1. Cutting Complexity, Adding Value Efficiency and Effectiveness in Digital Advertising

2. There is an opportunity to make the end-to-end process of digital media much more efficient We asked BCG to conduct a study that aimed to understand, map and measure the end-to-end digital advertising process to identify key drivers of efficiency BCG used lean methodology to conduct analysis in a rigorous and structured approach – via “Value Stream Mapping” workshops to map and measure digital marketing processes Set up Targeting/ Remarketing Buying 1. Planning2. Activation 3. Reporting4. Optimisation 5. Billing v 3. Sustain Improvement 1. Expose waste 2. Address waste Client value creation Participants represent a balanced mix of geography, agency size and use of non-unified vs. unified platforms: 15 advertisers and 24 campaigns across 5 countries Study focused on the end-to-end process of both search and display campaigns, both brand and direct response elements

3. The study found that many advertisers are required to spend significant time on non-value creation activities No activity (wait time)Total 20 days Non-value creation activities Total 4 days Value creation activitiesTotal 1 day 3 days7 days3 days5 days2 days Activity analysis shows average 1 day of value creation activities over 5 days of campaign work time Meetings and time searching for info Redundant data entry Rework Redundant data entry Wait for client info Wait for client approval Wait during negotiation Wait for creative to be delivered Wait for client approval Wait for test of “go-live” 1. Process time represents total time spent actively working on the campaign, excludes wait time. Source: BCG analysis The study also found that advertisers impose complexity on themselves and their agencies – mostly in the form of nonstandard technologies and customized reporting requirements. This limits the ability of agencies to optimize time spent on value-creation activities. Average Campaign Process Time 1

4. Average Improvement in Campaign Process Time 3 -11.9% -33.1% Advertisers can decrease process time by up to 33% by shifting to a unified technology platform Integrated tools Streamlined process and workflows Optimised organisational structure 1. Unified platforms defined as seamlessly integrated ad servers, DSPs and SEM tools 2. Best case unified represents maximum savings achieved per step across all samples; 3. Process time represents total time actively working on the campaign, excludes wait time Source:BCG analysis Agencies achieving lower time savings tend to have workaround solutions in place and therefore are not fully leveraging the benefits of the unified platform The best productivity gains combine a single ad technology stack with wider process and organisational change: On average, participants experienced 12% process time savings, mainly in reporting and activation activities