Brands have long been recognised inside the marketing profession as important intangible assets. Brands can confer considerable advantages, such as building customer loyalty and enabling a price premium for the branded product. As such, the valuation of brands is an important function, to provide tangible, financial evidence of their status as assets.
The Australian Marketing Institute’s involvement in the promotion of the role and value of brands is central to its overall aim of the promotion of marketing. Thus, when the ISO established a brand valuation Working Party, the Institute was pleased to accept an invitation from Standards Australia to nominate an Australian representative, then-Institute Chairman Roger James. The Working Party comprised representatives from a number of nations, principally European, with Japan and Australia being the non-European nations represented.
The Working Party met initially in March 2007, and convened on a further six occasions to advance and finalise the Standard. The foundation document on which the Standard was based was a draft document prepared by the German Standards Institute, DIN.
The Australian Marketing Institute looks to Australian businesses to adopt the Standard, both as a means of validating their own brand valuation activities and also to promote the wider adoption of brand valuation itself.