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10 principles of monetary brand valuation

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  • 1. Brand Valuation ForumTen Principlesof monetary brand valuation
  • 2. Ten Principlesof monetary brand valuation
  • 3. BBDO Consulting GmbH B. R. Brand Rating GmbH Ernst & Young AGKönigsallee 92 Nymphenburger Str. 20b Mittlerer Pfad 1540212 Düsseldorf 80335 München 0499 StuttgartTel. +49 211 13 9-0 Tel. +49 89 523 02-02 Tel. +49 11 98 81-0Fax +49 211 13 9-8 42 Fax +49 89 523 02-2 50 Fax +49 11 98 81-5 50www.bbdo.de www.brand-rating.de www.de.ey.comGfK Marktforschung GmbH Interbrand Zintzmeyer & Lux AG Konzept & Markt GmbHNordwestring 101 Kirchenweg 5 Rheingaustraße 8890319 Nürnberg CH-8008 Zürich 5203 WiesbadenTel. +49 911 3 95-0 Tel. +41 44 388 8 8 Tel. +49 11  90 1-0Fax +49 911 3 95-22 09 Fax +41 44 388  90 Fax +49 11  90 1-59www.gfk.com www.interbrand.ch www.konzept-und-markt.comKPMG Deutsche Treuhand PricewaterhouseCoopers semion brand-broker GmbhGesellschaft AG Elsenheimerstraße 33 Watteaustr. 12Klingelhöferstraße 18 808 München 8149 München1085 Berlin Tel. +49 89 5 90-50 Tel. +49 89 4 90 9 0Tel. +49 30 20 8-0 Fax +49 89 5 90-59 99 Fax +49 89 91 22 29www.kpmg.de www.pwc.com/de www.semion.de
  • 4. Introduction
  • 5. What is the purpose of some indication of value on the basis the ten principles of brand of externally available data. Regrettably, evaluation? here, too, major differences and countervailing tendencies are visible. The valuation basisStarting point is mostly less than transparent.The monetary evaluation of brandsfaces a dilemma: Fundamentally Standardisation of monetary brandbrand evaluation is considered to valuationbe extraordinarily important, however At present, a number of efforts areits significance is neglected at present. - under way to standardise the valuationThis dilemma has been illustrated by methods. For instance, the Germana number of studies. standards association, Deutsches Institut fürA striking starting point for the Normung, has elaborated a standard that itpresent discussion of the monetary has submitted to an international ISO procedure.evaluation of brands was provided Meanwhile, the institute of certified accountantsby the authors of these ten principl- in Germany, IDW, has published a standard ones in the study that was initiated in the evaluation of intangible assets (IDW S 5, see2004 by PricewaterhouseCoopers www.idw.de). Although compatible with eachand the trade journal "absatzwirtsc- other, these standards focus on different valuationhaft": "Die Tank AG": How nine occasions.experts evaluate a fictitious brand".The study made clear that thedifferent methods lead to a greatrange in mon etary brand values.Even if the divergence in valuationmay be explained partly by differenttax treatment, the perception aroseof a certain arbitrariness of thevalues in the market.A further source of uncertainty derivesfrom annually published brand values,these being independent of the comp-any concerned and intended to provide 6
  • 6. Brand Valuation ForumIt is against this background that Hence it was not the aim to producethe leading brand valuation experts any levelling among the valuationinvolved in "Die Tank AG" met again methods in order to secure a standard.and established the Brand Valuation Nor would this be desirable. DifferentForum (BVF). This is a workshop of occasions require individually adaptedthe Gesellschaft zur Erforschung brand valuation approaches. For thisdes Markenwesens (GEM) [– the reason, it is questionable whether aassociation for the research of standardised method can ever dobrands –] and the Markenverband justice to all occasions.[the brands association]. The aim Hence no attempt was made toof the working group was to develop straitjacket the complexity of mone-uniform principles on the basis of tary brand valuation into a singlethe main valuation methods in the method; on the contrary, it was affir-market in order to enable the med that different valuation methodsdifferent methods on offer to be each have a right and proper place.examined. None the less, consistency in valuation is required in order to ensure transparency and reproducibility. The Brand Valuation Forum identified ten principles which any serious valuation method must measure up to. By means of the ten principles, each interested party will be able to make sense of a brand valuation, i.e. what aspects have entered into the valuation of its brand and what might distin-guish its brand value from others. 7
  • 7. The members of the BrandValuation Forums and authorsof these ten principles are(in alphabetic order):BBDO Consulting GmbH Konzept & Markt GmbHUdo Klein-Bölting Dr. Ottmar FranzenB.R. Brand Rating GmbH KPMG Deutsche TreuhandJohannes Spannagl Gesellschaft AG Dr. Marc CastedelloErnst & Young Wirtschaftsprüfungs-gesellschaft AG PricewaterhouseCoopers Wirtschafts-Dr. Matthias Schmusch prüfungsgesellschaft AG (PwC) Dr. Jutta MenningerGfK Marktforschung GmbHSiegfried Högl semion brand broker GmbH Jürgen KaeufferInterbrand Zintzmeyer & Lux AGNik Stucky 8
  • 8. Ten Principles of Monetary Brand Valuation
