UK Marketing and Sales

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1. Disclaimer. During this presentation we will be discussing Yell's 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 9450

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1. 0 UK Marketing and Sales Helen Stevenson Chief Marketing Officer Steve Chambers Chief Commercial Officer We’ll all be here this morning at xxhotel in this seminar, for about 5 hours. In these 5 hours, UK businesses will have received over a million calls as a direct result of a Yell product. We play a large role in the prosperity of UK independent enterprise We’ll all be here this morning at xxhotel in this seminar, for about 5 hours. In these 5 hours, UK businesses will have received over a million calls as a direct result of a Yell product. We play a large role in the prosperity of UK independent enterprise

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3. 2 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 You have heard us talk about our business model - our virtuous circle. You will also have heard us say it all starts with our users. Because we are experts on business in the UK, consumers know that we have comprehensive listings and we help them get to relevant results quickly and easily We are the best place in the uk for our users to find just what they want in a way that is intuitive and effortless for them Usage of yell products is highly directed and have an extremely high conversion to contact and purchase This is why we continue to deliver great value for advertisers. The more informative and relevant content our Advertisers invest in the more they stimulate and attract the User and the more their business grows, as does ours We all benefit when the needs of our advertisers and our users meet – it’s a simple yet productive virtuous circle CLICK So great, relevant and comprehensive options for users And Advertiser propositions that support a strong win keep and grow strategy executed by a highly effective sales operation – arguably one of the most impressive sales teams in the UK CLICK Leading to the 3 things that underpin our source of competitive advantage Strong brands, great value to our advertisers, and a unique relationship with SME’s, using our business insight to help them market themselves, through all our channels, in a way that delivers them the customers they need We think these are the 3 areas you are interested in . What are our plans to keep our brands and our usage strong; the development of our advertiser propositions, and the activities of our sales organisation and how the combination of these 2 is going to power our revenue growth engine. This is going to be the broad agenda for the Yell UK presentation from Steve and myself this morning You have heard us talk about our business model - our virtuous circle. You will also have heard us say it all starts with our users. Because we are experts on business in the UK, consumers know that we have comprehensive listings and we help them get to relevant results quickly and easily We are the best place in the uk for our users to find just what they want in a way that is intuitive and effortless for them Usage of yell products is highly directed and have an extremely high conversion to contact and purchase This is why we continue to deliver great value for advertisers. The more informative and relevant content our Advertisers invest in the more they stimulate and attract the User and the more their business grows, as does ours We all benefit when the needs of our advertisers and our users meet – it’s a simple yet productive virtuous circle CLICK So great, relevant and comprehensive options for users And Advertiser propositions that support a strong win keep and grow strategy executed by a highly effective sales operation – arguably one of the most impressive sales teams in the UK CLICK Leading to the 3 things that underpin our source of competitive advantage Strong brands, great value to our advertisers, and a unique relationship with SME’s, using our business insight to help them market themselves, through all our channels, in a way that delivers them the customers they need We think these are the 3 areas you are interested in . What are our plans to keep our brands and our usage strong; the development of our advertiser propositions, and the activities of our sales organisation and how the combination of these 2 is going to power our revenue growth engine. This is going to be the broad agenda for the Yell UK presentation from Steve and myself this morning

4. 3 A growing market Just covering off market and business context very quickly . Our marketplace is highly competitive but growing. On this chart I am looking at this in 2 different ways Firstly looking at usage development over the last 3 years. Broadband penetration and internet adoption has injected new growth into the usage market. As the chart on the left shows, In this environment, print usage remains quite resilient with only gradual decline and the expansion of internet usage translating directly into usage and revenue growth Secondly looking at the overall demand for advertising in directed search; and external predictions on the market. the demand from advertisers has been buoyant and is projected to continue to grow at about 6% pa. The effectiveness of the Yell business, our ability to deliver high volumes of directed usage that converts brilliantly, means we are well placed to take advantage of these positive market opportunities Just covering off market and business context very quickly . Our marketplace is highly competitive but growing. On this chart I am looking at this in 2 different ways Firstly looking at usage development over the last 3 years. Broadband penetration and internet adoption has injected new growth into the usage market. As the chart on the left shows, In this environment, print usage remains quite resilient with only gradual decline and the expansion of internet usage translating directly into usage and revenue growth Secondly looking at the overall demand for advertising in directed search; and external predictions on the market. the demand from advertisers has been buoyant and is projected to continue to grow at about 6% pa. The effectiveness of the Yell business, our ability to deliver high volumes of directed usage that converts brilliantly, means we are well placed to take advantage of these positive market opportunities

