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2013 Digital Signage in Retail Financial Services

The Ryan Report provides a detailed look at


the adoption and usage of digital signage
in the retail banking industry.

2 | 2013 John Ryan. Confidential and Proprietary.

We are pleased to provide you with our third report on the use of digital signage
in retail banking. This survey is bigger than ever, with 204 responding banks
representing 32 countries and more than 150,000 branches.
The Ryan Report is part of our ongoing commitment to understanding and
anticipating the needs of financial marketers. We hope the insight and guidance
contained within will prove valuable to you and your bank.
Contact us for:

A one-to-one briefing on The Ryan Report

A 1/2 day content best practices workshop

Free vendor selection/RFP question guide

A step-by-step guide for successful digital signage deployment

John Ryan
Chairman/CEO
John Ryan

Best regards,

John Ryan

2013 John Ryan. Confidential and Proprietary. | 1

The Ryan Report summarizes surveys with


204 banks representing 32 countries
and more than 150,000 branches.

2 | 2013 John Ryan. Confidential and Proprietary.

Table of Contents
Executive Summary .......................................................................................................................................................................... 4
Survey Respondents ......................................................................................................................................................................... 8
The Survey In-Depth
I. Attitudes Toward the Branch and POS Marketing ......................................................................................................... 10
II. Digital Signage Adoption ..................................................................................................................................................... 14
III. Digital Signage Programming ............................................................................................................................................. 18
IV. IT and Infrastructure Considerations ................................................................................................................................ 21
V. Challenges ............................................................................................................................................................................... 23
About John Ryan ............................................................................................................................................................................... 26
ExactTarget: Retail Touchpoints Exposed .................................................................................................................................... 30

2013 John Ryan. Confidential and Proprietary. | 3

4 | 2013
John
Ryan.
Confidential
Proprietary.
2013
John
Ryan.
Confidential
andand
Proprietary.

Executive
Summary

2013 John Ryan. Confidential and Proprietary. | 5

Executive Summary
The Ryan Report summarizes surveys conducted with retail and marketing executives
representing 204 large- and medium-sized European, Australian and North American
retail banks. Collectively, the responding banks operate 153,272 branches in 32
countries. The surveys topics ranged from general attitudes toward the branch and
branch marketing to specific opinions on all aspects of digital signage. Key findings:
1. Adoption of digital signage is skyrocketing: Nearly 60% of respondents have
tested or deployed digital signage in their branches and an additional 20% intend to do
so over the next 12-24 months.
This is consistent with respondents belief that the branch is as important a revenue/
marketing channel as ever before. Indeed, despite the current economic climate, 66%
will either maintain or increase their spending on point-of-sale marketing this year.
2. No longer the bleeding edge: Though less than half of banks have measured
digital signage performance (and most only in qualitative terms), nearly 60% consider
it of high or very high importancesuggesting this new media has moved from
bleeding edge innovation to a widely accepted and expected form of in-branch
marketing.
3. Day-to-day challenges continue to frustrate: In striking contrast to banks
enthusiasm for digital signage in general, greater than half of adopters say they have
been only moderately satisfied with their deployments. In addition to an ongoing
inability to feed the beast, this years survey reveals a wide spectrum of additional
frustrations, from unexpectedly high FTE requirements to IT challenges. While these
issues are unlikely to stem the tide of adoption, they present a cautionary warning for
the industry to acknowledge the complexity of this new tool.
4. For the first time, banks are looking for turnkey support: Perhaps due to the
breadth of challenges faced, respondents for the first time said the ability to provide
end-to-end deployment and management support is their No. 1 criteria for selecting a
digital signage partner, trumping both banking knowledge and technical know-how.

6 | 2013 John Ryan. Confidential and Proprietary.

In summary, this years survey indicates a profound shift in banks understanding and
use of digital signage. Whereas in prior surveys, banks have taken an evaluative stance
toward digital mediaengaging in low-risk trials to assess its effectiveness and
applicability in their environmentstodays respondents are committed to full-scale
deployments and perfecting their use of this new media.

Ask us for a digital


signage roadmap:
An end-to-end decision
guide for launching a
digital signage network.

2013 John Ryan. Confidential and Proprietary. | 7

8 | 2013 John Ryan. Confidential and Proprietary.

