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Title: Yell Investor Day


1
Yell Investor Day
  • 7 December 2007

2
Disclaimer
  • During this presentation we will be discussing
    Yells business outlook and making certain
    forward-looking statements. Any statements that
    are not historical facts are subject to a number
    of risks and uncertainties, and actual results
    may differ materially.
  • We urge you to read the Risk Factors and
    cautionary language in the annual report posted
    on our website.
  • We also draw your attention to our press releases
    which are posted on our website, for more
    information on the risks and uncertainties.

3
Agenda
  • Introduction John Condron, CEO
  • Yell UK Helen Stevenson, Chief Marketing
    OfficerSteve Chambers, Chief Commercial Officer
  • Coffee
  • Yellow Book USA Joe Walsh, CEOPat Marshall,
    Chief New Media Officer
  • Coffee
  • Yell Publicidad Ana Garcia Fau, CEOMitch
    Connolly, Chief Commercial Officer
  • QA
  • Lunch

4
  • Investor Relations Jill Sherratt 44 (0)118 950
    6984
  • www.yellgroup.com
  • Yell, Queens Walk, Oxford Road, Reading,
    Berkshire RG1 7PT
  • Trade mark of Yell Limited

5
UK Marketing and Sales
  • Helen StevensonChief Marketing Officer
  • Steve ChambersChief Commercial Officer

6
The virtuous circle
  • Great proposition for users
  • ? strong brands
  • Win, Keep and Grow strategy
  • ? great value to advertisers
  • Highly effective sales operation
  • ? unique relationship with SMEs

Recession resilient
7
A growing market
Use of information sources is growing...
Information Sources (product and services
info)Average monthly usage (millions)
Regular Study (Saville Rossiter-Base) YP
comparable inc Yell.com
8
Strong growth despite regulation
Yell Revenue Growth under RPI ()
-4.4 -4.8 -3.3 -2.9 -2.8 Effective
Yellow Pages rate reduction
We have achieved 105m in revenue growth in the
last 5 years, of which 76m of growth was in
Yell.com
Source Yell Internal Data
9
Well placed for a new growth phase
  • Strong plans to drive usage across all our
    channels
  • Yell.com well positioned with differentiated
    offer in its market place
  • RPI-0 and reduced Print product constraints
    provide price and product opportunities
  • Attract new, non-print advertisers to Yell.com
    and grow our hybrid commercial models
  • Drive integration across new media platforms
    including mobile

10
Usage is at the heart of our value proposition
Yell is best way to find businesses in the UK
Comprehensive and relevant 87 of UK adults use
any Yell product
Yell products are easy to use
Whenever and wherever all channels
Our users like buying from the people they find
through Yell
Powerful brand family Competitive values of trust
quality and local expertise
Source Saville Rossiter-Base
11
Driving traffic on Yell.com
  • Driving traffic
  • New Media SEM / SEO / networks
  • New functionality and a new look to the Yell.com
    site
  • First of a series of planned quarterly
    improvements
  • Puts in place the foundations for future changes
    and includes
  • New contemporary look and feel
  • New site structure
  • New mapping
  • Local business layering
  • Liquid layout
  • Easier navigation
  • New ad capsules
  • Additional monetisation opportunities

12
New look homepage
13
New search refinements
14
New maps with business layering
15
Plus directions
16
and birds eye view
17
Driving traffic on Yell.com
  • Driving traffic
  • New Media SEM / SEO / networks
  • New functionality and a new look to the Yell.com
    site
  • First of a series of planned quarterly
    improvements
  • Puts in place the foundations for future changes
    and includes
  • New contemporary look and feel
  • New site structure
  • New mapping
  • Local business layering
  • Liquid layout
  • Easier navigation
  • New ad capsules
  • Additional monetisation opportunities

18
Print innovations
  • Yellow Pages Reinvented
  • New look and feel, consumer content and
    modernised classifications and search tools to
    improve usability
  • New local directories Your Town
  • Locations determined by
  • Size of business base (gt850k)
  • Town Size (min circ lt 25k)
  • Across metro / urban / rural
  • c70 of Your Town advertisers are new to Yell
  • Door Drop Specialist guides e.g. Car Insurance
  • Developed in conjunction with national
    advertisers
  • Strong advertising vehicles that enable
    businesses to target specific group of consumers
  • Key points of differentiation are brand,
    editorial content and production quality

