资源描述
Sweden 502017The annual report on the most valuable Swedish brandsMay 2017Brand Finance Sweden 50 May 2017 3.Brand Finance Australia 100 March 2016 2. Global 500 February 2016 Airlines 30 30 February 2015Sweden 50 May 2017Foreword.Foreword 2 Definitions 4Methodology 6Executive Summary 8Full Table (USDm) 12Full Table (SEKm) 13Understand Your Brands Value 14How We Can Help 16Contact Details 17ContentsDavid Haigh, CEO, Brand FinanceWhat is the purpose of a strong brand; to attract customers, to build loyalty, to motivate staff? All true, but for a commercial brand at least, the first answer must always be to make money. Huge investments are made in the design, launch and ongoing promotion of brands. Given their potential financial value, this makes sense. Unfortunately, most organisations fail to go beyond that, missing huge opportunities to effectively make use of what are often their most important assets. Monitoring of brand performance should be the next step, but is often sporadic. Where it does take place it frequently lacks financial rigour and is heavily reliant on qualitative measures poorly understood by non-marketers. As a result, marketing teams struggle to communicate the value of their work and boards then underestimate the significance of their brands to the business. Skeptical finance teams, unconvinced by what they perceive as marketing mumbo jumbo may fail to agree necessary investments. What marketing spend there is can end up poorly directed as marketers are left to operate with insufficient financial guidance or accountability. The end result can be a slow but steady downward spiral of poor communication, wasted resources and a negative impact on the bottom line.Brand Finance bridges the gap between the marketing and financial worlds. Our teams have experience across a wide range of disciplines from market research and visual identity to tax and accounting. We understand the importance of design, advertising and marketing, but we also believe that the ultimate and overriding purpose of brands is to make money. That is why we connect brands to the bottom line. By valuing brands, we provide a mutually intelligible language for marketers and finance teams. Marketers then have the ability to communicate the significance of what they do and boards can use the information to chart a course that maximises profits. Without knowing the precise, financial value of an asset, how can you know if you are maximising your returns? If you are intending to license a brand, how can you know you are getting a fair price? If you are intending to sell, how do you know what the right time is? How do you decide which brands to discontinue, whether to rebrand and how to arrange your brand architecture? Brand Finance has conducted thousands of brand and branded business valuations to help answer these questions.Brand Finances recently conducted share price study revealed the compelling link between strong brands and stock market performance. It was found that investing in the most highly branded companies would lead to a return almost double that of the average for the S&P 500 as a whole. Acknowledging and managing a companys intangible assets taps into the hidden value that lies within it. The following report is a first step to understanding more about brands, how to value them and how to use that information to benefit the business. The team and I look forward to continuing the conversation with you. Brand Finance Sweden 50 May 2017 5.Brand Finance Sweden 50 May 2017 4.DefinitionsDefinitions+ Enterprise Value the value of the entire enterprise, made up of multiple branded businesses+ Branded Business Value the value of a single branded business operating under the subject brand+ Brand Contribution The totaleconomic benefit derived by abusiness from its brand+ Brand Value the value of the trade marks (and relating marketing IP and goodwill attached to it) within the branded businessBranded BusinessBranded EnterpriseE.g.Volkswagen AGE.g.ScaniaE.g.ScaniaBrand ValueBranded BusinessBranded EnterpriseBrand ContributionE.g.ScaniaBranded Business ValueA brand should be viewed in the context of the business in which it operates. For this reason Brand Finance always conducts a Branded Business Valuation as part of any brand valuation. Where a company has a purely mono-branded architecture, the business value is the same as the overall company value or enterprise value. In the more usual situation where a company owns multiple brands, business value refers to the value of the assets and revenue stream of the business line attached to that brand specifically. We evaluate the full brand value chain in order to understand the links between marketing investment, brand tracking data, stakeholder behaviour and business value to maximise the returns business owners can obtain from their brands.Brand ContributionThe brand values contained