Survey
Respondents

2013 John Ryan. Confidential and Proprietary. | 9

The Survey In-Depth


I. Attitudes Toward the Branch and POS Marketing
Despite explosive growth in internet and mobile banking channels, nearly all
respondents said the branch was asor moreimportant to their bank than five
years ago.
How do you rate the importance of the branch versus 5 years ago?

Is the branch of more, less, or equal importance to your bank than it was 5 years ago?

8%
MORE IMPORTANT

32%

60%

AS IMPORTANT
LESS IMPORTANT
193 Respondents

At the same time, 85% believe the role of the branch will change in the coming years,
reflecting a long-time industry desire to re-cast the branch as a sales, versus service,
channel.

10 | 2013 John Ryan. Confidential and Proprietary.

Providing customer service is widely considered to be the main role of the branch, with
revenue
generation
Q9 What
are
the mainclose
rolesbehind.
of the branch at your bank? (select top 3)
What is the main role of the branch?

100%
80%
60%
40%
20%
0%

Customer
service

Revenue
generation

Transactional
convenience

Projecting
brand image

Other

194 Respondents,
Respondents, multiple
responses
allowed
194
multiple
responses
allowed

Nearly all respondents believe point-of-sale marketing is important to the success of


the branch, with only 2% considering it of minor importance.

Want to unleash the


revenue potential of
your branches?
The John Ryan Retail
Snapshot pinpoints key
retailing opportunities
and practical guidance
to capitalize on them.

How
important
consider
Point-of-Sale
Marketing
to theofsuccess
of your branches?
How important
dodo
youyou
consider
point-of-sale
marketing
to the success
your branches?
2%

31%

21%

ESSENTIAL
VERY IMPORTANT
IMPORTANT
OF MINOR IMPORTANCE

46%

196 Respondents

2013 John Ryan. Confidential and Proprietary. | 11

As a result, banks in all regions say spending on point-of-sale will stay the same or
Q16 increase in 2013.
How will POS speding change from last year?
How will POS spending change from last year?

100%
80%
60%
40%
20%
0%

Stay the same

Increase

Dont know

NORTH AMERICA

EUROPE

Decrease

AUSTRALIA

Will no

TOTAL

195 Respondents, multiple responses allowed

American banks rely on point-of-sale marketing to provoke inquiries, whereas


European banks are more likely to see it as a support for staff sales efforts and/or a
way to improve the overall customer experience.
On the other hand, European banks were considerably more likely to measure point-ofsale effectiveness.
Q9 What
are the main roles of the branch at your bank? (select top 3)
Do you measure point-of-sale effectiveness?

100%
80%
60%
40%
20%
0%

North
America

Europe

Australia

189
multiple
responses
allowedallowed
189Respondents,
Respondents,
multiple
responses

12 | 2013 John Ryan. Confidential and Proprietary.

Total

The effectiveness of POS spending is largely measured by sales, though customer


satisfaction and inquiries were also commonly monitored.
Which of the following do you measure?
North America

Europe

Australia

Message recall

43

Inquiries/referrals

24

14

72

Number of sales sessions

24

Customer satisfaction

53

Other

Sales results

110 Respondents, multiple responses allowed

Ask us how mobile


devices can form part
of a measurement plan
by tracking how
customers viewand
interact within-branch
messaging.

2013 John Ryan. Confidential and Proprietary. | 13


29

II. Digital Signage Adoption


Nearly all of respondents said digital signage is an important, or very important,
in-branch marketing tool.
How
would
your
rate
thethe
importance
of digital
signage
in branch
How
would
you
rate
importance
of digital
signage
formarketing?
branch marketing?

9%
VERY IMPORTANT

31%

60%

IMPORTANT
NOT IMPORTANT
196 Respondents

14 | 2013 John Ryan. Confidential and Proprietary.

More than half of respondents have already tried


digital signage. Another quarter plan to do so in
the next 24 months.
A desire for more attention-grabbing messaging, enhanced communications shelf
space, the opportunity for more locally relevant messaging and improved branch
appearance are the most common reasons for deploying digital signage.
Do you believe your bank will pilot
Q18 Have you tested or implemented digital signage?
Have you implemented digital signage?

59%

digital signage thin the next 12-24 months?


Do you believe your bank will begin implementing
digital signage within the next 12-24 months?

41%

34% 66%

HAVE DEPLOYED

YES

HAVE NOT DEPLOYED

NO

197
197Respondents
Respondents

Visit
www.JohnRyan.com
to see the latest in best
practices in bank digital
signage and flagships.