Source Yell Internal Data
19
Yell usage generates high quality leads
When users are asked where they have sourced
products / services, Yell is the best source for
delivering high quality leads
Conversion of Usage to Leads () vs Usage
(monthly average)
70
Yell
60
Thomson
50
BT
40
Internet(YP Comparable)
30
Local press
Total Internet
20
10
...
400
0
20
40
60
80
100
120
We generate 1.4 billion annual usage occasions
Source Regular Study 06/07 (Saville
Rossiter-Base) YP comparable Internet based on
asking users could they have sourced that
product or service through Yellow Pages
20
Ensuring our advertisers see great results
Yell.com from every 10 uses 5 result in a
contact
Yellow Pages from every 10 uses 7 result in a
contact
Helping to generate over 83bn for Businesses in
our products
Source Saville Rossiter-Base 2006-7 Users
looking for information on Shops and
Businesses Source Saville Rossiter-Base 2006-7
YP and Yell.com combined
21
Focusing on value
  • Ratecard growth at RPI-1 and prices aligned
    with value
  • e.g. a Plumber in Reading pays 365 for a Quarter
    Column
  • A Farm Shop in the same book with the same ad,
    would pay only 219
  • Discounts used to influence behaviour
  • Proving value to an advertiser aids retention
  • Call Counter - Phase 2
  • Uses local dialling codes
  • New call statistics platforms provides our
    salespeople with even more compelling data to
    add value at point of sale

Based on Reading YP directory rates for edition
publishing in Feb 09
22
Our growth strategy Win, Keep and Grow
23
Keeping and growing advertisers
As our relationship with advertisers grows, so
does their spend and the value we deliver to them
in terms of tenure...
and product holding
Source Yell Internal Data Accounted Year
Customers and Revenue for Print 06/07 Regional
campaign customers 06/07
24
Continual evolution of our hybrid commercial
model
25
New launch of ad syndicationlive 29th November
26
New launch of ad syndicationlive 29th November
27
Continual evolution of our hybrid commercial
model
Our business model will continue to evolve in
line with customer needs
28
UK Sales
  • Steve ChambersChief Commercial Officer

29
Selling a core competence and key
differentiator
  • Unique service to UK SMEs
  • Flexible sales organisation to ensure delivery of
    marketing strategy
  • People factor
  • Equipped with state of the art tools

30
A unique service
1
Understand the customers needs
31
A unique service
1
Understand the customers needs
2
Industry specific marketing information
32
A unique service
1
Understand the customers needs
2
Industry specific marketing information
3
Bespoke presentation
33
A unique service
1
Understand the customers needs
2
Industry specific marketing information
3
Bespoke presentation
34
A unique service
1
Understand the customers needs
2
Industry specific marketing information
3
Bespoke presentation
35
A unique service
1
Understand the customers needs
2
Industry specific marketing information
3
Bespoke presentation
4
Final Recommendation
36
Sales channel and contact strategy
  • Value, efficiency and flexibility
  • Sales channels organised around customer needs
  • Campaign approach to maximise efficiency
  • Out of campaign activity for additional coverage
  • Flexible sales roles to target specific
    opportunities

National
Nationals
Face to face
3rd Party
Business development
Majors
Field
New media
Telesales
Customer spend
Your Town
Renewal
Prospects
Fast track
New media
Wider reach, more complex
Simple, local coverage
High volumes of targeted leads
Customer needs
37
Delivering online sales growth
  • Channel neutral sales force
  • Multi-product sales targets
  • Pay weighted towards online sales
  • New pay schemes to drive Pay on Performance
  • Intensive online training
  • New media specialists for complex needs
  • All YP solus advertisers receive telesales
    contact between campaigns


m
Yell.com Revenue Growth


100

Revenue
Revenue

80

Growth

60


40


20

FY 04
FY 05
FY 06
FY 07
Source Yell Internal Data
38
Monetising online usage a case study
  • Match unsold inventory with high usage
  • Identify customer opportunities push to sales
    person

Yell.com ARPA Growth (m)
  • Target sales person track conversion
  • Arm sales person with pre-visualised ad
  • Yell.com AVP now exceeds YP

Source Yell Internal Data
39
The people factor key metrics
Source Yell Internal Data as of 31/3/07 and Tell
Yell Survey 2006
40
The people factor
  • Identifying top salespeople profiling
  • Highly regarded training and development
  • Flexible working, part-time, home-working
  • High calibre Sales Management
  • Performance management key element of sales
    culture
  • Emphasis on reward and recognition

