MANAGING BRAND VALUE
Jan Lindemann
The importance of brands as corporate assets is now embraced by most leading companies around the world. Many CEOs are convinced that their brand or brands are key to the success of their business. The publicly available brand rankings most notably the “Best Global Brands” survey published annually in BusinessWeek have put the brand on the c-suite agenda. As marketing research techniques have advanced and sophisticated statistical models are able to process a large amount of data, companies have much better information about their brands than ever before. However, with increasing sophistication and insights on the value creation of brands within companies comes the realization that brands are rather complex assets that can defy traditional management structures.
In the old days there were broadly two brand management models. There were the traditional brand conglomerates such as Procter & Gamble, Unilever, Nestlé, The Coca-Cola Company, PepsiCo, Henkel Beiersdorf, and L’Oréal, that owned a large portfolio of consumer brands that were managed by dedicated brand managers. The focus of brand management was to use, in the main, communications such as advertising, sales promotions, and depending on the product a certain level of R&D and innovation to increase sales and contribution of each brand within a given budget. The brands were mainly or exclusively sold through retail intermediaries – direct customer contact was limited to classic media communication, packaging, and some point of sale activity. The key value drivers were communications, price, and some type of product innovation. The brands were managed on brand category and country level. The average tenure of a brand manager was about 2 years. The core brand positioning and values were set but had to be adjusted to changing consumer preferences and competitors’ activities. P&G, Nestlé, and others established comprehensive brand management guidelines which became the text books for brand management worldwide. The key value drivers of the brand conglomerates were individual product brands with a very narrow focus to maintain differentiation and relevance within their respective categories. In some cases product brand and corporate brand were separate (P&G, Unilever) in others there was an overlap between a major product brand and the corporate brand such as Coca-Cola, PepsiCo, Kellogg’s, Gillette, and Kraft. While in some cases one brand dominated the company’s revenues and profits the focus was on the management of a large portfolio of brands. Even the Coca-Cola Company owns more than 400 brands. The size of many of these brand portfolios became hard to manage. Many of these brand conglomerates have started to focus on their top earning brands and established global management structures around them. They also have applied a value focus to their portfolio and culled underperforming brands. In 2000, Unilever initiated a restructuring program named “Path to Growth” that was to decrease the company’s structural complexity, reduce costs, and increase efficiency by concentrating on 400 core brands that accounted for about 75 percent of company revenues. By 2004, Unilever had reduced its portfolio from 1,600 brands to 400 core brands. Today, Unilever has 12 brands, up from four brands in 1999, which generate sales over ∈1 billion. These include Knorr, Dove, Hellman’s, Lipton, and Bird’s Eye.1 In 2008 the company achieved an operating margin of 17.6 percent compared with 11.2 percent in 1999. The Unilever case shows how the complexity of over-sized brand portfolios can be detrimental to profit margins and that a shift towards a more focused portfolio of global brands can deliver substantial improvements in the financial performance.
Next to the consumer brand conglomerates that manage large brand portfolios are the companies that focus on the management of one core master brand where product brand and corporate brand overlap such as IBM, Samsung, Nokia, GE, McDonald’s, Nike, Accenture, Apple, and HSBC. There are also hybrids that own a small portfolio but are clearly dominated by one brand such as BMW and Disney. Here brand management has become more complex as it embraces all of the company’s activities and involves all stakeholders including customers, employees, investors, suppliers, and regulators. Until the 1980s these companies focused their branding efforts on customers and consumers. With the emergence of corporate identity and internal branding brand management has become more comprehensive and sophisticated. Many companies realized that the brand is a valuable asset that affects many areas of the business particularly customerfocused activities. Due to the complexity of the brand impact within the business, master brand-focused companies have developed a different level of depth and integration of branding in the overall business process. However, due to management and budget silos the management of the brand is, in most companies, still fragmented. The key brand management tasks are still focused on media communications, web presence, sponsorship, and corporate identity and are housed in the marketing function. An important part of branding is the customer experience with the brand. Functions that are closely involved with the experience are sales, customer service, and R&D and product development. In many companies these are managed separately. They are informed by the marketing department and consult with them but are rarely integrated. Branding also impacts employee communications and engagement as the company’s core values need to be understood, represented, and delivered by their employees. This is particularly important for service businesses where most employees are customer-facing and represent a key part of the customer experience. There is also the blurring of brand and reputation in particular at the corporate brand level. This touches on the investor relation function which deals with communication with the company’s capital providers. While a change in corporate identity and positioning often involves senior management and, in many companies the CEO is claimed the brand custodian, the on-going management of the brand tends to fall to the marketing department with a focus on media communications. This is also due to the fact that the communications budget is the largest brand-only investment in most businesses. While other investments such as product development, R&D, sales force and customer service training, and retail investments do influence brand delivery they are at the same time focused on the overall operation of the business. The difficulty of clearly identifying the brand-related activities makes it hard to compartmentalize the brand management in one function.