5. 4 Strong growth despite regulation As you know we have been growing our revenues at 3% pa despite a downward pressure on print prices from regulation £76m of the revenue growth has come fromYell.com with the product reaching £100m for the first time in 06/07 and we are seeing strong growth again in 07/08 a similar amount of growth in absolute terms from our core products but with the impact of regulation and competition combining in a slight downturn in print at the end of this period. There are a number of factors that make us confident about growth prospects going forwardAs you know we have been growing our revenues at 3% pa despite a downward pressure on print prices from regulation £76m of the revenue growth has come fromYell.com with the product reaching £100m for the first time in 06/07 and we are seeing strong growth again in 07/08 a similar amount of growth in absolute terms from our core products but with the impact of regulation and competition combining in a slight downturn in print at the end of this period. There are a number of factors that make us confident about growth prospects going forward

6. 5 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 Usage is at the heart of our proposition and we will continue to drive it across all of our channels. Yell offers consumers choice. Our research shows that our highest frequency users access our advertisers across all our channels, and whilst we are genuinely channel neutral in our growth aspirations we see our complete channel offering as a source of advantage. Our plans are to build from strength and move quickly to adapt to the changing marketplace The online marketplace continues to offers a tremendous growth opportunity. Yell.com is strong brand, we are the best place on line for our UK consumers to find just what they want in a local search for goods and services and we are going to tell you about our progress and plans to accelerate our marketing and site development As you are all aware, we now have an opportunity to price in line with market forces and extend the footprint of our printed products through increased innovation – there are still some restrictions on us here so we are going to take this first opportunity to extend print proposition for our users and advertisers and I will talk a bit more about that in a moment We have an important objective to increase the penetration of our traditional print base with our new media products. We see a direct relationship between retention and multiproduct holding. Given as I have said, that many of our users access our advertisers via a number of channels, it makes sense that a multichannel coverage for our advertisers maximises their opportunity to receive leads in a cost effective manner. We are targetting customer growth into new segments of the advertiser base, both to increase our penetratoin at the high end but also to access a broader base of national sme’s who are operating on line only Both of these objectives will be accelerated by the development of our syndicated network, which is one of our hot off the press new initiatives, going live just 2 weeks ago, with our yell ad pods now syndicated on a number of relevant high traffic sites as a first step in our plans The final important growth driver in our market place is going to be the trend in mobility. It is said that many young adults would rather lose their boyfriend or girlfriend than their mobile phone. Any of you, like me, who have teenage kids will recognise this trend. For our business this offers a further opportunity. How appealing is it to offer everybody their own fast easy personal access to UK products and services - in their pocket – wherever they are. There are challenges in this marketplace in terms of multiplicity of platforms and pace of technology development. So we don’t expect to be driving large revenues from this in the near term. However we have a market leading voice service. We also as you know have an emerging excellent mobile offer with Yell.com mobile. We have learnings from each of these and we will be driving more integration between the 2 in the next 12 months. Any of you who aren’t familiar with our mobile offering we have some people from our team circulating who will be able to demonstrate it to you in the breaks So we have a number of critical success factors for this new revenue growth phase, I’m going to cover each of these now in more detail Usage is at the heart of our proposition and we will continue to drive it across all of our channels. Yell offers consumers choice. Our research shows that our highest frequency users access our advertisers across all our channels, and whilst we are genuinely channel neutral in our growth aspirations we see our complete channel offering as a source of advantage. Our plans are to build from strength and move quickly to adapt to the changing marketplace The online marketplace continues to offers a tremendous growth opportunity. Yell.com is strong brand, we are the best place on line for our UK consumers to find just what they want in a local search for goods and services and we are going to tell you about our progress and plans to accelerate our marketing and site development As you are all aware, we now have an opportunity to price in line with market forces and extend the footprint of our printed products through increased innovation – there are still some restrictions on us here so we are going to take this first opportunity to extend print proposition for our users and advertisers and I will talk a bit more about that in a moment We have an important objective to increase the penetration of our traditional print base with our new media products. We see a direct relationship between retention and multiproduct holding. Given as I have said, that many of our users access our advertisers via a number of channels, it makes sense that a multichannel coverage for our advertisers maximises their opportunity to receive leads in a cost effective manner. We are targetting customer growth into new segments of the advertiser base, both to increase our penetratoin at the high end but also to access a broader base of national sme’s who are operating on line only Both of these objectives will be accelerated by the development of our syndicated network, which is one of our hot off the press new initiatives, going live just 2 weeks ago, with our yell ad pods now syndicated on a number of relevant high traffic sites as a first step in our plans The final important growth driver in our market place is going to be the trend in mobility. It is said that many young adults would rather lose their boyfriend or girlfriend than their mobile phone. Any of you, like me, who have teenage kids will recognise this trend. For our business this offers a further opportunity. How appealing is it to offer everybody their own fast easy personal access to UK products and services - in their pocket – wherever they are. There are challenges in this marketplace in terms of multiplicity of platforms and pace of technology development. So we don’t expect to be driving large revenues from this in the near term. However we have a market leading voice service. We also as you know have an emerging excellent mobile offer with Yell.com mobile. We have learnings from each of these and we will be driving more integration between the 2 in the next 12 months. Any of you who aren’t familiar with our mobile offering we have some people from our team circulating who will be able to demonstrate it to you in the breaks So we have a number of critical success factors for this new revenue growth phase, I’m going to cover each of these now in more detail