in our league tables are those of the potentially transferable brand asset only, but for marketers and managers alike, an assessment of overall brand contribution to a business provides powerful insights to help optimise performance.Brand Contribution represents the overall uplift in shareholder value that the business derives from owning the brand rather than operating a generic brand. Brands affect a variety of stakeholders, not just customers but also staff, strategic partners, regulators, investors and more, having a significant impact on financial value beyond what can be bought or sold in a transaction.Brand ValueIn the very broadest sense, a brand is the focus for all the expectations and opinions held by customers, staff and other stakeholders about an organisation and its products and services. However, when looking at brands as business assets that can be bought, sold and licensed, a more technical definition is required. Brand Finance helped to craft the internationally recognised standard on Brand Valuation, ISO 10668. That defines a brand as “a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos and designs, or a combination of these, intended to identify goods, services or entities, or a combination of these, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits/value”.Brand Strength Brand Strength is the part of our analysis most directly and easily influenced by those responsible for marketing and brand management. In order to determine the strength of a brand we have developed the Brand Strength Index (BSI). We analyse marketing investment, brand equity (the goodwill accumulated with customers, staff and other stakeholders) and finally the impact of those on business performance. Following this analysis, each brand is assigned a BSI score out of 100, which is fed into the brand value calculation. Based on the score, each brand in the league table is assigned a rating between AAA+ and D in a format similar to a credit rating. AAA+ brands are exceptionally strong and well managed while a failing brand would be assigned a D grade. Effect of a Brand on StakeholdersPotentialCustomersExistingCustomersInfluencerse.g. MediaTradeChannelsStrategicAllies &Suppliers InvestorsDebt providersSalesProductionAll OtherEmployeesMiddleManagersDirectorsBrandBrand Finance Sweden 50 May 2017 7.Brand Finance Sweden 50 May 2017 6.Methodology InputsStakeholderBehaviourPerformanceBrand Equity Value DriversBrand ContributionAudit the impact of brand management and investment on brand equity Run analytics to understand how perceptions link to behaviourLink stakeholder behaviour with key financial value driversModel the impact of behaviour on core financial performance and isolating the value of the brand contribution Brand Audit Trial & Preference Acquisition & RetentionValuation Modelling1 2 3 4Brand Finance Typical Project ApproachBrand Finance calculates the values of the brands in its league tables using the Royalty Relief approach. This approach involves estimating the likely future sales that are attributable to a brand and calculating a royalty rate that would be charged for the use of the brand, i.e. what the owner would have to pay for the use of the brandassuming it were not already owned. Brand strength expressed as a BSI score out of 100.BSI score applied to an appropriate sector royalty rate range.Royalty rate applied to forecast revenues to derive brand values.Post-tax brand revenues are discounted to a net present value (NPV) which equals the brand value.The steps in this process are as follows: 1 Calculate brand strength on a scale of 0 to 100 based on a number of attributes such as emotional connection, financial performance and sustainability, among others. This score is known as the Brand Strength Index, and is calculated using brand data from the BrandAsset Valuator database, the worlds largest database of brands, which measures brand equity, consideration and emotional imagery attributes to assess brand personality in a category agnostic manner.Strong brandWeak brandBrand strength index(BSI)BrandRoyalty rateBrand revenues Brand valueForecast revenuesBrand investmentBrand equityBrand performance2 Determine the royalty rate range for the respective brand sectors. This is done by reviewing comparable licensing agreements sourced from Brand Finances extensive database of license agreements and other online databases. 3 Calculate royalty rate. The brand strength score is applied to the royalty rate range to arrive at a royalty rate. For example, if the royalty rate range in a brands sector is 0-5% and a brand has a brand strength score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%. 4 Determine brand specific revenues estimating a proportion of parent company revenues attributable to a specific brand. 5 Determine forecast brand specific revenues using a function of historic revenues, equity analyst forecasts and economic growth rates. 