Levers that focus only on cost no longer apply in current downturn Approach on cost is effective … Push on suppliers? Successful supplier renegotiations for increased flexibility Streamline organization? Simplification leads to leaner cost structure But caution is needed to protect the top line … Reduce brand spending? Short-sighted measure: COVID proved brand spenders saw 1 2x growth vs. average Aggressively decrease marketing Increased competition makes eroding market share likely and sales costs? Cut tech programs? Rapidly evolving pressures require advanced solutions Rely on consumers? Strongest downturn in consumer sentiment is yet to come 1. Top brand spenders defined as brands in top quartile of increasing brand spending over 2017-2021, methodology: 17-21 CAGR for a sample of large advertisers Source: BCG project experience, BCG-Google branding study