7. 6 Usage is at the heart of our value proposition right at the top of our list is usage….. let’s remind our selves how strong our position is today We drive 1.4 bn usage occasions in the UK each year and we have strong brands That is because our products provide the best way to find what you want when you are looking for products and services in the UK We are proud to have extremely high reach with 87% of UK adults using a yell product Our products are easy to use and available across all channels. We have competitive values in our brand of trust, quality and local expertise, all highly relevant if you are a consumer looking to engage a service or buy a product I’ve put an example here from our new ad campaign and you can see that whenever we promote one product, we remind consumers that whenever they are looking for goods and services in the UK they can find just what they want through a Yell brand through any channel they want 1.4 billion usage occasions a year in directed search make us the biggest bridge between buyers and sellers in the UK – our tracking study confirms that we are bigger than all the other searches for goods or services by consumers in the UK on other internet search engines added together. We continue to invest strongly through advertising and promotion in our brands. We also continue to innovate right at the top of our list is usage….. let’s remind our selves how strong our position is today We drive 1.4 bn usage occasions in the UK each year and we have strong brands That is because our products provide the best way to find what you want when you are looking for products and services in the UK We are proud to have extremely high reach with 87% of UK adults using a yell product Our products are easy to use and available across all channels. We have competitive values in our brand of trust, quality and local expertise, all highly relevant if you are a consumer looking to engage a service or buy a product I’ve put an example here from our new ad campaign and you can see that whenever we promote one product, we remind consumers that whenever they are looking for goods and services in the UK they can find just what they want through a Yell brand through any channel they want 1.4 billion usage occasions a year in directed search make us the biggest bridge between buyers and sellers in the UK – our tracking study confirms that we are bigger than all the other searches for goods or services by consumers in the UK on other internet search engines added together. We continue to invest strongly through advertising and promotion in our brands. We also continue to innovate