41
Driving sales performance - pay
  • On target earnings top quartile for UK media
    sales
  • Basic salary 75 of On target earnings
  • Open ended, performance related
  • Commission schemes structured to drive desired
    behaviours of each sales role
  • Constantly reviewed to ensure alignment with
    marketing objectives

Source Yell Internal Data
42
Automating our sales force - added value,
simplification and efficiency
  • Laptop / desktop technology plus broadband
    connectivity for all salespeople
  • Functionality
  • Workload management
  • Electronic sales presenter
  • Electronic ad design
  • Order and content capture
  • Benefits
  • Error reduction
  • Reduction in back office heads
  • Added value at point of sale
  • Simplified communication
  • Home based sales force

43
Summary
  • Our market is growing but highly competitive
  • Print still provides excellent value fresh
    opportunities under new regulatory regime
  • High growth opportunity in new media
  • Recession resilience
  • Well placed for these opportunities
  • Great brands providing great value for users and
    advertisers
  • Clear strategy to drive and monetise usage
  • Highly motivated sales force
  • Unique relationship with UK SMEs

44
Yellow Book USA
  • Joe WalshChief Executive Officer

45
US market overview
  • The US market is the largest in the world at
    c.15bn
  • Yellow Book is the 1 independent
  • 60 of independents
  • Yellow Book Network is the fastest growing
    internet yellow pages
  • 3 IYP site
  • Yellow Book Network usage up 110 (on a rolling
    annual basis)

Source comScore June 2007, Q1 2006 Q1 2007
46
Market outlook
  • Share shift from incumbents to independents
    continues
  • Yellow Book is benefiting from shake out in
    independents
  • Brighter future expected than for incumbents

47
Kelsey shows continued shift from incumbents to
independents
  • Yellow Books market segment is forecast to grow
    at 6.2 CAGR
  • Return on investment still strong from print
  • 141 return for local advertisers

Source YPA 2007 Facts and Media Guide,
Excludes national
48
Yellow Book brand
  • Clever, memorable advertising
  • Recall of campaign featuring Carradine has
    surpassed 50
  • Driving inbound telephone and email leads
  • Inbound email reaching 1,000/wk
  • Telephone calls reaching 10,000/wk
  • Strong brand awareness and loyalty nationwide
  • Known for delivering leads for less

Yellow Book USA 2007 research, conducted by
TNS. Nationally representative sample of adults
responding to the questions Have you seen the
TV commercial with young man seeking
enlightenment and higher knowledge guru played
by David Carradine holding laptop computer or
yellow pages. Base Total (n2500)
49
Yellow Book brand awareness
Yellow Pages Category Top-of-Mind Brand Recall
When thinking about the yellow pages people use
most often to look up information or phones
numbers about businesses, which directory first
comes to mind?
Yellow Book USA 2006/2007 research, conducted by
TNS. Nationally representative sample of adults
(Top-of-Mind Unaided Recall of yellow pages
brands). Base Total (n2500) TNS (Taylor Nelson
Sofres plc) is the worlds foremost provider of
custom research and analysis, combining in-depth
industry sector understanding with world-class
expertise in the areas of Retail Shopper
Insights, Stakeholder Management, New Product
Development, and Brand and Communications.
50
RCF shows cost per lead comparison
  • Yellow Book
  • 13.44 per lead
  • 816 calls
  • Idearc
  • 34.46 per lead
  • 366 calls

Example of competitive meter advertising program
from the Lehigh Valley market. Example should
not be viewed as representative for all
advertisers in the Lehigh Valley market or other
Yellow Book markets.
51
Pricing
  • We still have a price advantage in every like
    market 
  • Despite incumbents pervasive off rate card deals
    our rates are still lower in most accounts
  • Price advantage extends to new media offerings

52
Annapolis, Maryland
53
Yellow Book 1 directory in Annapolis
  • Syndicated research co-sponsored by Yellow Book
    and Idearc
  • 1 Yellow Book Annapolis-Anne Arundel, 46.4
  • 2 Idearc Annapolis, 42.4
  • 5 Idearc Annapolis Companion 1.6