A brand in its entirety impacts on all the customer-facing activities that create the customer experience of the brand. Therefore, it needs to be managed by someone in a senior position in the company. Ideally, the brand should be championed, sponsored and supported by the CEO of the company. This provides the gravitas needed to find support for the brand within the whole organization. The starting point should be a clear assessment of the value the brand creates for the underlying business. This needs to be done in an itemized manner in order to identify the brand’s value contribution to the different customer segments. The result of a detailed brand valuation will be an understanding of the overall value contribution of the brand to shareholder value as well as the breakdown of its value by strategic customer segments. The segmentation should be based on customer relevant profit effective factors. These may include attitudes, behaviors, product or service, and geography. The value drivers of the brand need to be linked to the different operations of the business such as marketing, sales, customer service, and product development/R&D. Once the impact and relevance of the brand for each function has been identified the responsibility in building the brand needs to be determined for each operational function. The brand is most effectively managed by a senior manager at board level or with a direct reporting line to the CEO and the Board such as a Chief Marketing Officer (CMO) or the Head of corporate strategy. This integrates the brand directly with the customer-facing and impacting operational functions and avoids it being pushed down into the communication functions. It also allows for integrated brand planning and delivery throughout the customer experience. Ultimately, brand management needs to control the customer experience from strategy development to customer touch point execution. It is therefore useful to have all customer-facing activities under one senior report. Many companies such as Samsung have created a strong CMO role that has been very successful in integrating all brand and customer-facing functions into a globally-managed team.2
The value creation of the brand needs to be communicated and explained to employees and senior management in order to make them understand the importance of the brand for their company. Brand value is also a great crystallization point for the success and performance of the brand. The financial value makes a clear statement about the success of the company’s brand-building efforts. It can also act as a strong “rallying call” that can unite all employees. It is much easier to understand and measure the impact of the value of the brand compared to a complex set of metrics such as awareness, consideration, and choice. These important metrics that constitute the brand value chain are crucial in measuring brand performance. However, they are not as powerful and clear as the overall economic value of the brand. Next to communications the value of the brand needs to be integrated into the company’s performance metrics as a key performance indicator (KPI) along with other core metrics that drive the brand value chain. These metrics depend on the nature of the business and its specific brand value drivers. For example, a packaged goods brand will focus its metrics on consumer attitudes and behaviors while a service brand will also look at customer service delivery, customer turnover, and advocacy. The metrics set are adopted according to the impact and relevance the specific function or department has on brand value. For example, product development and R&D directly influence product-driven perceptions such as quality, reliability, and design but not point of sale promotions or customer service. Their brand KPIs should therefore focus on their specific inputs. The communications function is responsible for all media communications as well as corporate identity. Its KPIs would therefore include effectiveness metrics for advertising, web presence, and other communications. Brand value should also become a cornerstone of the company’s ROI assessment and capital allocation process. Given the sophistication and process that is applied to the investments in physical assets such as land, plant, or machinery, or investments in IT and process engineering it makes sense to apply the same efforts to investments in the brand which constitute one of the most valuable assets of the business. Return on brand investments, as described in "Return on Brand Investment ", does not only refer to media communications but to all activities that build and deliver the brand experience physically as well as psychologically. In many cases nonmedia expenses such as product design, retail environment, customer service, or sales force training and education can be more important in brand-building than some advertising campaigns or sales promotions. Brand-building needs to be approached and managed with the same rigor and diligence as other asset investments such as capital expenditures. Planning, measuring, and executing brand investments need to follow similar procedures. This also requires an understanding and endorsement of the role and value of the brand asset within the company by its senior management. Brand value has a key role as it provides a value that is comparable to other business assets. The brand can therefore be integrated into an overall value-based management approach that puts the brand on an equal footing with other business assets. It must be remembered that the value generation of capital investments is not a stand-alone affair but works in the context of the other business assets such as brand, people, and processes. The same is true for the brand as it creates value in the context of other business assets. Brand value enables the company to manage the brand asset according to its long-term and sustainable value creation. Samsung Electronics exemplifies how the notion of understanding and managing the brand as a key corporate asset can build sustainable brand and business value. After a careful analysis of the companies’ market position its chairman realized that in order to move up the value chain beyond its original equipment manufacturer (OEM) status the company needed to build its own brand and R&D capabilities. Samsung Chairman Lee Kun-Hee wanted to implement “strategies that can raise brand value, which is a leading intangible asset and the source of corporate competitiveness, to the global level.”3 The company embarked on a detailed analysis on the value of its brand, its competitive position, and value drivers. Based on this analysis the chairman announced brand value as key corporate performance indicator (KPI) and set brand value targets. These targets then formed part of the management review and remuneration assessment.4 The value focus enabled Samsung to obtain “buy-in” for its brand investments, such as its Olympic sponsorship as well as its other marketing initiatives, from senior management, employees, and shareholders. The rise and value creation of the Samsung brand is one of the largest corporate success stories of the twenty-first century. Within a period of 5 years the brand had overtaken Panasonic and Sony to become the global number two in mobile phones and the leader in memory chips and plasma screens. Samsung is therefore a formidable example in the use of a disciplined and value-based brand-management approach that can transform a business and create substantial shareholder value.