8. 7 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 Looking a bit more specifically at our on line usage with yell.com. As you know on line traffic is driven by 5 different factors; brand strength - when users type in eg yell.com as a destination site, The user experience through providing the most relevant results to search engines via Search Engine Optimisation, via paid search through Search Engine Marketing, and through network relationships. We are strengthening our activity to deliver growth through all of these channels. I’ve talked about continued activity to strengthen our brand. We are making some significant improvments on the site which will drive SEO, we are increasing our SEM investment and I’ll be talking in a moment about our move into syndicated networks. All of this is underpinned by some hot off the press innovation on Yell.com which we’d like to share So talking specifically about our site – this week we have launched some new developments. We're really excited about the changes we've made. This is the first of a series of planned quarterly improvements. This release is laying the foundations for future changes and providing opportunities for monetisation like skyscrapers. Here's a bit more detail on the changes you'll see: New maps – we've introduced a first for the UK (even Google can't do this yet!) so you can now layer multiple business types and services onto the same map. So now on one map, you can find the florist on your way to the restaurant as well as see the nearest taxi rank to get home. In addition, the new maps feature a “bird’s eye”, high resolution, photographic view of key metro locations. New look and feel – more contemporary and more attractive with improved branding, better listing clarity and a flexible layout that adjusts to fit the user’s screen size. The new homepage features a “tag cloud” of popular classifications and lets the user set this to their preferred location. New refinements – a new toolbar to help users easily refine their search and narrow to the most relevant business for them, together with a new ability to refine a search within a chosen radius of a location. Best to look at it rather than listen to me talking about it so I am going to show you a short video…. What you'll see on the site is a whole new more contemporary look and feel to the site starting with the home page and going right through the site. We’ve also added some new functionality - some of it big like the new maps some of it more subtle - like the fact we now use the entire screen rather than stopping a few inches short. Looking a bit more specifically at our on line usage with yell.com. As you know on line traffic is driven by 5 different factors; brand strength - when users type in eg yell.com as a destination site, The user experience through providing the most relevant results to search engines via Search Engine Optimisation, via paid search through Search Engine Marketing, and through network relationships. We are strengthening our activity to deliver growth through all of these channels. I’ve talked about continued activity to strengthen our brand. We are making some significant improvments on the site which will drive SEO, we are increasing our SEM investment and I’ll be talking in a moment about our move into syndicated networks. All of this is underpinned by some hot off the press innovation on Yell.com which we’d like to share So talking specifically about our site – this week we have launched some new developments. We're really excited about the changes we've made. This is the first of a series of planned quarterly improvements. This release is laying the foundations for future changes and providing opportunities for monetisation like skyscrapers. Here's a bit more detail on the changes you'll see: New maps – we've introduced a first for the UK (even Google can't do this yet!) so you can now layer multiple business types and services onto the same map. So now on one map, you can find the florist on your way to the restaurant as well as see the nearest taxi rank to get home. In addition, the new maps feature a “bird’s eye”, high resolution, photographic view of key metro locations. New look and feel – more contemporary and more attractive with improved branding, better listing clarity and a flexible layout that adjusts to fit the user’s screen size. The new homepage features a “tag cloud” of popular classifications and lets the user set this to their preferred location. New refinements – a new toolbar to help users easily refine their search and narrow to the most relevant business for them, together with a new ability to refine a search within a chosen radius of a location. Best to look at it rather than listen to me talking about it so I am going to show you a short video…. What you'll see on the site is a whole new more contemporary look and feel to the site starting with the home page and going right through the site. We’ve also added some new functionality - some of it big like the new maps some of it more subtle - like the fact we now use the entire screen rather than stopping a few inches short.

