In this new video, L2 Co-Founder Maureen Mullen says what companies say matters almost as much as what they do. To test that thesis L2 analyzed the earnings reports of 28 retailers and multi-brand conglomerates, looking at how they communicated their positions in digital, omnichannel, mobile and e-commerce. The term ‘digital’ was mentioned on average 10 times across each annual report, but surprisingly, the word ‘television’ or ‘TV’ was never mentioned. Digital leader in luxury Burberry mentioned ‘digital’ 60 times in an earnings report, but ‘e-commerce’ only once. In contrast, Walmart mentioned e-commerce 55 times. How do these mentions correlate to actual performance in different areas of digital? To find out, see the full video.

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