Rigour and Structure in Brand Evaluation: Best Practice and ISO 20671.
Published on 07.08.2019
- A strong brand is a valuable asset for any business, driving higher customer acquisition, satisfaction, loyalty, and advocacy. Strong brands contribute to business growth and profitability.
- Brand owners are charged with ensuring that their brands are indeed strong and growing. An independent and objective system for evaluating brand performance is, therefore, essential.
- Brand evaluation can never be simply a matter of counting sales and profits – a more rounded assessment is necessary to ensure that brands’ longer-term potential is realised.
- The launch of ISO 20671 – the new standard on brand evaluation which Brand Finance helped craft – is a milestone on the way to a growing professionalisation of the industry
"Brand evaluation is not a precise science. Some aspects of good practice are universal, and general principles of measurement can be applied in virtually all situations. But every brand and organisation is different, and brand owners should seek to adapt this broad evaluation framework to mees their specific needs. There is no one-size-fits-all solution, which can be a challenge for organisations which lack sufficient internal resource and expertise to design and manage evaluation programmes."
Steve Thomson, Insight Director, Brand Finance