  • 9. The ten principles that any serious brand valuation must measure upto describe the most important stepsin an appraisal process that must befound both in the valuation modeland in the expert report. These prin-ciples include a summary valuation:1. Consideration of the occasion 3. Consideration of brand for the valuation and its protection function Brands are intangible assets of aBrand valuations are conducted for company. As such, they are volatile.various purposes (e.g. value- The initial evidence that they actuallyoriented brand introduction or exist is the brand protection. Anyfinance-oriented communication). valuation must proceed on the basisIt must therefore be ensured that of secured brand rights.the method applied is suitable forthe purpose. 4. Consideration of the brand and target group relevance2. Consideration of the kind Each valuation procedure should of brand and its function be based on market data. EvenBrands occur in very different though brands are by definition unique,guises, for example, as a product, any valuation must be based onumbrella or company brand. There information involving comparisons.should therefore first be an exactdefinition of what sort of brand is 5. Consideration of the currentinvolved and its function in the brand status using representativemarketplace. This differentiation is data of the relevant target groupessential for any appropriate assess- The brand status is determined byment of the brand risks (see identifying the brands success andPrinciple 9 ). its strength. 10
  • 10. 6. Consideration of the economic 8. Consideration of a net present life of the brand value method and an appropriateA monetary valuation that is based discount rateon revenue surpluses concentrates Valuation methods that focus on futureexclusively on the future brand- cash flows are derived from financialrelated receipts. Against the back- theory, i.e. on valuations based onground of future and brand-specific capital market theory. Most brandincome, each valuation will, valuation methods are based on a nettherefore, provide the rationale for present value calculation, i.e. expectedwhatever is determined as the likely future surpluses are discounted to theuseful life of the brand. valuation date. In the net present value7. Isolation of brand-specific calculation and therefore in the brand cash flows valuation, there is also considerationIn principle, a number of valuation of the company risk, which is understoodmethods may be conceived of for in terms of future capital costs.brands. For some purposes, acomputation on the basis of licenceprices alone may be sufficient.There is, however, considerableconsensus that the method to bepreferred will take into account theincome that a company obtains bybeing able to distinguish itself fromits competitors in the marketplaceby virtue of its brand. Althoughthis brand-specific income may becomputed in very different ways, itmust lie at the heart of any valuationmethod and be described exactly. 11
  • 11. 9. Brand-specific risks 10. Reproducibility and (market and competitive risks) transparencyFuture income is, as is in the nature A valuation only has any significance if of the future, subject to risk, i.e. it is based on the principles of validity,uncertainty. The corporate risk reliability, objectivity and transparency.may be different from the brand risk. Below you will find a more preciseHence a consideration of the description of the ten principles of monetarycorporate risk – understood as brand valuation that should help you tocapital costs – may, depending on obtain more transparency. For each principle,the circumstances, be insufficient. an explanation is provided of why it is importantMoreover, brand-specific risks for the judgement of the brand valuationmust be accounted for adequately. methods and what are the relevant aspects. 12
  • 12. Preamble Basically, a brand fulfils three economic functions:The first step in evaluating a brand is 1. Seen as a communicationsto examine the brand itself and platform, one of the fundamentalponder the best approach to its tasks of the brand is to signalvaluation. Brand valuation is orientation and convey an unmista-complex and requires an understan- keable message of the provenanceding of the individuality of the brand of the product or service. Thisconcerned. The decisive factor in enables the brand to guarantee bothdetermining the valuation parame- recognition and communicativeters is the question of what makes a continuity. In this respect, the brandbrand valuable in the first place. is a precondition for efficientThis involves looking at its economic investments in communication. Thefunctions. synergies are expressed in higher operating efficiency and hence lowerThe economic value of a brand lies investment, in relative terms.in generating a higher demand forthe products and services it stands 2. By helping consumers differentia-for and in securing this demand for te, brands shape perceptions andthe future. In order to record the use enable consumers to identify inof the brand for the brand owner, the some way with the product orbrand value is defined as the net service, thereby influencing thepresent value of future cash flows purchasing decision in favour of thethat can be attributed solely to the brand.existence of the brand. 13
