ASSESSING THE VALUE OF BRANDS
Jan Lindemann
INTRODUCTION
Since brands have become such important business assets there is a need for management to understand and assess their economic value creation. There are three main reasons why management has become interested in the value of brands. The first is to manage and improve the performance of the company selling the branded products and services promoting customer desires to purchase in greater quantities and more frequently. Second, management must know the value of its brands when it is involved in a range of financial transactions including licensing, tax planning, M&A, franchising, financing, and investor communications. Third, the accounting requirements for acquired goodwill and intangible assets, which include brands, need to be met. Most accounting standards require a financial value for an acquired brand in order to capitalize it as an intangible asset on the balance sheet and subject it to annual impairment tests. These demonstrate the need for the financial valuation of the brand so that it can be properly managed and used in financial transactions.
Traditionally, brand assessment was the realm of the marketing department and focused on researching perception and behaviors of actual and potential consumers. Qualitative and quantitative research studies are conducted to understand whether or not consumers were aware of the brand (awareness), what they knew about the brand (knowledge), their perception of the brand, whether they would consider purchasing the brand, whether they have purchased the brand, whether they intend to buy the brand in the future or will continue buying the brand (loyalty). There is no doubt that these marketing indicators provide valuable information that is crucial for managing brands. However, they are not sufficient for an economic assessment of a brand – a clear link to financial outcomes is required. Ultimately, marketing indicators are only relevant as long as they can demonstrate their financial value. Whether it be market share, a certain image factor, consideration or customer satisfaction they are only worth analyzing and tracking if they produce financial results. In most companies senior management is rewarded according to financial performance targets and investors base their assessment of a company’s performance on its financial results such as revenue growth, EBITDA, cash flow, and return on equity. With the increased awareness and acceptance of intangibles such as brands as key drivers of shareholder value the need to understand and measure the financial value of brands has emerged.
HISTORY OF BRAND VALUATION
Brand valuation emerged out of the takeover boom of the 1980s when highly leveraged dealmakers pursued undervalued assets. An example was the Hanson Trust, a UK takeover vehicle, which in 1986 acquired the Imperial Group for UK£2.3 billion. Although the main business of Imperial was tobacco the company also owned a significant food business. Shortly after the acquisition Hanson sold off the food business for UK£2.1 billion retaining the highly cash generating tobacco business for which it had only paid a net price of just UK£200 million. This transaction showed that accountants as well as stock analysts were substantially undervaluing brand assets. In 1988, two years after the Hanson deal, another UK food group became the target of a highly leveraged bid. The target company was Rank Hovis McDougall (RHM) a food business with a strong local brand portfolio including Bisto, Hovis, and Saxa. The raider was the Australian takeover specialist Goodman Fielder Wattie (GFW). GFW approached investors with a bid price for RHM’s shares that valued the company at a small premium over its net assets. RHM’s management felt that the bid substantially undervalued the business as it did not take into account its portfolio of valuable brands. In order to prove its point, management decided to undertake a financial valuation of its brand portfolio in order to record it as an intangible asset on its balance sheet. At the time this was a rather radical idea. RHM contacted a small brand consulting firm called Interbrand to assist. Interbrand approached the London Business School for support and together they developed the first documented model for valuing brands as assets in their own rights. The approach combined financial and marketing analyses.
The valuation method was a “multiples” approach where earnings attributed to a brand were multiplied with a factor determined by the strength of the brand. The overall result was a financial value for each brand within RHM’s portfolio. The brand portfolio was valued at UK£678 million while the tangible assets on the balance sheet had been valued at less then UK£400 million. The value of the brand portfolio was recognized on the balance sheet increasing the total assets to more than UK£1.2 billion. Putting the value of the brands on the balance sheet resulted in investors re-valuing RHM’s business. The company share price increased significantly and GFW withdrew its offer. Through this action RHM was the first publicly–listed company to record its internally generated brand portfolio as intangible assets on the balance sheet.
