traffic,” both onwork online the Web and in the bricks-and-mortar world. The Web as a medium for direct-responseIn the battle for advertising dollars, online pub- marketing is becoming more cost-effective thanlishers, portals and other sellers of premium- ever before, and continues to grow rapidly.priced inventory face the most significant While search captures the majority of this spend-challenges. To better meet the needs of brand ing, billions of dollars are still up for grabs inmarketers and enhance the prospects for premi- direct-response display and other formats.um CPMs, we suggest the following action plan: Determine the right “brand reach” strategy.1. Develop “triple play” capabilities Recently, brand marketers have seen the oppor- tunity to “scale up” investments in high-costOnline media companies must develop and campaigns on premium content sites, as well aseffectively deliver three distinct product and increase impressions through a broader swath ofFigure 4: “Triple play” offerings will help media companies serve three distinct marketer needs Response Brand reach Brand engagementMarketer • Drive customers to site • Supplement buys in other media • Build brand awareness andobjectives • Generate transactions and • Generate wide exposure at purchase intent immediate ROI low cost • Deliver custom, high impact campaignsOnline • Banners, rich media • Banners, rich media • Digital video, rich mediaproduct • Mix of premium and • Mix of premium and • Premium position bannersofferings non premium positions non premium positions • Social/UGC applications • Content/placement control • Cross platform integrationKey decision • Buying agency (downstream) • Brand marketing team • Brand marketing teammaker • Creative agency • Creative agency (upstream) • Creative agency (upstream) (large clients only) • Buying agency • Buying agency Larger scale, Larger scale, High touch, more automated, reduced service, higher priced, efficiency model efficiency model premium model 5
  • 8. In search of a premium alternative: an action plan for online brand advertising lower-priced online advertising opportunities. their full-priced ads alongside heavily discountedThe third leg Mercedes-Benz, for example, supported its remnant ads. Sites must clearly designate their premium ads in top-tier newspaper websites premium placements, limit the clutter aroundof the triple with low-cost placement through ad networks them and restrict access solely to brand-orientedplay—and the to expand the reach of its E-Class launch cam- ads. Bottom line: premium means offeringone with the paign. The difference from direct-response fewer, but better, inventory units.most growth ads is that brand reach advertising still values the brand “environment” and is focused on Manage “non-premium” inventory better.potential—is impressions as opposed to click-throughs. It’s While not all ad placements offer the equivalentto create an opportunity for online publishers to extend of NBC TV’s Thursday primetime position, theemotionally their offerings, but can be a double-edged sword key is having a clear definition for what isn’t if not managed carefully. Online publishers premium and creating disciplined processes tocompelling manage that inventory. One online publisher can sell less desirable inventory at $3–$5 CPMsonline brand for brand-reach applications, but if they canni- we interviewed created packages of second-tieradvertising that balize other brand sales, they can quickly erode “run-of-site” ad inventory that sells at a 30 percent a publisher’s ability to charge $8–$12 CPMs to 50 percent discount compared to the CPMsbuilds long-term for premium units and services. of higher-end inventory on the site. These lessbrand affinity. expensive packages are clearly separated from Develop premium engagement skills. The third more premium placements and are sold with leg of the triple play—and the one with the minimal sales support. Net result: the publisher most growth potential—is to create emotion- cost-effectively monetizes less premium inven- ally compelling online brand advertising that tory, minimizes cannibalization and maintains builds long-term brand affinity. Today, that the premium positioning of the website. remains largely the domain of television and magazines. But it’s a huge untapped opportunity Invest in ad-format innovation. Protecting for online media companies, as the vast majority premium ad inventory is good, but rejuvenat- of national advertising dollars reside with large, ing the ad units themselves is even better. In brand-oriented advertisers seeking deeper our survey, brand-oriented marketers identified engagement with consumers. To make that formats utilizing video, sponsorship and social happen, online media must recognize that a media as exciting options that go far beyond transformation of their current offerings and typical display ads. Apple’s “Mac vs. PC” cam- sales approach will be required. paign on the New York Times, Yahoo! and Wall Street Journal sites showed a willingness to 2. Re-commit to delivering a experiment with new formats—using video as “premium” offer well as custom ad units that interact across the page. Similarly, the creative for Nintendo’s Online publishers who want to increase their “Wario’s Land: Shake It!” on YouTube was a share of premium-priced brand advertising sophisticated execution that appeared to break dollars must put their house in order and build apart the actual page. The ad hooked visitors a truly premium value proposition for brand and eventually generated several millions of marketers. They must: views through word-of-mouth publicity. Today, such custom efforts are expensive, but by devel- “Wall off” premium ad inventory. In our sur- oping more standards and tools in the future, vey, marketers consistently expressed frustra- the online ad industry can increase this type tion with clutter, unreliable context and seeing of business.6