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14. 13 Looking a bit more specifically at our on line usage with yell.com. As you know on line traffic is driven by 5 different factors; brand strength - when users type in eg yell.com as a destination site, The user experience through providing the most relevant results to search engines via Search Engine Optimisation, via paid search through Search Engine Marketing, and through network relationships. We are strengthening our activity to deliver growth through all of these channels. I’ve talked about continued activity to strengthen our brand. We are making some significant improvments on the site which will drive SEO, we are increasing our SEM investment and I’ll be talking in a moment about our move into syndicated networks. All of this is underpinned by some hot off the press innovation on Yell.com which we’d like to share So talking specifically about our site – this week we have launched some new developments. We're really excited about the changes we've made. This is the first of a series of planned quarterly improvements. This release is laying the foundations for future changes and providing opportunities for monetisation like skyscrapers. Here's a bit more detail on the changes you'll see: New maps – we've introduced a first for the UK (even Google can't do this yet!) so you can now layer multiple business types and services onto the same map. So now on one map, you can find the florist on your way to the restaurant as well as see the nearest taxi rank to get home. In addition, the new maps feature a “bird’s eye”, high resolution, photographic view of key metro locations. New look and feel – more contemporary and more attractive with improved branding, better listing clarity and a flexible layout that adjusts to fit the user’s screen size. The new homepage features a “tag cloud” of popular classifications and lets the user set this to their preferred location. New refinements – a new toolbar to help users easily refine their search and narrow to the most relevant business for them, together with a new ability to refine a search within a chosen radius of a location. Best to look at it rather than listen to me talking about it so I am going to show you a short video…. What you'll see on the site is a whole new more contemporary look and feel to the site starting with the home page and going right through the site. We’ve also added some new functionality - some of it big like the new maps some of it more subtle - like the fact we now use the entire screen rather than stopping a few inches short. Looking a bit more specifically at our on line usage with yell.com. As you know on line traffic is driven by 5 different factors; brand strength - when users type in eg yell.com as a destination site, The user experience through providing the most relevant results to search engines via Search Engine Optimisation, via paid search through Search Engine Marketing, and through network relationships. We are strengthening our activity to deliver growth through all of these channels. I’ve talked about continued activity to strengthen our brand. We are making some significant improvments on the site which will drive SEO, we are increasing our SEM investment and I’ll be talking in a moment about our move into syndicated networks. All of this is underpinned by some hot off the press innovation on Yell.com which we’d like to share So talking specifically about our site – this week we have launched some new developments. We're really excited about the changes we've made. This is the first of a series of planned quarterly improvements. This release is laying the foundations for future changes and providing opportunities for monetisation like skyscrapers. Here's a bit more detail on the changes you'll see: New maps – we've introduced a first for the UK (even Google can't do this yet!) so you can now layer multiple business types and services onto the same map. So now on one map, you can find the florist on your way to the restaurant as well as see the nearest taxi rank to get home. In addition, the new maps feature a “bird’s eye”, high resolution, photographic view of key metro locations. New look and feel – more contemporary and more attractive with improved branding, better listing clarity and a flexible layout that adjusts to fit the user’s screen size. The new homepage features a “tag cloud” of popular classifications and lets the user set this to their preferred location. New refinements – a new toolbar to help users easily refine their search and narrow to the most relevant business for them, together with a new ability to refine a search within a chosen radius of a location. Best to look at it rather than listen to me talking about it so I am going to show you a short video…. What you'll see on the site is a whole new more contemporary look and feel to the site starting with the home page and going right through the site. We’ve also added some new functionality - some of it big like the new maps some of it more subtle - like the fact we now use the entire screen rather than stopping a few inches short.

15. 14 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 (>850k) Town Size (min circ < 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 Our Directories are Changing from books publishing this month there is a more contemporary Look & Feel and brand new, engaging, local Consumer Content This is literally hot on the press, as we are printing now for middlesbrough book – wwe have some prototype mock ups for you to take a look at – you should note the xxx From June 2008 there will also be updated Classifications & Search Tools Our Your Town directories are local guides which are meeting a proven need for truly local information As I mentioned earlier, we are adhering to current CC restrictions and so, the Your Town guides in this phase, will not exceed more than 25K circulation each and in total make up no more than 15% of the parent book GMC. (guaranteed minimum circulation) Initial sales of this are strong and nearly 70% of advertisers buying into the your Town guides are completely new to Yell Provides genuinely local and relevant content for our users Absolutely supports the growth of our advertiser base The other exciting innovation within print our products looks to compete for a completely different part of our national advertisers’ ad budgets Specialist guides – for instance car insurance is a door drop proposition which our national advertisers have actually told us they want, as it allows them to target specific groups of their customers The product attributes -in terms of size, editorial content and targeting- are derived from insights for the targeted consumer groups, Royal Mail/TNT secondary research and competitor analysis And again in this phase, under current restrictions, the targeted classifications will not equate to 10% of our current YP revenue Our Directories are Changing from books publishing this month there is a more contemporary Look & Feel and brand new, engaging, local Consumer Content This is literally hot on the press, as we are printing now for middlesbrough book – wwe have some prototype mock ups for you to take a look at – you should note the xxx From June 2008 there will also be updated Classifications & Search Tools Our Your Town directories are local guides which are meeting a proven need for truly local information As I mentioned earlier, we are adhering to current CC restrictions and so, the Your Town guides in this phase, will not exceed more than 25K circulation each and in total make up no more than 15% of the parent book GMC. (guaranteed minimum circulation) Initial sales of this are strong and nearly 70% of advertisers buying into the your Town guides are completely new to Yell Provides genuinely local and relevant content for our users Absolutely supports the growth of our advertiser base The other exciting innovation within print our products looks to compete for a completely different part of our national advertisers’ ad budgets Specialist guides – for instance car insurance is a door drop proposition which our national advertisers have actually told us they want, as it allows them to target specific groups of their customers The product attributes -in terms of size, editorial content and targeting- are derived from insights for the targeted consumer groups, Royal Mail/TNT secondary research and competitor analysis And again in this phase, under current restrictions, the targeted classifications will not equate to 10% of our current YP revenue