YPMR Syndicated Research, Knowledge Networks/SRI
Quarterly Update, Report for Annapolis, MD
October 2006 - September 2007. Note Research
conducted in Directory Distribution Area (DDA)
54
Companion usage low
Knowledge Networks/SRI, YPMR Syndicated Research
(Oct 2006-Sept 2007 Annapolis, Richmond,
Huntsville, Staten Island, Philadelphia Jan- Dec
2006 remaining markets). NOTE Results shown are
for all markets to which Yellow Book has access
to Syndicated results for the incumbents
footprint, either because the study was
co-sponsored or because incumbent Yellow Book
scopes are identical. Results for other markets
may be higher or lower
  • Expensive, redundant, incomplete, hard to read,
    wasteful
  • Incumbents will soon try to migrate companion
    revenue

55
New US Companions by Year, 2005-2007
There was a 70 percent decline in the number of
new companion titles launched in the U.S.
directory market from 2005 through October 2007.
These data support the view that the
opportunities for new companion launches in the
U.S. market are diminishing. The companion model
works best in larger markets, many of which
already have at least one companion product
(13)
(64)
Sources YPA IRIS Online, The Kelsey Group (2007)
  • The clock is ticking on companion books

56
Market is saturated and launches are slowing
New U.S. Print Directories by Year, 2005-2007
(20)
(27)
Sources YPA IRIS Online, The Kelsey Group (2007)
There was a 41 percent decline in the number of
new titles launched in the U.S. directory market
from 2005 through October 2007. This suggests
that both the opportunities and the appetite for
expansion is waning in the U.S. Yellow Pages
market.
57
Economic resilience
  • Tried and true proven results
  • Annual commitment
  • Breadth of classifications
  • Seniority ad placement
  • Businesses need more leads in difficult times

58
National sales
  • Double digit national sales growth
  • Innovative programs recognized by ADM

Yellow Book received two Publisher Awards at
ADMs 2007 Annual Conference ADM Publisher Awards
each year recognize the industry's brightest
stars for their contributions to the national
yellow pages marketplace.
ADM Association of Directory Marketing
(Certified Marketing Representatives (CMRs) and
yellow pages agencies are ADM's main
constituents.)
59
Market adjustments
  • Better offers to customers
  • Enhanced compensation to media consultants
  • Color roll-out
  • Tweaked credit practices
  • Customizing metros
  • Local advertising versus national
  • Stepped up internal communications

Easier to do business with
60
David versus Goliath
  • Great pride in our cause
  • Conviction in our value story
  • Catalyst for change
  • Superior sales leaders
  • Long term perspective
  • Absolute integrity
  • Welcoming the opportunities new media will bring

61
US online market
Online Local Search
Source comScore 2006
  • Large, fast growing market
  • Internet yellow pages are thriving
  • IYP delivering solid return on investment for
    advertisers
  • Capable of winning online

62
Expansion
  • More selective with new launches
  • Unique capability
  • Were better at it than anyone
  • In-fill process suited for us
  • New media-only market launches
  • Acquisitions accretive, tuck-in print
    acquisitions remain
  • New media acquisitions

63
Summary
  • Great year operationally
  • We outperformed the industry again
  • Now prepared for slower print industry growth
  • Now prepared for faster online growth
  • Key hires Pat Marshall and others
  • Many cards unplayed
  • Embracing our chance to tap into a huge, fast
    growing new market
  • Rather be us than any other player

64
US New Media
  • Patrick MarshallChief New Media Officer

65
US online trends
US Internet Ad Revenues by Format
US Local Online Spending (B)
Other6
Rich Media 7
CAGR 30
Lead Generation8
Search41
Classified17
Display Ads21
Source eMarketer, Aug 07
Source IAB, Oct 07
  • Online advertising growth continues to outpace
    all other media
  • Online advertising will reach 21.4B this year
    and represent 7.4 of all advertising spending

66
Online strategy
  • Provide a large volume of highly qualified leads
    to our advertisers
  • Use an integrated network of consumer-facing
    sites, applications and devices
  • Provide consumers with highly relevant
    information and tools to make more informed and
    timely purchasing decisions
  • Create compelling, easy-to-navigate, feature rich
    environments that are available when, where, and
    how consumers choose to use them
  • Be consistent with our overarching strategy of
    leads for less