88
Respondents
88 Respondents

Those who do not plan to implement digital signage say strategic fitas well as upfront and ongoing costaccount for their decision.

2013 John Ryan. Confidential and Proprietary. | 15

Banks are more apt to rollout than ever before


even though they are only moderately satisfied
with their networks.
Of those who have begun implementation, nearly 70% have already rolled out or plan
to rollout. Only 8% of those who have implemented digital signage have stalled plans
for rollout, greatly reduced from 30% in the last Ryan Report. Reasons for stalling
rollout include an inability to prove ROI, lack of internal support and the amount of
up-front and ongoing operating costs.
Q47 How do you target your messages?
v1 What are your plans for deploying digital signage to the rest of the network?
100%
80%
60%
40%
20%
0%

Rolled out

Partially
rolled out

Intend to
rollout

Likely to
rollout

Stalled

Undecided

112 Respondents

Banks generally aggressive rollout plans are surprising, given that only half developed
a business case and less than one-third actually measured the success of their
programs.

16 | 2013 John Ryan. Confidential and Proprietary.

Despite aggressive investment plans, its surprising to note that most respondents
were only moderately satisfied with their digital signage deployments. Their sources of
dissatisfaction are explored further in the next section.

rate your satisfaction with the way the pilot was designed and implemented?
How satisfied are you with your digital signage deployment?

5%
MODERATELY SATISFIED

41%

54%

HIGHLY SATISFIED
DISSATISFIED
111 Respondents

John Ryans content


best practices webinar
provides useful tips for
hyperlocal content on
a shoestring budget.

2013 John Ryan. Confidential and Proprietary. | 17

III. Digital Signage Programming


About half of respondents developed a programming strategy prior to implementing
digital signage. In the majority of cases, this involved a mix of bank and non-bank
messaging.
Q43What
What
is the
ratio
of nom-bank
is the
ratio
of bank
to non-bankmessaging?
messaging?
v1
100%
80%
60%
40%
20%
0%
100%
Bank messaging

75%
Bank messaging

50%
Bank messaging
NORTH AMERICA

112 Respondents

18 | 2013 John Ryan. Confidential and Proprietary.

20%
Bank messaging
EUROPE

AUSTRALIA

No
Bank messaging
TOTAL

Only a third of banks update their messaging weekly or more frequentlydown from

Q56
about 50% in
lastHow
yearsfrequently
survey. do you update your digital content?
v1
How frequently do you update content?

8%
13%

BI-MONTHLY, MONTHLY, OR LESS FREQUENTLY

65%

14%

MULTIPLE TIMES PER WEEK


DAILY OR MORE FREQUENTLY

Find out more about


John Ryans full-service
creative agency at
www.JohnRyan.com.

OTHER
108 Respondents

While banks cite message localization as one of the top 3 reasons for adopting digital
signage, most have yet to do so. Indeed, the number of banks that are localizing
messages has actually decreased since our last survey.
Do you Do
target
your messages
in any
way?
you localize
your messages
in any
way?

NO

49%

51%

YES
54 Respondents

2013 John Ryan. Confidential and Proprietary. | 19

Among banks that engage in message localization, half say they have faced challenges
in doing so. Targeting methods continue to be quite basic, with region- or branch-level
targeting far surpassing more sophisticated, data-driven targeting approaches.

Q47 How do you target your messages?


v1 How do you target your messages?
100%
80%
60%
40%
20%
0%

By branch

By region

By language

By customer By sales
segment
levels/goal
attainment

By queue
length/
wait time

Other

113 Respondents

Social media has yet to influence digital signage content. No respondents


reported using digital screens to convey social media feeds and less than 5%
had explored integration of mobile devices.
To some extent, these findings parallel trends in retail. According to a recent
study by ExactTarget, less than 10% of 100 Hot Retailers in the U.S. have
begun promoting social media through in-store signage.
(See the full study in the back of this report.)

20 | 2013 John Ryan. Confidential and Proprietary.

IV. IT and Infrastructure Considerations

Bank WAN/LAN is the most common digital signage delivery network.


nt to your branches?

8%

How is content delivered to your branches?

NORTH AMERICA

EUROPE

26%
23%

AUSTRALIA

17%
51%

36%

47%

34%
66%

Ask about our fast-track


bank LAN integration
plan, in use in thousands
of bank branches in
Europe and North America.