  • 9. In search of a premium alternative: an action plan for online brand advertising3. Become a strategic partner media partners and hear their best thinkingfor marketers on how to improve what we do. But we’ll only have time to do that with a handful of partners.”Brand marketers are accustomed to receivinga high level of support from television and While this raises significant change manage-other offline media providers. In the future, ment challenges, we believe change is critical.online media sales teams too will feel the pres- Developing “category-focused” sales teams willsure to meet and exceed the emerging needs help media companies in several ways. Salesof brand marketers for “partnership” and con- teams with higher-caliber talent and categorysultative selling. But this will require different expertise interact directly with marketers earlierselling and serving models—ones that offer in the planning process, are able to offer moremore senior client contact and more value-added custom solutions and influence the creativesupport throughout the media planning process. aspects of the campaign. For these reasons,Key requirements include: Google invested in a multi-year effort to develop category expertise in selling and services, andDelivering new ideas and category expertise. hired from the ranks of traditional marketers.The number one capability marketers want Similarly, the New York Times integrated itsin a partner is category-specific knowledge online and offline sales organizations to offer(see Figure 5). Just as with their agencies, advertisers a category-focused, custom and cross-marketers expect media companies to under- platform approach. Such efforts have raisedstand their businesses and bring innovative the bar for media sellers and are deliveringideas to the table. Says one CMO, “We want substantial benefits for brand marketers.to sit down once or twice a year with our keyFigure 5: Brand marketers seek category expertise, customization and a relationship mindsetfrom online media companies Which capabilities are most important in supporting your online advertising?Percent of respondents40% 30 #2 20 10 #1 0 Deep Strong Customized Digital advertising Cross platform Streamlined knowledge relationship options success metrics campaign options purchasing of marketer with marketer options and industry Effective High impact Digital advertising Best contextual Full ad targeting online creative knowledge fit for ads placement transparencySource: Bain/IAB 2009 Marketer survey; N=700 7
  • 10. In search of a premium alternative: an action plan for online brand advertising Make cross-platform the norm, not the exception. online world, that audience is typically shared Over the next three years, brand marketers across multiple sites, making measurement expect nearly 40 percent of their ad budget to even more challenging. At the non-premium be spent on integrated, cross-platform cam- end of the online advertising market, ad net- paigns—with another 25 percent on advertising works are able to track overall consumer reach that is at least coordinated across platforms. by using common cookies. For premium sites, Media companies that have both online and however, the challenge is complex: their offline properties can develop fully-integrated approach of a separate cookie for each site packages with online and offline components, complicates the evaluation of the reach and often providing customization of inventory frequency of an ad served to consumers across units and creative input. For pure-play online multiple sites. “De-duplicating” the audience media companies such as portals, cross-platform across multiple sites is difficult and will likely can involve developing ways to extend offline require new industry standards and publisher campaigns to online and link them to their collaboration. Larger online publishers and sites. While such cross-platform solutions are the IAB can use their influence to lead this still far from the norm, they are growing in industry-level collaboration. popularity among all the publishers we spoke to. And while online might represent as little Measure what matters. Marketers are clear that as 5 percent to 10 percent of the overall deal traditional brand metrics—especially brand value with brand marketers, it might account awareness, favorability and purchase intent— for half of the sales discussion and most of the will help guide their decision to shift dollars customization and creative support. In other online from other channels (see Figure 7). words, online capabilities are increasingly the Today, these metrics are delivered in part by key differentiator in gaining share of offline custom service providers like Dynamic Logic brand ad dollars. and Nielsen IAG. But the lack of an ongoing, syndicated common “currency” and standards How might the typical sales structure change means that marketers are unable to compare to make all this a reality? We believe it requires across campaigns and across media platforms; a fundamental shift from an online-versus- nor can they assess impact over extended offline model to one organized around the periods of time. Industry forums such as the customer’s needs, offering brand-focused and Association of National Advertisers and the IAB direct response-focused sales teams with deeper have a leading role to play in defining specifi- category expertise (see Figure 6). cations for such metrics—and helping move existing players toward a more comprehensive, 4. Speak the marketer’s language cross-platform offering. For online advertising to mesh seamlessly into 5. Gain scale the brand planning process, content sites need to go beyond “hits,” “clicks” and “gross impres- Traditional brand campaigns often need to reach sions” as the primary means to measure impact. what are, by online standards, very large audi- ences. For example, a leading women’s mag- Talk GRPs. Brand marketers plan their adver- azine might reach 30 million to 40 million tising around gross rating points (GRPs)— readers monthly. In contrast, the website for reaching a certain target audience with a certain the same title might deliver only 5 million to frequency within a defined time period. In the 10 million unique visitors a month. And a8
  • 11. In search of a premium alternative: an action plan for online brand advertisingFigure 6: Media sales teams need to reorient from a platform-centric structure to acategory-based approach Typical legacy Example of future salesforce approach salesforce approach Media company Media company Multi platform Online Offline “engagement” Transactional salesforce salesforce salesforce online salesforce CPG Auto Etc. Mostly response Engagement Engagement Reach/response needs needs needs needs• Separate online and offline salesforces, impractical for • Category focused integrated offline/online salesforces with cross platform campaigns high touch and innovation focus• One size fits all approach • Separate reach/response salesforce• Limited category expertise • Ability to meet the reach requirements of brand marketers as necessaryNote: IllustrativeFigure 7: Brand marketers want traditional brand-impact metrics to gauge onlinead effectiveness Which metrics are most valuable for brand building campaigns?Percent of respondents60% What brand marketers want What brand marketers get #3 40 #2 20 #1 0 Brand Likelihood to Conversion Click Message Time spent View awareness recommend rates through association on page through Purchase Favorability Recall Unique Ad Interaction Engagement intent visitors impressions/views rate timeSource: Bain/IAB 2009 Marketer survey; N=700 9