67
Key measures
Revenue per average searchable advertiser ()
76
Searchable advertisers down due to TWP
transition pricing
68
Compound quarterly growth rates
Revenue (m)
Yellowbook.com Unique Visitors (m)
CQGR 18.1
CQGR 13.2
Source comScore. Includes traffic from the
Yellowbook network
69
Yellowbook.com traffic
Indexed Traffic Growth (November 2006 100)
Source comScore. Includes traffic from the
Yellowbook network
70
Driving usage
  • Marketing communications
  • Very successful television campaign
  • Search engine optimization
  • Search engine marketing
  • In-book promotion
  • Personalization
  • Downloadable toolbar
  • Traffic purchases and partnering

71
Site developments
  • Entire site is undergoing redesign
  • Enhanced search capabilities
  • Deeper level of personalization
  • Expanded feature set
  • Easier navigation
  • Additional monetization opportunities
  • More content
  • Optimized for search engine discovery and mobile
    internet access

Site redesign will provide more flexibility for
future enhancements
72
Recent launches
  • Video clips
  • Prioritization products
  • Click-to-call
  • Click-to-save-and-send
  • Print and internet products decoupled

73
Video advert example
74
WebReach
  • Budget-based PPC product with distribution
    through Google and Yahoo! and seven pricing
    levels
  • Includes options for website design, hosting, and
    call tracking
  • Adding flat-rate guaranteed clicks product
  • Packages based on desired monthly clicks

75
Mobile
  • Market is embryonic
  • No standards, multiple platforms, carrier walled
    gardens
  • Fragmented marketplace
  • Apples I-phone, Googles Android, and Nokias
    N810
  • Current WAP offering generates lt1 of searches
  • Future is multi-modal voice in, data out
  • Eliminates the form factor problem

We believe there will be a viable market and we
intend to be in it
76
Yellow Book audience network
Yellow Book delivers leads for less
77
Yell Publicidad
  • Ana García FauChief Executive Officer

78
Agenda
  • Spanish market
  • The opportunity exists
  • A year of transition
  • Back to Basics strategy
  • Print, online and directory assistance
  • LatAm
  • The LatAm opportunity

79
The opportunity exists
Low penetration rates
The online opportunity
Under investment in usage
Leading market positions
80
Low penetration rates
(3)
(2)
(1)
(1) Defined as average of UK, France, Italy,
Spain and Sweden (2) Defined as percentage of
businesses advertising in yellow pages
directories. Source Kelsey Group 2007 (2006
data) (3) Defined as percentage of population
with access to Internet. Source Jupiter Research
July 2007 (2007 data)
81
The online opportunity
(1) Source IAB Spain, 2007 (2) Source
Eurostat, December 2007 (3) Source Everis,
December 2007 (4) Source DMR Consulting,
Eurostat (5) Source Nielsen 3Q07 and 3Q05
82
Under investment in usage
  • Strong usage figures resulting from our
    multi-channel approach
  • 1.6 million searches per day (October 07)(1)
  • Attractive ROI for our advertisers
  • Clear opportunity to improve usage monetisation
    through online and DA unbundling strategy
  • (1) OJD, Yell Publicidad estimates

83
Leading market positions
Print2006 revenues
Online2006 revenues
DA2006 revenues
Others(1)11.5
Others(2)17
Others(3)48
Yell Publicidad88.5
Paginasamarillas. es 83
52
(1) Others include QDQ Media and regional/local
publishers. Source internal research (2) Others
include QDQ.com. Source internal research (3)
Others include Telefónica, Telegate and others.
Source CMT (Spanish telecom regulator)
84
Economic resilience
Yell Publicidad Spain sales breakdown 2007e as
of total sales
SMEs Independent professionals86
Large SMEs10
National companies4
85
A year of transition
New organisation and management team
Deployment of synergies
Back to Basics strategy
86
Back to Basics strategy
  • Focus on core print and online businesses sales
    and marketing
  • Investing in growth
  • Transfer of proven best practices from Yell Group

87
Back to Basics strategy main initiatives
  • Sales force revitalisation
  • Pay scheme
  • Organisation
  • Sales method and training
  • Transfer of best practices
  • New publication schedule
  • Business rationalisation
  • Business disposals and discontinued activities
  • Elimination of non core products
  • Ad range simplification and rescoping
  • Simplifying price and discount policies
  • Customer strategy
  • Channel neutral approach
  • Different channel allocation
  • Win, Keep and Grow
  • Unbundling strategy
  • Cleaning the client portfolio
  • Investing in usage
  • Faster distribution
  • Higher AP on core business
  • Product enhancement print and online
  • Online syndication agreements
  • Search engine optimisation