  • 13. As technologies, markets, 3. The brand often constitutes the onlyprocesses, know-how and indeed the recognisable constant in the relation-specific range of offers become ever ship between the company and itsmore similar, there is a shift in value customers. All experiences with thecreation to assets which successfully brand and the benefits represented byset themselves apart over a long it are associated with the brand and,period and cannot be copied. The as it were, stored in it. As an embodi-specific property of the brand and its ment of higher valuation, the branddifferentiation enables the company creates customer loyalty and securesto market its products or services at future demand. A strong brandhigher prices (price premium) and/or creates higher customer loyalty than ato move into new business fields or weak one. The future cash flows of aproduct generations and communi- weak and risk-prone brand mustcate these convincingly to their (new) therefore be weighted differently thancustomers and other relevant the same future cash flows derivedgroups. This function is reflected in from a strong and secure brand. Ahigher future cash flows. brand that operates in a growth market, enjoys a prominent position there and high familiarity, is strong and 14
  • 14. Principle 1 Consideration of the occasion for the valuation and its functionThe valuation methods are in international commercial law orprinciple suitable for use on the fiscal regulations must be obser-following occasions: ved. In an individual case these• Value-guided brand management may be more intricate than the• Financial communication existing rules.• Legal transactions with brands Transactions involving brands may• Infringements of brand rights represent a valuation scenario if• Fiscal occasions the value-in-use of the brand must be determined. The value-in-useValuation for the purpose of brand defines the value that the brandmanagement is addressed to the represents for its owner or its legalcompany control function and works successor at the time of valuation.by determining the value drivers Brand protection infringements arerelevant for the brand value. The the occasion for brand valuationsvaluation supports the control or the when there is a need to specify thecontrolling of the brand management monetary damage caused by thein connection with current business infringement. Similarly, theactivity. valuation serves to determine anFinancial occasions for the valuation appropriate license rate on awardsof the brands can exist in particular of licenses.in accounting and other mandatoryor voluntary external reporting, fortransactions and in the identificationof factors influencing the companycontrol function. To the extent thatvaluations are made for accountingpurposes, the valid national and 15
  • 15. Fiscal triggers occur when the Principle 2brand is transferred or with the Consideration oflicensing of brand rights to third the kind of brandparties. The purpose of the and its functionmonetary brand valuation is todetermine the commercial value of Brands occur in many guises, and thisa brand, to meet documentary variety must be reflected in theobligations for transfer pricing, to framework of the monetary brandavoid double taxation and, in valuation. Here it makes sense tosome circumstances, to optimise produce a taxonomy of brands:tax rates at an international level.Here consideration must be given with regard to geographic scope:to the fact that fiscal laws may • Regional branddeviate from the rules presented • National brandhere. • International brand with regard to the kind of branded products or services: • Product brand • Service brand With regard to the brand architecture: • Individual brand • Brand family • Umbrella brand • Corporate brand16
  • 16. The brand serves to label the In appraising corporate brands,product and generate value. consideration must be given to theBeyond this, the brand also serves different stakeholder groups since thethe following functions: effects of corporate brands extend beyond sales markets to encompass• identification, understood as other markets of relevance to theunique characterisation of the corporation such as procurementprovenance of the branded service markets, capital markets, labouror product; markets and so on. All stakeholder• a communicative function, groups must be identified andunderstood as an activation of the accounted for. Where this is notconsumers existing brand know- practicable, the stakeholder groupsledge; considered in the brand valuation• differentiation, understood as should at least be named.distinguishing a product or service In the monetary valuation, the brandfrom its competitors; functions should only be considered to• a quality function, understood as a if the catalogue of criteria of theguarantor of a homogenous service valuation method relates as far asor product quality. possible to all functions.A monetary valuation of a brandmust account for the kind of brandand the brand function. In particular,the nature of the brand must bespelled out and an explanation givenby how a specific valuation methoddoes justice to the kind of brandconcerned. The region in which thebrand operates must be specified aswell as the level of the brandarchitecture to which the monetarybrand value is to refer. 17
