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Gillette Glides Ahead as Strongest Bay Stater Brand

18 March 2021
This article is more than 3 years old.
  • Gillette is Massachusetts’ strongest brand, also ranking within nation’s top 30 strongest brands – BSI score 85 out of 100
  • General Electric remains most valuable Bay State brand, brand value US$18.0 billion
  • Thermo Fisher Scientific gains more in brand value than all MA brands in ranking – up 23% to US$6.3 billion

View the full Brand Finance US 500 2021 report here

One of the city’s biggest corporate givers – donating over US$1.2 million to charitable groups in Greater Boston each year – Gillette (down 11% to US$7.6 billion) is Massachusetts’ strongest brand, with a Brand Strength Index (BSI) score of 85 out of 100, snagging a spot in the top 30 strongest brands overall in the Brand Finance US 500 2021 ranking.

Brand Strength is the efficacy of a brand’s performance on intangible measures, relative to its competitors, which Brand Finance quantifies using a BSI. This is a competitive benchmarking tool that identifies the strength of each brand in question, based on factors such as marketing investment, customer familiarity, staff satisfaction, and corporate reputation.

Gillette is also the Bay State’s second most valuable brand and the only MA-based Procter & Gamble (P&G) brand to make the ranking. Despite being headquartered in Ohio, and with eight Ohio-based brands in the ranking, Gillette continues to be a key player for the multinational consumer goods corporation and is the most valuable P&G brand overall out of the ten represented, with one also from New York.

Laurence Newell, Managing Director, Brand Finance US, commented:

“Despite global lockdowns, Procter & Gamble was able to boost revenue, EBIT, and net profit over the last four quarters compared to fiscal 2020 figures. Gillette has steadily delivered generous profits and cash flow, according to the company's fiscal fourth-quarter earnings release, and appears to be a strategic enterprise with growth potential.”

General Electric Powers Forward

Despite facing a tough year of lawsuits and product segment spin-offs amid a global pandemic, General Electric (down 26% to US$18.0 billion) remains the most valuable brand in Massachusetts, further solidifying its position as a world leader in energy and ranking 47th overall in the Brand Finance US 500 2021 ranking.

Other Bay State brands in the most valuable list include Thermo Fisher Scientific (up 23% to US$6.3 billion) in 4th, Raytheon Technologies in 5th (up 19% to US$6.2 billion), Dunkin’ (up 10% to US$5.7 billion) in 6th,  Marshalls (down 13% to US$4.4 billion) ranking 7th and BCG (up 3% to US$3.5 billion) ranking 8th, with State Street (up 18% to US$3 billion) and Wayfair (down 13% to US$2.5 billion) taking 9th and 10th  place, respectively.

Out of all the states in the ranking, Massachusetts places 8th for number of brands, with 19 represented, and 13th for brand value with a cumulative brand value of US$79.5 billion.

Serving science in the fight against COVID-19

Gaining more in brand value than any other brand in the State, Thermo Fisher Scientific is this year’s fastest-growing MA brand, jumping up 46 spots and placing 121st overall in the Brand Finance US 500 2021 ranking.

A universal badge indicating conformity with health, safety, and environmental protection standards, Thermo Fisher Scientific received the CE Mark for its COVID-19 diagnostic test in March 2020. Together with WuXi Diagnostics and Mayo Clinic, Thermo Fisher Scientific pioneered new serology testing processes, boosting its brand value on a global scale.

Additionally, Thermo Fisher Scientific is dedicated to creating inclusive and safe environments, both internally and externally. In August last year, the tech brand facilitated COVID-19 testing at historically black colleges and universities, helping to support campuses in the safe return of students.

On an internal level, Thermo Fisher Scientific was named “Best Place to Work for LGBTQ Equality” for the sixth consecutive year, receiving a perfect score of 100 on the 2021 Corporate Equality Index.

View the full Brand Finance US 500 2021 report here


Media Contacts

Penny Erricker
Communications Executive
Brand Finance

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Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes nearly 100 reports which rank brands across all sectors and countries.

Brand Finance is a regulated accountancy firm, leading the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671, and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.


Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Value

Brand value refers to the present value of earnings specifically related to brand reputation. Organisations own and control these earnings by owning trademark rights.

All brand valuation methodologies are essentially trying to identify this, although the approach and assumptions differ. As a result, published brand values can be different.

These differences are similar to the way equity analysts provide business valuations that are different to one another. The only way you find out the “real” value is by looking at what people really pay.

As a result, Brand Finance always incorporates a review of what users of brands actually pay for the use of brands in the form of brand royalty agreements, which are found in more or less every sector in the world.

This is known as the “Royalty Relief” methodology and is by far the most widely used approach for brand valuations since it is grounded in reality.

It is the basis for our public rankings but we always augment it with a real understanding of people’s perceptions and their effects on demand – from our database of market research on over 3000 brands in over 30 markets.

Brand Valuation Methodology

For our rankings, Brand Finance uses the simplest method possible to help readers understand, gain trust in, and actively use brand valuations.

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668.

Our Brand Strength Index assessment, a balanced scorecard of brand-related measures, is also compliant with international standards (ISO 20671) and operates as a predictive tool of future brand value changes and a control panel to help business improving marketing.

We do this in the following four steps:

1. Brand Impact

We review what brands already pay in royalty agreements. This is augmented by an analysis of how brands impact profitability in the sector versus generic brands.

This results in a range of possible royalties that could be charged in the sector for brands (for example a range of 0% to 2% of revenue).

2. Brand Strength

We adjust the rate higher or lower for brands by analysing Brand Strength. We analyse brand strength by looking at three core pillars: “Investment” which are activities supporting the future strength of the brand; “Equity” which are real perceptions sourced from our original market research and other data partners; “Performance” which are brand-related measures of business results, such as market share.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+, in a format similar to a credit rating.

3. Brand Impact x Brand Strength

The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4. Brand Value Calculation

We determine brand-specific revenues as a proportion of parent company revenues attributable to the brand in question and forecast those revenues by analysing historic revenues, equity analyst forecasts, and economic growth rates.

We then apply the royalty rate to the forecast revenues to derive brand revenues and apply the relevant valuation assumptions to arrive at a discounted, post-tax present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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