Later, the diversified food Group Grand Metropolitan put its acquired brands on its balance sheet. RHM’s actions sparked a lengthy debate among all key constituencies such as companies as well as accounting and government bodies about the value of brands and intangible assets. Ultimately, this debate resulted in changing the balance sheet treatment of intangibles in accounting standards around the world. More importantly, the finance function within businesses became interested in the use of brand valuation for practical purposes, transforming it into a common language for finance and marketing.
Over the two decades following the valuation of RHM’s brand portfolio, many approaches and methodologies for valuing brands emerged. Although there is an on-going debate within the financial and marketing community about the appropriate valuation methods and purposes, some common views and directions have emerged.1
At the same time as companies in the UK started using brand valuation to prop up their balance sheets, which triggered the debate on the accounting treatment of intangible assets, the marketing community also started to define brand as an intangible asset under the label of “brand equity.” Although equity is a financial term, marketers used it to define a set of market research based metrics indicating that brands are valuable long-term business assets. The term gained widespread acceptance throughout the marketing community mainly through the writings of David Aaker2 and Kevin Lane Keller.3 Although brand equity was never defined in financial terms, it was assumed that brand equity would create economic value.
The aim of brand equity was to go beyond a hotchpotch of market research metrics and develop a comprehensive framework that linked brand perception with customers’ purchase intentions and loyalty. Many of the leading market research firms, such as Research International’s Equity Engine, Young & Rubicam’s BrandAsset Valuator, Ipsos’s Equity Builder, and Millward Brown’s BrandDynamics which became later BrandZ, developed their own version of measuring brand equity. Each version involves understanding the sources of brand equity (typically functional equity, emotional equity, and price) and measuring the strength of customer engagement with the brand. The main drawback of these approaches remained the fact that a financial impact of brand equity was always implied but was never explicit. As such these methods remained in the realm of marketing and did not penetrate the mindset of the financial community or the board room.
However, when marketing and financial analyses were combined it became possible to identify and quantify the economic value of brands. Then brand valuation achieved success in the c-suite. CEOs and CFOs of the leading global companies have consistently voted the brand value survey published annually in BusinessWeek as among the top 4 business rankings. There are many approaches and models for assessing the value of brands. Most marketing agencies offer their own version of brand equity or brand valuation as a “proprietary” approach. However, all relevant approaches fall broadly into three categories.
The first category comprises of market-research-based models that measure different dimensions of a brand to assess the relationship consumers have with the brand. These models are categorized under the term brand equity. Despite the use of the financial term, equity, these models are neither designed nor equipped to provide a financial value for the brand. Instead they attempt to measure the strength of the relationship consumers have with the brand. The strength is measured according to a range of dimensions deemed to be relevant in determining this relationship. The measured brand dimensions are either reported separately or linked through statistical analyses that measure the relative strength of this relationship. The more sophisticated approaches focus on consumers’ consideration and purchase intent. Although the thinking and principles behind these models provide valuable insights they do not deliver an economic assessment of the brand. Most of these models were developed to assess the effectiveness of marketing communications not the financial value of the brand.
The second category of valuation approaches consist of purely financial approaches that are designed to provide a financial value for a brand. These methods are rooted in traditional corporate finance theory and value a brand according to the same principles as businesses and other commercial assets. Several methods fall into this category. The main ones are income-based and comparables approaches. They are used mainly for assessing brand values for commercial transactions and financial reporting. Beyond the financial figure obtained they provide little or no insight on the relationship between consumer perceptions and intentions and financial value generation. The predominantly financial analysis is assumed to include all relevant information required to assess the economic value generation of a brand.
The third category blends financial and marketing approaches to understand and assess the economic value of brands. These approaches derive a financial sum based on consumer insights and financial analysis. Only a few approaches systematically integrate marketing and financial analyses. The majority is based on brand equity models with an “add on” financial module. The blended approaches use behavioral and perceptive research data to inform financial forecasting (in particular revenue generation) and are among the most sophisticated and complex approaches.
The following chapters will provide further details and a discussion of the different categories concluding with a recommended framework.
NOTES
- Tony McAuley, 2003.
- David Aaker, 1991b.
- Kevin Lane Keller, 1997.
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