Another aspect of brand management is employees’ performance and remuneration assessment. To make the brand asset relevant to employees they need not only to know about the value of the brand to the business but they also need to become responsible and accountable for building and maintaining the brand. Brand value, specific job responsibilities, and specific brand impacting elements need to be included in the employee review process. This should be done by integrating and linking employee actions to brand asset building efforts rather than scoring them against a list of brand value criteria. For example, a specific product design has sold well but research also indicates that it has affected consumer’s perception about the brand. Apple’s and Samsung’s product designs are not only slick and aesthetically pleasing they also differentiate and build the perceptions of the respective brands. Product designers are given brand positioning and values as a framework and guidelines for their product design but it is their creativity and effort that converts the brand into a tangible product. This brand-building momentum needs to be captured and rewarded. The brand-building efforts of employees should be integrated into annual reviews, promotions, and remuneration. At Samsung senior marketing officers received their bonuses partly according to meeting brand value targets set by the company’s chairman. Most B2B and service brands depend heavily on the behaviors of employees. It therefore makes sense to link their performance assessment and remuneration to their brand asset-building activities.
For brand conglomerates that manage a large portfolio of consumer brands the focus of brand management remains on the product level as product and organizational brands perform very different tasks. In some case very large brands such as Gillette and Nivea are managed with a significant level of independence and run almost as independent businesses that command significant brand loyalty from their employees. In the management of brand conglomerates it is fundamentally important to keep the management of different brands separate even when manufacturing, R&D, distribution, and media buying are shared. The case of the Gucci and YSL brands is a good example. As long as Tom Ford was managing both brands simultaneously the positioning of YSL remained too close to Gucci to develop its own sufficiently distinct image. Despite its significantly higher price points the brand has, so far, failed to provide positive returns to the Gucci Group. On the other hand large portfolios can lead to management complexities that become easily detrimental to shareholder value creation as mentioned previously. It is therefore important to ensure that the most valuable brands are not impaired by too much management focus and resource allocation on the large amount of small brands. A brand value focus helps to ensure that the most valuable brands in the portfolio are developed and invested in while brands that are value-draining and absorb disproportionate management time and resources are weeded out.
The following management tasks will enable the optimal economic value creation of brand assets:
◾The CEO and senior management understand and manage the brand(s) as a key business asset. They see the brand as a holistic asset that needs to involve and engage all of the company’s activities most notably those that are customer-facing.
◾The business functions and teams that manage the brand strategically and on a day-to-day basis understand the impact of the brand on the company’s business and customers’ purchase decisions. Their remuneration and promotion is linked to brand value creation.
◾The brand is managed in an integrated fashion involving all brand delivery relevant functions and tasks and not left to the marketing department dealing with communications.
◾The brand meets and stays relevant to customer need and provides them with benefits in a distinctive and differentiated manner expressed in the brand’s positioning.
◾The brand is consistently communicated and delivered through all customer-facing touch points.
◾The pricing strategy is aligned with customers’ perception of value. The price is regarded as fair and appropriate for the benefits the brand provides.
◾The brand is developed, built, and invested in according to its long-term value creation within the business. Brand investments are consistent and accumulative drawing in all customer touch points. Brand investments are made according to their long-term value creation.
◾The brand’s value creation is monitored and managed according to the brand value chain and all its key components culminate in the brand’s economic value.
◾In the case of the multiple brands or a brand portfolio the relationship of the brands is set and managed according to their economic value generation.
Brand value focused management is a formidable way to create sustainable shareholder value as evidenced by Samsung and many other leading companies around the world. As the value of the brand is the quantification of the brand’s value creation from consumer perception to financial value it captures all value-creating brand elements. Brand value puts the brand on an equal footing with other company assets and enables the company to understand the value creation of the brand in the context of and relative to other business assets. This allows optimization of capital allocation according to the interplay and relative contribution of all assets. The brand is an asset that needs to be invested in and managed in a similar fashion to other capital investments. Brand value recognizes that the majority of brand value is generated in the future. Brand value is thus the most appropriate approach to assess return on brand investments and communicate the importance of the brand to internal and external audiences. Companies can use brand value to rally employees and instill a brand-focused set of behaviors and overall culture particularly in the customer-facing departments.
NOTES
- Nikhil Bahadur, Edward Landry and Steven Treppo, 2006.
- John Quelch and Anna Harrington, 2005.
- Samsung, 2007.
- Samsung 2007.
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