  • 17. Principle 3 In analysing the legal status of the Consideration of brand, the following criteria apply in the legal protection determining and verifying whether of the brand the brand owner has a sole right of prohibition vis-à-vis third parties:The first step in any brand valuation • Titleis verification that the brand is • Rights of third parties (licenses,indeed protected by law (this is part pledges etc.)of the risk analysis). • Catalogue of merchandise /In valuations in which third parties servicesare involved, it is recommended that • Usage situationa detailed assessment of the brand • Defence situationrights, if appropriate by a legalexpert, be made, and that this then The analysis of the scope ofbe taken up in the overall computa- protection of the brand shows on thetion, either increasing or decreasing basis of the examination of thethe value. The examination should following criteria how strong or weakinclude the countries or regions and the legal position in the relevantthe register filings of relevance for countries is:the valuation. • Type of brand (word, picture, colour, sound, 3D) • Brand environment / fungibility / competition 18
  • 18. Principle 4 for the existing scope of business as well as for possible brand expansion Consideration of the provides the basis for the valuation of brand and target group a brand. Simultaneously, purchase relevance behaviour and attitude of the targetEach brand valuation must include group or target segments to thean appraisal of the brand relevance brand must be differentiated accor-in the specific market and industry ding to product, market and distributi-environment. The brand relevance on factors. Against this background,describes the influence of the brand a segmentation and separateon the purchase decisions in the valuation of the brand relevance istarget group in a market. necessary by homogenousThe brand relevance must be target/customer groups.considered both for the brand valuecreation already realised and forspecifying the future value creationcontributions of the brand. Therefo-re the valuation must encompassexpectations as to how the brandrelevance will develop in the marketor industry segment under exami-nation.The brand relevance can bevalidated by behavioural analyses(parameters of behaviour andattitude) or through indicators ofvalue creation (e.g. share of thebrand value creation in the compa-ny value creation).The isolation and definition of thetarget group or groups of a brand 19
  • 19. Principle 5 If no suitable panel information is Consideration of the available, information on market current brand status using success may also be estimated by representative data of the referring to representative surveys of the relevant target group target group(s). This latter may apply especially in the case of brands in theIn the course of a monetary service area, industrial goods or indeedvaluation, the brand status must be luxury goods.appraised in terms of at least two Suitable instruments and methods mustcomponents: be chosen to measure the success• the success of the brand in its indicators mentioned. Attention is market, and required here to ensure objectivity,• the attractiveness of the brand for reliability and validity of the measure- consumers (brand strength). ment in order that the brand valuation can be considered valid. The latterThe market success of the brand is applies in particular to the recording ofmodelled – ideally – using quantita- the brand strength, which is the secondtive market data reliably and validly crucial component in the valuation– for example, with data from process.consumer or trade panels. Impor-tant indices for a brands market Brand strengthsuccess are: The success indicators described above• the purchaser range and penetra- provide essential information for a tion (purchaser range among the valuation of the brand status. However, purchasers of the product group) they measure only the real behaviour of of the brand the target groups in the past. These• the re-purchase rate (brand success indicators do not permit any loyalty) inferences on the individual causes and• the market share (by volume and motives behind this behaviour. value)• the price and volume premium. 20
  • 20. However, in any comprehensive measurement of the psychologicaland future-oriented brand valuati- brand strength or attractiveness:on, attention must none the less • Brand familiaritybe given to these behavioural • Brand sympathydeterminants. For they supple- • Identification with a brand /ment and round off the analysis of a manufacturerthe present brand status. • Perceived brand quality or satisfaction with the product • Brand loyalty • Readiness to recommend the brandFinally, the emotional appreciation • Acceptance of the priceof a brand, i.e. its psychologicalstrength, must be secured for the As with an examination of a personsfuture success of brands and state of health, it is only when a majorhence the maintenance of value. portion of these indicators areOnly brands that are attractive for analysed that any meaningfulthe consumer continue to be measurement is arrived at of thebought over the long term. And it brand strength.is only with such brands that the The criteria mentioned share theconsumer will build up strong common feature that they are notbrand loyalty and also be prepa- subject to any direct and objectivered to purchase them at higher observation. For the analysis of theseprices than other products or components of the brand status, theservices. Hence an estimate of validity and reliability of the indicatorsthe future development of the applied must be secured, as withbrand value and of the specific brand success. There must not bebrand risk is not really meaningful any doubt about the substantialwithout this second component of meaningfulness of the gauges used.brand status. Measurement errors – i.e. effectsIn the relevant literature, a number relating to the survey – must beof indicators are proposed for the excluded. 21