16. 15 Yell usage generates high quality leads So moving now to our advertiser proposition This chart is a powerful demonstration of the key benefits yell offers to our advertisers it depicts the Directed Search Market - where Users are looking to source a business for a product or service they wish to purchase Across the x axis you can see the monthly usage - we have separated out the comparable internet usage, where the product or service looked for by the user could be sourced from a Yell product, from the overall internet usage. On the y axis we show how this usage converts to leads as a result of the user contacting the advertiser.. Users who come to our products are already predisposed to purchase and conversion is extremely strong. Therefore, despite the rapid explosion of internet usage, yell products still have highest conversion of usage to leads, than all other sources of directed search. So moving now to our advertiser proposition This chart is a powerful demonstration of the key benefits yell offers to our advertisers it depicts the Directed Search Market - where Users are looking to source a business for a product or service they wish to purchase Across the x axis you can see the monthly usage - we have separated out the comparable internet usage, where the product or service looked for by the user could be sourced from a Yell product, from the overall internet usage. On the y axis we show how this usage converts to leads as a result of the user contacting the advertiser.. Users who come to our products are already predisposed to purchase and conversion is extremely strong. Therefore, despite the rapid explosion of internet usage, yell products still have highest conversion of usage to leads, than all other sources of directed search.

17. 16 Ensuring our advertisers see great results The value to the Advertiser is clear when we look at how many of our Users go on from contact to make a purchase Half, 50% of Yell.com usage converts to a purchase which is nearly twice much as the internet comparable usage conversion of 28% And an extraordinary 60% in Yellow Pages… clearly demonstrating how ‘Ready to Buy’ our Users are.... This results in our YP & Yell.com products combined helping to generate over £83bn revenue straight into the pockets businesses appearing in them every year Almost 8 out of 10 advertisers say Yellow Pages is good value for money The value to the Advertiser is clear when we look at how many of our Users go on from contact to make a purchase Half, 50% of Yell.com usage converts to a purchase which is nearly twice much as the internet comparable usage conversion of 28% And an extraordinary 60% in Yellow Pages… clearly demonstrating how ‘Ready to Buy’ our Users are.... This results in our YP & Yell.com products combined helping to generate over £83bn revenue straight into the pockets businesses appearing in them every year Almost 8 out of 10 advertisers say Yellow Pages is good value for money

18. 17 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 We have new developments in Print that also allow us to exploit the potential for growth. In 08/09 we will be increasing Ratecard by 3.2% as a direct result of RPI price-cap relief. Meaning for the first time since regulation, we can set our Ratecard in line with our customers’ value sensitivity. A customer will pay in line with the value we deliver to him. For example.. 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+ We will continue to indicate exactly how many leads, and how much revenue a customer is likely to receive based on his classification, in his area. Which is why we are very excited about the launch of the next phase of our Call Counter Proposition. We have made significant improvements from phase 1 we have moved from 0845 to geographic numbers because we know they are better for user who associates the dialling prefix with location and so aids his search. Also removing one of the key barriers for selling the proposition to the Advertiser and this will be supported by POS messaging. Process improvements will result in an improved customer experience and will provide more comprehensive proof of the leads that his programme delivers Add in text on discounts We have new developments in Print that also allow us to exploit the potential for growth. In 08/09 we will be increasing Ratecard by 3.2% as a direct result of RPI price-cap relief. Meaning for the first time since regulation, we can set our Ratecard in line with our customers’ value sensitivity. A customer will pay in line with the value we deliver to him. For example.. 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+ We will continue to indicate exactly how many leads, and how much revenue a customer is likely to receive based on his classification, in his area. Which is why we are very excited about the launch of the next phase of our Call Counter Proposition. We have made significant improvements from phase 1 we have moved from 0845 to geographic numbers because we know they are better for user who associates the dialling prefix with location and so aids his search. Also removing one of the key barriers for selling the proposition to the Advertiser and this will be supported by POS messaging. Process improvements will result in an improved customer experience and will provide more comprehensive proof of the leads that his programme delivers Add in text on discounts

