Whitepaper: Rigour and Structure in Brand Evaluation – Best Practice and ISO 20671
Brand Finance Whitepaper: Rigour and Structure in Brand Evaluation – Best Practice and ISO 20671
- 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.
A robust measure of brand equity is strategically crucial for any branded business. It may sometimes be difficult to quantify and there is no 100% consensus on how to measure it, but every business needs to develop a system for assessing whether their brands are healthy, enjoy a strong and resilient reputation, and most importantly, are poised to deliver future growth and commercial return.Steven Thomson, Insight Director, Brand Finance