BANK WAN/LAN
ADSL/BROADBAND
OTHER/DONT KNOW
110 Respondents

113 Respondents

IT was involved in the decision process at 75% of banks deploying digital signage.
This represents a significant increase over last years survey. Marketing was solely
responsible for the decision in less than 25% of cases.
Who was responsible for decision making?
North America

Europe

Australia

Marketing Department

14

IT Department

Marketing and IT jointly

21

Marketing and other departments jointly

IT and other departments jointly

Marketing, IT and other departments jointly

25

Other

Respondents

35

74

110 Respondents, multiple responses allowed

The need for a more collaborative decision-making process was a key finding in last
years report, and this is clearly now the norm.
2013 John Ryan. Confidential and Proprietary. | 21

Daily management requires from one to four FTEsin many cases, more than banks
had forecasted when embarking on their programs.
Q53 Number
ofFTEs
FTEs
in day-to-day
management
How many
perform
day-to-day
management?
100%
80%
60%
40%
20%
0%

One

Two

Three-to-four

Five or more

Dont know

66 Respondents

Demands on FTE are a persistent challenge, as discussed further in the next section.

22 | 2013 John Ryan. Confidential and Proprietary.

V. Challenges
Despite widespread enthusiasm, banks continue to encounter significant hurdles in
successfully realizing digital signage benefits.
Message localization topped the list of frustrations, with nearly half of banks naming it
as a key day-to-day challengea marked increase over last years survey.
Content management was also a notable challenge with cost of content creation and
ease of use of the content management system remaining widely faced problems. The
percentage of banks reporting these issues has increased in both cases since last

Q44

years report.
Top 3
Top
3challenges:
day-to-day challenges

100%
80%

NORTH AMERICA

60%

EUROPE

40%

TOTAL
110 Respondents

20%
0%

Take us for a test drive:


Learn how John Ryans
purpose-built content
management system
enables fresh and
relevant programming
with minimal FTE.

Ease of CMS use

Cost of content

Localization and
segmentation

2013 John Ryan. Confidential and Proprietary. | 23

Interestingly, the percentage of banks that had faced content cost and CMS issues
was significantly greater in Europe than America. By contrast a greater percentage of
American banks had encountered localization challenges.
Full list of challenges:

Localization/segmentation

49%

Cost of content creation

48%

Ease of CMS use

38%

FTE requirements

17%

Approval processes

16%

Available bandwidth

16%

Other IT challenges

13%

Other Marketing challenges

10%

Supplier support

8%

110 Respondents

Nearly a third of respondents met challenges surrounding bandwidth availability or


other IT related concerns.
While the overall percentage of banks facing general IT issues has fallen slightly since
last years report, the percentage of banks facing bandwidth challenges has actually
increased.
Notably, a higher percentage of European banks faced bandwidth availability issues
compared to their U.S. counterparts.
Meanwhile, a number of banks faced difficulties around daily workflow processes
with more than 15% reporting problems with the approval process for new content
and 1 in 5 expressing concern over the number of FTEs required. Fifteen percent of
respondents also said they expect the number of required FTEs to increase as more
branches are rolled out.

24 | 2013 John Ryan. Confidential and Proprietary.

On the other hand, FTE concerns have decreased considerably since last year, where
more than a third of respondents placed it among the top 3 challenges. Indeed, the
percentage of banks continue to face challenges around the number of FTE resources
required to manage their networkwith almost 20% of banks citing this as a
key challenge.
The percentage of banks requiring 3 or more FTEs to manage their networks has also
decreased from nearly 40% last year to less than 30% this year.
Fifteen percent of respondents expected the number of required FTEs to increase as
more branches were rolled out and over a third remained unsure.

Need a roadmap?
Download a free
deployment plan at
www.JohnRyan.com!

Will
thethat
number
of FTEs
increase
asbranches?
more branches are added to the network?
Will
increase
with
more

Q55
v1

15%

YES

49%
36%

NO
DONT KNOW
100 Respondents

While these challenges are not expected to curb the rapid adoption of digital signage,
they emphasize the importance of detailed and holistic planning when approaching
this complex medium.

2013 John Ryan. Confidential and Proprietary. | 25

26
| 2013
Confidential
and Proprietary.
2013
JohnJohn
Ryan.Ryan.
Confidential
and Proprietary.