19. 18 Our growth strategy – Win, Keep and Grow Our strategy remains consistent – win keep and grow Our strategy for doing this is a tried and tested way – in essence:- recruit advertisers into Yell, retain them and grow them up the value staircase As advertisers grow with us, so does the value we can deliver to them, across our products From an initial entry point into our products, which ensures they have a presence and can be found by users, We can then prove to them the benefits that increased content in their adverts can bring, providing users with richer information by which they can select their supplier with Where competition in a sector is high, prominence becomes a key factor, and we can advise our advertisers as to the right type of advert that will differentiate them from their competitors – increasing both the revenue we get and the value that delivers. This caption here shows a double quarter column in print ad in print and a Sponsored Local Sponsored Listing in Yell.com The top of this value staircase is then to be providing a complete advertising solution that drives increased traffic to an advertiser from across all media, but particularly the internet. The development of our syndicated network is one of the important developments in our new media plansOur strategy remains consistent – win keep and grow Our strategy for doing this is a tried and tested way – in essence:- recruit advertisers into Yell, retain them and grow them up the value staircase As advertisers grow with us, so does the value we can deliver to them, across our products From an initial entry point into our products, which ensures they have a presence and can be found by users, We can then prove to them the benefits that increased content in their adverts can bring, providing users with richer information by which they can select their supplier with Where competition in a sector is high, prominence becomes a key factor, and we can advise our advertisers as to the right type of advert that will differentiate them from their competitors – increasing both the revenue we get and the value that delivers. This caption here shows a double quarter column in print ad in print and a Sponsored Local Sponsored Listing in Yell.com The top of this value staircase is then to be providing a complete advertising solution that drives increased traffic to an advertiser from across all media, but particularly the internet. The development of our syndicated network is one of the important developments in our new media plans

20. 19 Keeping and growing advertisers And as we grow advertisers up this value staircase, the benefits are easily measurable, both in terms of the value we deliver (which we can prove to them) And in terms of the shift in our KPIs that we see as a result Firstly, the longer an advertiser stays with us, the more money they are likely to spend (in fact advertisers spend almost 3 times as much once they have been with us for 3 years or more, compared to their spend in their first year of advertising) and the greater likelihood that as they see the great value we deliver, they are to remain advertising with is. But this does not just work for print As advertisers increase the breadth of advertising solution they have, through buying a selection of products from us, this also increases their spend and retentionAnd as we grow advertisers up this value staircase, the benefits are easily measurable, both in terms of the value we deliver (which we can prove to them) And in terms of the shift in our KPIs that we see as a result Firstly, the longer an advertiser stays with us, the more money they are likely to spend (in fact advertisers spend almost 3 times as much once they have been with us for 3 years or more, compared to their spend in their first year of advertising) and the greater likelihood that as they see the great value we deliver, they are to remain advertising with is. But this does not just work for print As advertisers increase the breadth of advertising solution they have, through buying a selection of products from us, this also increases their spend and retention