  • 21. Of special importance for the Principle 6meaningful measurement of this Consideration ofsecond component of the brand the brand potentialstatus is the definition of the and the economic liferelevant target group. This target of the brandgroup should include as representa-tive a selection as possible ofpurchasers of the category that the In order to forecast the future valuebrand to be evaluated comes from. creation earnings of a brand, in eachIn addition, the brand strength must brand evaluation an individualalso be determined for purchasers analysis must be undertaken of thefrom other product categories in brands potential. This is based, as awhich the brand is to be expanded rule, on the future potential earningsin future. of a brand in the light of an adopted business plan, this requiring validati- on on the basis of behavioural analyses with respect to the specific brand. In particular, for the purposes of a value-oriented brand management, brand value creation forecasts in relevant fields may also be analysed. In the valuation, estimates must be made of the probable economic life of the brand and hence the period of capitalisation of the expected cash flows. Here an explanation should be given of the assumptions made in estimating the useful life. 23
  • 22. In evaluating product brands, a Principle 7limited useful life might be derived Consideration of(for example) from product lifecycles and market analyses, arising brand-specific cash flowfrom technological change or surpluses by empiricalchanges in taste and behaviour. methods in the relevantIn the case of corporate or umbrella target groupbrands, for instance, a limited usefullife may be derived on account of On the classical understanding, thethe competitive situation or the brand is a physical emblem of thedominance of just a few strong provenance of the branded article.brands, or indeed the absence of A brand has the purpose of lendingbrand relevance in the market individuality to merchandise,segment in question. services and companies and of distinguishing them from their competitors. This formal understan- ding of the concept of a brand emphasises the labelling function that arises from the historical development of merchandise and corresponds to the understanding of the brand as an industrial property right. From todays point of view, a brand serves not only to identify the provenance of and to differentiate a corporate product or service; it also assists in the formation of prefe- rences – assuming it succeeds in building up a positive, relevant and unmistakeable image in the eyes of consumers. 23
  • 23. From this behavioural perspective, communicating these convincinglya brand is an unmistakable image of to old and new customers anda product or service that is firmly indeed to other relevant groups.anchored in the minds of its By helping consumers differentia-consumers and other relevant te, brands create a sense ofgroups. This intangible conception identification among consumers,of the brand is subject to an thereby influencing the purchasingindependent and subjective decision in favour of the brand.positioning in the minds of consu- The demand is seldom a matter ofmers and is fashioned by compon- the brand alone. The labelledents which are affective (emotional, performances are often based onattitudinal), cognitive (knowledge, further differentiating demandperception) and conative factors that influence the purchase(behavioural intention, willingness to decision, such as the technologi-purchase). cal innovation of the product, its price, possible locational advan-As technologies, markets, tages, etc.processes, know-how and indeedthe specific range of offers become The valuation must clarify the roleever more similar, there is a shift in of the brand in the demandvalue creation to assets which behaviour of the consumers andsuccessfully set themselves apart users. The valuation method mustover a long period and cannot be be able to distinguish the brand-copied. As a rule, the specific induced demand from thefeatures of the brand and its preference-formation effect ofdistinctiveness enable the company other, intrinsic aspects, whetherto market its products or services at these be tangible or intangible.higher prices (price premium) That is, the analysis must be ableand/or to move into new business to isolate the cash flow generatedfields or product generations, by the brand rather than by other features. 24
  • 24. To this end, the brand valuation Principle 8must compute the share of thebrand in the creation of demand Consideration of a netobjectively by a suitable empirical present value methodmethod. This work step can be and an appropriatebased on existing market research discount ratedata (secondary research) or on aspecific investigation (primary The value of the brand is determinedresearch). This investigation should by discounting the future financialbe directed at the behaviour of the surpluses attributed to it to thetarget group and its specific motiva- valuation date. In discounting thetions in demanding services or cash flows, the discount rate chosenproducts of the brand. must involve a premium to reflect the risk factor. As a starting figure, the weighted average cost of capital (WACC) may be used. For the valuation of the brand, the WACC must be adjusted to the risk profile of the brand. In evaluating a corporate brand, it may be assumed that the risk profile of the brand will be identical with that of the corporation. If the starting figure used is the companys weighted average cost of capital derived from capital market data, the computation must encom- pass the costs of equity, costs of debt (after tax) and capital structure. 25