About
John Ryan

2013 John Ryan. Confidential and Proprietary. | 27

About John Ryan


John Ryan is a retail marketing company specializing in Total Store Messaging solutions
for leading retail banks. We are the market leader in the design, deployment and
management of digital signage systems in both U.S. and European retail banking. Our
four centers of competence offer the know-how needed to launch and leverage highperformance networks.
With 30+ years experience in bank point-of-sale marketing, we adopt a marketing
versus purely technicalorientation to our digital signage solutions. The result:
Sustainable, manageable networks with proven business results.

28 | 2013 John Ryan. Confidential and Proprietary.

Strategies to deliver fresh and


relevant content at a sustainable cost
Ongoing strategic reviews
Advice on display selection and placement
Knowledge of industry best practices

Award-winning expertise in print,


multi-media and interactive programs
Proven track record of creating effective
solutions for banks that deliver results
Account managers dedicated to
your account

Programming Strategy

Creative Agency

Programming
Strategy

Creative
Agency

Turnkey
Deployment

Network
Operations

Turnkey Deployment

Network Operations

On-time, on-budget field deployment

Day-to-day content management, including

and maintenance in banks from 100 to

syndicated content, content scheduling and

3000+ branches

content targeting

Logistics planning, equipment sourcing and


installation as required
Help desk and support

Instant rectification of faults through


continual polling of devices
Remote system monitoring and
maintenance

2013 John Ryan. Confidential and Proprietary. | 29

Even the fastest growing retailers have


room to improve their level of
consumer engagement
during and after the
initial sale.
- Reprinted article Report #16, ExactTarget

30 | 2013 John Ryan. Confidential and Proprietary.

RETAIL
TOUCHPOINTS

EXPOSED!

REPORT

#16

Reprinted with permission

2013 John Ryan. Confidential and Proprietary. | 31

The In-Store Experience

The physical store is going


to remain central to the
shopping experience, but
the walls are coming down.
Customers are going to
want an updated, unique
experience in stores, and
retailers will need to figure
out what exactly they want
and how to give it
to them.
-Lisa Gomez,
Senior Manager Retail,
Deloitte Consulting, LLP

We begin our examination of the Hot 100 Retailers on their home turftheir brick
and mortar stores. 95 of the Hot 100 Retailers operate such stores, and in theory, any
retailer with a physical presence has the potential for a huge home field advantage
with consumersbut only if they leverage it. They own the store frontage, window
displays, door decals, in-store signage, employee training, customer service and the
checkout process. Yes, the consumer may have a smartphone in their hand, but smart
retailers have ample opportunities to develop a deeper level of engagement once
consumers step into the store.
With this in mind, our research team visited a representative store for each of the
95 retailers. During these visits, we walked the entire store, interacted with store
associates, and purchased at least one item. This allowed our team to document
how the following touchpoints were being used to facilitate email, mobile, and social
audience growth and engagement:
In-store signage
Employee engagement
Sales receipts
While a number of the retailers surveyed impressed us with their efforts to turn
consumers into subscribers, fans, and followers, a surprising number appear to be
underutilizing their home field advantage.

Employee Engagement
If it is the job of the retailer to create and enhance the customer experience, the
employees of brick and mortar retailers are fundamental to that experience. Employees
need to be attuned to the needs of in-store consumers and ensure customers
have a positive experience. In many ways, the best store associates help create an
environment in which consumers not only want to purchase, but also want to engage
with the brand in a deeper, more meaningful way such that the trip to the register isnt
just to make a purchase, but also to grant permission for ongoing communications.
During our store visits, we documented employee behaviors both in-aisle and during
checkout. In doing so, we found that of the Hot 100 Retailers with physical stores, 62%
had employees trained to seek data from consumers at point of sale. However, only
44% of the retailers with stores asked for a customers email address at point-of-sale.

32 | 2013 John Ryan. Confidential and Proprietary.