  • 12. In search of a premium alternative: an action plan for online brand advertising marketer would need to place numerous ads on double-down on serving their base of “natural-Scale represents that website to reach any significant number fit” advertisers and at the other, forge links with of those unique users. Marketers and agencies compatible media companies to gain scale anda major advan- therefore often find it inefficient to try to reach broaden the base of advertisers they can attract.tage for large a large number of consumers across many One such approach is to create premium “mini-media compa- small websites. networks” with exclusive membership. Anothernies and online is to establish a relationship with a larger media If you’ve got scale, use it. Scale represents a company for sales representation. As an exam-pure-plays. But major advantage for large media companies ple, the Rubicon Project helps smaller contentit is surprising and online pure-plays. But it is surprising how publishers gain scale and better monetize theirhow few online few online content companies utilize their full unsold inventory. potential to offer scale. We believe many onlinecontent compa- publishers can offer more consumer insight, Online advertising as we know it is long over-nies utilize their creative services and innovation/experimentation due for change. As direct-response advertisingfull potential to than they currently do. That will require them continues to commoditize inventory and erode to bring their existing capabilities closer together pricing, media companies are under pressureoffer scale. when pitching to marketers and be involved to provide more value and transform the sales much earlier in the campaign planning process. model. Those who are first to deliver more Recognizing this, larger players are increasingly compelling and integrated brand campaigns, bringing smaller sites together to create branded offering the full “triple play,” are likely to build “networks.” In some cases, publishers are premium portfolios and pull away from the integrating their own sub-brands into packages rest of the industry. The change won’t be that offer marketers more scale. MTV Generation easy or quick. But for those who lead in online Tribe, for example, targets young adult con- marketing innovation, there are billions of brand sumers. Similarly, Meredith’s online BHG advertising dollars waiting to move online. Network integrates cooking, home improve- ment, gardening and beauty content from Better Homes and Gardens and other related Meredith brands. If you don’t have scale, get it. As online advertis- ing continues to mature, brand marketers and ad agencies are becoming more selective— and ad networks allow them to efficiently place their ad on many sites with a single buy. Large brand marketers therefore have a diminishing interest in dealing directly with small content sites—unless these sites bring a distinctive audience or are truly a perfect fit for their brands. This does not mean, however, that smaller sites are running out of options. Instead, we believe that at the one end, they should10
  • 13. In search of a premium alternative: an action plan for online brand advertisingThe role marketers can playAdvertisers also have a significant stake in cracking the code for building brands online.Brands such as Apple and Unilever’s Axe are beginning to point the way forward. Theirexperience, and that of other progressive online brand advertisers, suggests some prac-tical steps for marketers:Develop and utilize more innovative ad formatsMarketers who have been successful in driving online brand engagement challenge theconstraints imposed by “standard” display advertising formats and instead push for larger,innovative formats that incorporate video and sound. The goal: mirror the attention-grabbingpotential of traditional television advertising.Cast a wider net for creative ideasThe most progressive online marketers actively collaborate with media companies tocreate custom ads that best utilize the layout and capabilities of their specific mediaproperties—and resonate closely with the site’s target audience. Clearly, there are limitsto how many online media companies a marketer can deal with directly, but these areincreasingly valuable endeavors to pursue with their most important media suppliers.Drive cross-platform campaign integrationMarketers are increasingly aspiring to integrate campaigns across different media plat-forms in order to create “surround sound” effects for the consumer, stretch more expen-sive advertising investments in certain platforms such as network TV across multiple plat-forms, and better maintain brand consistency regardless of the platform being utilized.Further, pointing to the importance of cross-platform integration, we found that brandmarketers who use the same creative agency for online and offline work were 40 percentmore likely to be satisfied with the results than those using separate agencies for onlineand offline. Whether through a single agency or coordinating efforts through an inter-agency team (IAT), cross-platform integration is increasingly becoming the norm for effectivebrand advertising campaigns. 11
  • 14. In search of a premium alternative: an action plan for online brand advertising Bain’s business is helping make companies more valuable. Founded in 1973 on the principle that consultants must measure their success in terms of their clients’ financial results, Bain works with top management teams to beat competitors and generate substantial, lasting financial impact. Our clients have historically outperformed the stock market by 4:1. Who we work with Our clients are typically bold, ambitious business leaders. They have the talent, the will and the open-mindedness required to succeed. They are not satisfied with the status quo. What we do We help companies find where to make their money, make more of it faster and sustain its growth longer. We help management make the big decisions: on strategy, operations, technology, mergers and acquisitions and organization. Where appropriate, we work with them to make it happen. How we do it We realize that helping an organization change requires more than just a recommendation. So we try to put ourselves in our clients’ shoes and focus on practical actions.12
  • 15. For more information, please visit www.bain.com