  • 25. The equity costs are composed, Principle 9following the capital asset pricing Brand-specificmodel (CAPM), of a risk-free base risks (market andrate and a market risk premium, competitive risks)adjusted to the specifics of thebrand (risk surcharge). The base A strong brand creates higherrate is arrived at on the basis of the customer loyalty than a weak one.current yield curve. The residual The future cash flow of a weak andterm of the bonds chosen should risk-prone brand must therefore becoincide with the residual life of the weighted differently than the samebrand. In the event that an end of future cash flow derived from athe use of the brand cannot be strong and secure brand. A brandforeseen, the life is assumed to be that operates in a growth marketindefinite. enjoys a prominent position there and high familiarity, etc (see brand strength) is strong and so is better placed to actually realise the future forecast cash flows. A brand that, thanks to its presence in the market, continuously acquires new consumers and is simultaneously able to tie in existing customers will help reduce the operating risk of the enterprise. Reduced risk is reflected in turn in lower financial costs. This advan- tage must be taken into considera- tion in the valuation. 26
  • 26. A company or entrepreneurial The risks of a brand are diverse andactivity can be seen as the interac- can, in the nature of the case, onlytion of different tangible and be outlined here. The specificintangible assets. Each asset situation is finally decisive for themakes a specific contribution to the detailed risk definition and itsgeneration of earnings. The weighting. The following areas ofindividual components here are risk can be made measurable andexposed to different risks. In their comparable by using the attributesaggregate, they constitute the listed immediately below:company risk that is expressed in • The dynamics and competitivethe weighted cost of capital, concentration in the marketWACC. In quantifying the brand • Entry barriersrisk, it cannot be assumed that this • Market concentrationcorresponds to the company risk, • Market growthsince this will in many cases • Volatilitydiverge from the brand-specific risk. The status of the brandThe strength – or else the inherent • Familiarityrisk – of a brand must always be • Brand attractivenessseen in the context of the competi- • Relevant settive environment and the market in • First choicequestion and must be accordingly • Loyaltydetermined and quantified. Thevaluation must include the competi-tiveness of the brand and theresulting reliability of the demand inthe future (brand risk). 27
  • 27. Support of the brand In order to determine a suitable discount• Investments in the brand for a brand to reflect adequately the risk of (quantitative and qualitative) future realisation, the method applied must• Homogeneity of the brand image account for the brand risk (or indeed the• Continuity of the brand brand strength) in a discount rate that is management reasonably transparent. This way of proceeding places the company risk in theDiversification of customer relation- context of the brand risk.ship Valuation methods that fail to account for• Geographic diversification the specific competitive strength – and• Offer-specific diversification hence the reliability of future brand earnings – fail to consider the risk inherentLegal protection of brand rights in assessing the future value creation by• Registration the brand and consequently lead to• Monitoring and expansion excessively high brand valuations. 28
  • 28. Principal 10 All measurement factors are surveyed on the basis of a standar- Reproducibility and dised and scientifically secure transparency method.The brand valuation must meet the Objectivity involves the valuationquality criteria for scientific work: risk being disclosed and quantifiedThe measurement of the brand as far as is possible. The datavalue can claim to be valid if it is sources need to be specified andfree of systemic errors (such as the provenance of the data substan-occur when influences are tiated.measured twice) and if it is Transparency is achieved if thecomplete and models exactly what measurement method is logical andis to be measured. The validity of transparent and is presented with athe findings must be verified by statement of the purpose for makingapplying alternative criteria. the valuation. The relationship toReliability is arrived at if, after the purpose of the valuation mustrepeated measurement using an be clear.identical valuation scheme, thesame result is achieved reliably. Berlin, 30th June 2008 29
  • 29. ImprintPublisher:Brand Valuation Forum -An initiative of G·E·M German Society of Brand Research andGerman Brands Association Markenverband e.V.Unter den Linden 4210117 Berlininfo@brand-valuation-forum.dehttp://www.brand-valuation-forum.deViSdP / Legally responsible:Christopher Scholz, Attorney-at-LawTranslation / English versionPaul Gregorywww.language-for-clarity.deLayout//Design:Interbrand Zintzmeyer & LuxKirchenweg 5CH-8008 Zürichwww.interbrand.chPrinter:Druckerei Chmielorz GmbHOstring 1365205 Wiesbadenwww.druckerei-chmielorz.deStatus: 18 June 2008Initial print-run: 2000