Furthermore, while at the register, we observed two types of data being acquired
by employees:
PERSONAL DATA: any piece of information that speaks solely to an individual (for
example, phone number, email, purchase history and first name)
GEOGRAPHIC DATA: any piece of information that speaks to the geography or
demographic (for example, zip code and addresses)
Of all the data acquired at point-of-sale, 80% was personal data. Well discuss later in
this report whether this personal data led to more personalized
communications. (Hint: It didnt.)
1.2 CONSUMER DATA ACQUIRED AT POINT OF PURCHASE
95 OF THE HOT RETAILERS WITH BRICK AND MORTAR STORES

44%

asked for the consumers email address

32%

asked for the consumers zip code

27%

asked for the consumers phone number

24%

asked for the consumers postal address

2013 John Ryan. Confidential and Proprietary. | 33

The Sales Receipt


The sales receipt presents two distinct opportunities for marketers. First, it is a
face-to-face opportunity to secure permission to send a postsale communication in
the form of a digital receipt via email. When purchased items are expensive, under
warranty, or have a possibility of return or exchange, consumers view the email
receipt as a customer service. Nevertheless, we found that only 2 of the Hot 100
Retailers with physical stores (2%) offered digital copies of receipts via email.
Retailers who offer email receipts create an immediate and permission based
communication opportunity to communicate with each customer. While each receipt
is a one-off communication, the retailer can also include a call-to-action to subscribe
to ongoing email communications, engage via Facebook or Twitter, and even rate
products online. The key is not to let any promotions overwhelm the transactional
nature of the messageand to make sure such communications comply with
Federal and State laws such as Californias Song-Beverly Credit Card Act of 1971*.
Navigate the legal waters properly, and the simple sales receipt becomes a powerful
cog in the retail audience-building efforts.
The second opportunity provided by sales
receipts is much like in-store signage. Think
about the coupons on the back of your
grocery store receipt or the solicitation to
complete a survey on the back of that fast
food receipt. Both are highly visible efforts
to extend consumer engagement beyond
the initial purchase, and yet it would
appear that the vast majority of the Hot
100 Retailers arent leveraging this
real estate.

*http://codes.lp.findlaw.com/cacode/CIV/5/d3/4/1.3
34 | 2013 John Ryan. Confidential and Proprietary.

While well over half of the 95 Hot 100 retailers with stores included their web
address on the receipt, only 5% actually did so with a specific call to action. We were
encouraged, however, that over 25% of the in-store retailers (24 total) sought some
type of feedback on the product or purchase process. In the age of social media,
feedback can be a powerful marketing tool. Comments posted to Facebook, Twitter,
Foursquare, and other social networks increase awareness of your brand and, if
positive, have the potential to increase your foot traffic. Since retailers control every
aspect of their receipts, we suspect that well see more efforts to use this real estate
to engage social consumers post-purchase.

RECOMMENDATIONS
FOR IN-STORE ENGAGEMENT
As our anonymous shopping efforts revealed, even the fastest growing retailers have ample room
to improve their in-store audience building efforts. Just capturing the attention of 10% more of a
stores foot traffic could translate into thousands more subscribers, fans, and followers with whom
the retailer could communicate directly. Our advice to all brick and mortar retailers, therefore, is to:

BE BOLD AND STRATEGIC


WITH SIGNAGE

The mere fact a consumer walks through


your doors indicates some level of interest in
your brand. Put calls-to-action along their
in-store path that convey how, where, and
why to engage with you via email, SMS,
Facebook, or your other digital channels.
Fortune (and audience growth) favors the
bold.

GET CREATIVE WITH SMS

Whether smart or dumb, a majority of


cell phones these day have low cost or no
cost text messaging capabilities. Test in-store
SMS calls-to-action that encourage customers to try new products, shop clearance items,
and purchase your overstocked items.

EDUCATE AND INCENTIVIZE


SALES ASSOCIATES

OPTIMIZE BOTH PRINT


AND EMAIL RECEIPTS

Employees may love your brand, but most


work for the paycheck. Incentivize your sales
associates on audience acquisition, and
coach them on how to encourage customers
to engage your brand via social media and
review sites.

As the tangible evidence of a sale, receipts are


something consumers have a tendency to
review and keep. Leverage that behavior to
your advantage by offering digital copies via
email and by promoting your preferred
channels for feedback and social engagement.

Remember, your stores provide you with a distinct home-field advantage. Put it to good use!

2013 John Ryan. Confidential and Proprietary. | 35

36 | 2013 John Ryan. Confidential and Proprietary.

2013 John Ryan. Confidential and Proprietary. | 37

RYAN REPORT 2013

CONTACT US
AMERICAS (MINNEAPOLIS)
Phone +1 (612) 924.7700

EUROPE (LONDON)

Phone +44.203.170.7976

www.JohnRyan.com
info@JohnRyan.com
38 | 2013 John Ryan. Confidential and Proprietary.

EUROPE (MADRID)

Phone +34.91.523.7400

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