6 Apply the royalty rate to the forecast revenues to derive brand revenues. 7 Brand revenues are discounted post tax to a net present value which equals the brand value.League Table Valuation MethodologyHow We Help to Maximise Value6. Build scale through licensing/franchising/partnerships5. Build core business through market expansion4. Build core business through product development3. Portfolio management/rebranding Group companies2. Optimise brand positioning and strength1. Base-case brand and business valuation(using internal data), growth strategyformulation, target-setting, scorecard andtracker set-upEvaluate ongoing performanceCurrent brand and business valueTarget brand and business valueMaximising astrong brandBrand Finance Sweden 50 May 2017 9.Brand Finance Sweden 50 May 2017 8.IKEA tops the Brand Finance Sweden 50 league table with a brand value of over US$24 billion after impressive growth of 42% year on year. The strength of IKEAs brand is built on its associations with much of what is best about the Swedish national brand, namely; style, simplicity, functionality and a lack of pretention. Though customers grumble about the difficulty of assembling flat pack furniture, IKEAs striking but tasteful designs, reliability and extremely competitive pricing have assured its position. This years rapid brand value growth has been supported by a 20% increase in profits last year combined with continuing creative and effective communications. Advertising and marketing campaigns range from the whimsical, to the practical, and to the meaningful. The IKEA Retail Therapy website was ostensibly created to enable customers to find solutions to their everyday problems as easily as possible. The light-hearted initiative saw the official names of IKEA products replaced with common Google searches such as My Partner Snores and How To Get Over Someone. The page featured a catalogue of the brands products with their original names replaced by the internet searches, in this way offering quick solutions to everyone who searched for an answer to their dilemma online. Campaigns with more of a social purpose have been employed too, including the Where Life Happens series, intended to provoke discussion on family issues, such as ageing, adolescence, divorce, and adoption. IKEA is looking to the longer term too. Brand extension is one route to growth; a chain of IKEA restaurants has been mooted to capitalize on the affection and demand for the brands in store food offerings such as its famous meatballs. The internet of things is claimed to herald a revolution in domestic life. As one of the most iconic Sweden 50Executive Summarydomestic lifestyle brands globally, IKEA has not shied away from the challenge, surveying its customers attitudes to the idea of embedding smart systems in furniture to help manage homes.H&M is second, with a brad value of over US$19 billion, following 24% growth. The clothing giant is also the countrys most powerful brand with a Brand Strength Index (BSI) score of 86. Emerging online competitors are pushing the H&M Group to look for new ways to attract customers. One solution has been to launch new brands such as COS, Monki, Weekday, or the recently announced Arket. Although at the corporate level this may increase revenue and customer acquisition, the decision not to deploy the core brand and focus attention and resources elsewhere could reduce its strength and value in future.Ericsson has seen its financial problems reflected in the loss of almost half of its brand value in a year. It has dropped from US$9.5 billion to a 10-year low of just over US$5 billion. Despite this decline, the brand remains a key asset for the business constituting 29% of the total Enterprise Value. Restructuring could help to put Ericsson back on a more stable financial footing, so a stabilization of brand value in 2018 could be expected. Prudently, new CEO Brje Ekholm has promised not cut the R&D budget as part of the restructuring process. Brand investment of this kind is essential even at difficult times to ensure long term growth. Bank brands continue to feature prominently in the Brand Finance Sweden 50 ranking with four in the top 10; Nordea (3th), Swedbank (7th), Svenska Handelsbanken (8th), and SEB (9th). However, recently unveiled government plans to increase resolution fees (to aid struggling financial firms) could drive this number down if brands such as Nordea make good threats to move out of Sweden. Rank 2017: 5 2016: 5 BV 2017: $4.6 bn BV 2016: $5.5 bnBrand Rating: AA5Rank 2017: 6 2016: 6 BV 2017: $3.6 bn BV 2016: $4.0 bnBrand Rating: AA+Rank 2017: 7 2016: 9 BV 2017: $2.9 bn BV 2016: $2.4 bnBrand Rating: AAA-Rank 2017: 9 2016: 8 BV 2017: $2.5 bn BV 2016: $2.8 bnBrand Rating: AA+6789-11%-10%-16%Rank 2017: 10 2016: 10 BV 2017: $2.3 bn BV 2016: $2.3 bnBrand Rating: A+10+0%-10%Rank 201
展开阅读全文