88
Business rationalisation
  • Business disposals and discontinued activities
  • Elimination of non core products from 18 to 7
  • Ad range simplification and rescoping
  • Simplifying price and discount policies

89
Customer strategy
  • Channel neutral approach
  • Sales channel allocation
  • Win, Keep and Grow
  • Unbundling strategy online and DA
  • Derisking the client portfolio

90
Investing in usage
  • Print
  • Higher spending on AP
  • Product scoping and redesign
  • Faster distribution
  • Online
  • Continuous improvement of users experience
  • Redesign of YP sites network
  • Syndication agreements
  • Search engine optimisation

Visits (millions)
CAGR 41
Source OJD
91
The online revenue strategy
  • Unbundling
  • Increase the number of unbundled customers
  • Drive up unbundled ARPA
  • Monetisation based on product value / usage
  • Sales force all channels plus online
    specialists
  • Sales force training
  • Geographical pricing
  • Ad range simplification

92
Leadership in DA business
  • Increasing market share in a competitive market
  • Successful marketing campaigns
  • Top of mind brand
  • Excellent service
  • Revenue sources traffic and advertising
  • Potential to further monetise traffic through the
    unbundling advertising offer

Market calls (millions)
Source CMT (Spanish telecom regulator)
93
The LatAm opportunity (i)
  • Latin America represents approximately 20 of our
    business
  • Small, but growing and profitable operations
  • Strong brands in all the countries
  • Market leading positions
  • High online business upside

Print
Argentina
Peru
Local Directories 0.5
La Gran Guía 9.5
Local Directories 0.5
Yell Chile 90.5
Yell Argentina 99.5
Yell Peru 99.5
Source 2006, internal estimates
94
The LatAm opportunity (ii)
  • Transfer of best practices
  • Product portfolio
  • Win, Keep and Grow strategy
  • Sales revitalisation
  • Online business development
  • Integration of Publicom and Telinver in Argentina
  • Deployment of synergies production, IT, product
    development

95
Conclusions
  • Clear opportunity for Yell Publicidad in both the
    Spanish and the LatAm markets
  • Addressing the opportunity in a way that has
    proved successful in the UK and in the US
  • Acquisition plan on track
  • Synergies ahead of expectations
  • Implementation of Back to Basics strategy

Yell Publicidad is in a good position to deliver
growth and increase its profitability
96
Yell Publicidad
  • Mitch ConnollyChief Commercial Officer

97
Sales strategy - Back to Basics
  • Elimination of non-core products
  • Clear channel allocation strategy
  • Investment in sales remuneration
  • Strengthening the sales organisation
  • Focus on sales approach and training

98
Previous product portfolio
Print
Online
Others
99
Elimination of non-core products
Print
Online
Others
100
New product portfolio
Simplicity - Focus
101
Channel allocation strategy
Telesales of customer allocation
Face to face sales of customer allocation
6pp
-6pp
  • Improved sales channel focus
  • Restructure of National Accounts
  • Emphasis on growth through face to face selling
  • Telesales focus on acquisition

Supports Win, Keep and Grow
102
Sales remuneration a vital ingredient for
growth
  • Before
  • Below market average
  • Low basic salary
  • Annual bonus
  • Seniority biased
  • Complex
  • Now
  • Above market average
  • High basic salary
  • Transaction based
  • Pure meritocracy
  • Simple

Remuneration scheme fully aligned with business
objectives
103
Strengthening the Sales Organisation
  • Restructuring senior sales management
  • Improving leadership in key markets and channels
  • Additional support and development for first line
    management
  • Emphasis on performance management and coaching
  • Improved quality of sales people

250 increase in response to sales vacancies
104
Revised sales method Sell the Value, not the
Discount
  • Transfer of best practices from UK
  • Introduction of two call sales process with
    bespoke visuals
  • Improved sales support material
  • Discounts rigorously controlled by marketing
  • Drive ARPA through proven value

105
Unbundling realising the value of online usage
  • All products now sold discrete and unbundled
  • Supports price to value on-line model
  • Increases monetisation of current and future
    traffic
  • Improved customer clarity and choice
  • Supports our channel neutral strategy

Paginasamarillas.es visits (millions)
Source OJD
106
Extracting value
  • Strong brands, strong usage, delivering great
    value
  • Organisational focus on marketing and sales
  • Emphasis on sales method and training
  • Delivering growth by extracting value
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