21. 20 Continual evolution of our hybrid commercial model In Yell.com we will keep striking the right balance between innovation in current models as well as in new ones Yell is the champion of the SME The fixed price model is still a very effective and relevant form of advertising for the majority of UK SMEs To move completely away from this would be wrong for our current customer base today However, we recognise the need to continue to develop our propositions within this model to continually ensure it is relevant to the needs of our customers. In fact, the ‘red thread’ of aligning our prices to the value we deliver continues here, as well as new advert ranges, available features and offers in order to accelerate growth in this core part of our business We also, from 3 weeks time, will have a syndication product for our fixed price customers, which we can have a look at now....In Yell.com we will keep striking the right balance between innovation in current models as well as in new ones Yell is the champion of the SME The fixed price model is still a very effective and relevant form of advertising for the majority of UK SMEs To move completely away from this would be wrong for our current customer base today However, we recognise the need to continue to develop our propositions within this model to continually ensure it is relevant to the needs of our customers. In fact, the ‘red thread’ of aligning our prices to the value we deliver continues here, as well as new advert ranges, available features and offers in order to accelerate growth in this core part of our business We also, from 3 weeks time, will have a syndication product for our fixed price customers, which we can have a look at now....

22. 21 New launch of ad syndication live 29th November Yell has recently launched an exciting trial delivering local adverts onto external, high volume, targeted web sites. Our Ad Syndication proposition is a powerful new initiative for both external sites and advertisers alike. The trial is delivering local, relevant ads onto The AA and Multimap sites and we plan to roll this programme out to further sites over the coming weeks and significantly grow our "Network usage". Yell has recently launched an exciting trial delivering local adverts onto external, high volume, targeted web sites. Our Ad Syndication proposition is a powerful new initiative for both external sites and advertisers alike. The trial is delivering local, relevant ads onto The AA and Multimap sites and we plan to roll this programme out to further sites over the coming weeks and significantly grow our "Network usage".

23. 22 New launch of ad syndication live 29th November Yell will ultimately generate revenue from the advertisers who are "syndicated" onto our network with Yell sharing revenue with those sites in order to maximise exposure. For our advertisers it offers an additional source of valuable leads using the traditional fixed price model. Yell will ultimately generate revenue from the advertisers who are "syndicated" onto our network with Yell sharing revenue with those sites in order to maximise exposure. For our advertisers it offers an additional source of valuable leads using the traditional fixed price model.

24. 23 Continual evolution of our hybrid commercial model In parallel to this though in is critical that we also develop our propositions for more flexible advertising and payment methods within the performance and sponsorship models As such, we also have a Pay on Performance offering for those customers who choose to manage their marketing budgets in this way Alongside that will be the opportunity for advertisers to pay to have their ads served up across our syndicated network, delivering more traffic to their sites as well as the development of aggregation offerings By having the right products, designed to fulfil both user and advertiser needs, we arm our sales force with the right tools to create a bespoke advertising solution for each and every one of our customers..... In parallel to this though in is critical that we also develop our propositions for more flexible advertising and payment methods within the performance and sponsorship models As such, we also have a Pay on Performance offering for those customers who choose to manage their marketing budgets in this way Alongside that will be the opportunity for advertisers to pay to have their ads served up across our syndicated network, delivering more traffic to their sites as well as the development of aggregation offerings By having the right products, designed to fulfil both user and advertiser needs, we arm our sales force with the right tools to create a bespoke advertising solution for each and every one of our customers.....

25. 24 UK Sales Steve Chambers Chief Commercial Officer We’ll all be here this morning at xxhotel in this seminar, for about 5 hours. In these 5 hours, UK businesses will have received over a million calls as a direct result of a Yell product. We play a large role in the prosperity of UK independent enterprise We’ll all be here this morning at xxhotel in this seminar, for about 5 hours. In these 5 hours, UK businesses will have received over a million calls as a direct result of a Yell product. We play a large role in the prosperity of UK independent enterprise

26. 25 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

27. 26 A unique service

28. 27 A unique service

29. 28 A unique service

30. 29 A unique service

31. 30 A unique service

32. 31 A unique service

33. 32 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 Sales channel and contact strategy

34. 33 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 Delivering online sales growth

35. 34 Monetising online usage – a case study Target sales person & track conversion Arm sales person with pre-visualised ad Yell.com AVP now exceeds YP Match unsold inventory with high usage Identify customer opportunities & push to sales person

36. 35 The people factor – key metrics

37. 36 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

38. 37 Driving sales performance - pay

39. 38 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

40. 39 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

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