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Switzerland 502017The annual report on the most valuable Swiss brandsMay 2017Brand Finance Switzerland 50 May 2017 3.Brand Finance Australia 100 March 2016 2. Global 500 February 2016 Airlines 30 30 February 2015Switzerland 50 May 2017Foreword.Foreword 2 Definitions 4Methodology 6Executive Summary 8Full Table (CHFm) 12Full Table (USDm) 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 Switzerland 50 May 2017 5.Brand Finance Switzerland 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.Swatch GroupE.g.OmegaE.g.OmegaBrand ValueBranded BusinessBranded EnterpriseBrand ContributionE.g.OmegaBranded 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 Switzerland 50 May 2017 7.Brand Finance Switzerland 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 1-5% 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 4.2%. 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 Switzerland 50 May 2017 9.Brand Finance Switzerland 50 May 2017 8.The falling brand values of Tissot (down 18%), Omega (17%), Longines (12%) and Swatch (11%) refl ect the current decline in the Swiss watch industry. The industry has suffered more than two years of declining sales, which were down 9% in the fi rst fi ve months of 2016 due to weaker demand from China and emerging markets. Brands like Apple and Samsung, who are well established in the tech space, have introduced smartwatches, threatening the necessity for an old-fashioned watch. Time is ticking for traditional watch brands to invent new products that incorporate technology or they risk losing market share. Interestingly, TAG Heuers brand value grew 39% to CHF 3 billion. Amidst a 10% decline in Swiss watch exports, TAG Heuer reported more than 10% revenue growth in 2016. The revival is attributed mainly to new models and the launch of its TAG Heuer Connected line, which makes the brand the fi rst Swiss watchmaker to offer smartwatches. The main challenge Swiss watch makers currently face is the rise of technology. TAG Heuer recently opened an offi ce in Silicon Valley to solidify its smartwatch alliance with Google and Intel Corps. It is clear that TAG Heuer has embraced the need for change and its growing brand value reinforces the importance of innovation. Rolex is the most powerful Swiss brand this year with a Brand Strength Index score of 89.2. Compared with the more affordable Swatch and mid-market Tissot, Rolexs renown and premium status seem to allow it to bypass the industrys market conditions. Rolexs brand value is up 14% to CHF 6.8 billion.Despite a 20% drop in brand value to CHF 18.8 billion, Nestl remains Switzerlands most valuable brand and the worlds most valuable Switzerland50Executive SummaryRank 2017: 1 2016: 1 BV 2017: CHF 18,819m BV 2016: CHF 23,440mBrand Rating: AAA-Rank 2017: 2 2016: 2 BV 2017: CHF 9,086m BV 2016: CHF 8,936mBrand Rating: AA+Rank 2017: 5 2016: 9 BV 2017: CHF 6,586mBV 2016: CHF 5,636mBrand Rating: AA+125-20%+2%Rank 2017: 6 2016: 5 BV 2017: CHF 6,429m BV 2016: CHF 6,880mBrand Rating: AAARank 2017: 7 2016: 4 BV 2017: CHF 5,911m BV 2016: CHF 7,318mBrand Rating: AARank 2017: 8 2016: 14 BV 2017: CHF 5,902m BV 2016: CHF 3,895mBrand Rating: AARank 2017: 9 2016: 7 BV 2017: CHF 5,199m BV 2016: CHF 6,174mBrand Rating: AAA-6789-7%-19%-16%+17%Rank 2017: 3 2016: 6 BV 2017: CHF 6,981mBV 2016: CHF 6,300mBrand Rating: AA-3Rank 2017: 4 2016: 8 BV 2017: CHF 6,774m BV 2016: CHF 5,931mBrand Rating: AAA4+14%Rank 2017: 10 2016: 11 BV 2017: CHF 4,585m BV 2016: CHF 4,587mBrand Rating: AA10+0%+11% +52%0510152025ABBRolexZurichUBSNestl2017201620152014201320122011Brand value (CHFbn)Brand Value Over TimeBrand Finance Switzerland 50 May 2017 11.Brand Finance Switzerland 50 May 2017 10.Executive SummaryBSI Score89.2BSI Score85.6BSI Score83.1BSI Score82.9BSI Score80.9BSI Score80.2BSI Score80.0BSI Score79.3BSI Score78.4BSI Score75.8The 10 Most Powerful BrandsThese are the most powerful Swiss brands, whose rating is based on Brand Finances Brand Strength Index (BSI).-5000.000000-3928.571429-2857.142857-1785.714286-714.285714357.1428571428.5714292500.000000NestlCredit SuisseNescafeGlencore XstrataOmegaSwisscomTE ConnectivityHolcimAdeccoLonzaLindtGeberitNovartisJulius BaerSchindlerZurichTAG HeuerRolexABBRoche 2,007950843833681435425375255235-65.0-51.5-38.0-24.5-11.02.5 16.029.543.056.570.0LonzaNespressoNestlTE ConnectivityCredit SuisseGlencore XstrataTissotOmegaNescafeAdeccoDufryABBLindtBaloiseZKBGeberitTAG HeuerJulius BaerSchindlerRoche-278-418-419-437-451-636-933-975-1,407-4,62152%44%41%39%32%30%24%18%17%15%-14%-16%-17%-18%-19%-19%-19%-20%-28%-41%Brand Value Change 2016-2017 (CHFm) Brand Value Change 2016-2017 (%)-5000.000000-3928.571429-2857.142857-1785.714286-714.285714357.1428571428.5714292500.000000NestlCredit SuisseNescafeGlencore XstrataOmegaSwisscomTE ConnectivityHolcimAdeccoLonzaLindtGeberitNovartisJulius BaerSchindlerZurichTAG HeuerRolexABBRoche 2,007950843833681435425375255235-65.0-51.5-38.0-24.5-11.02.5 16.02
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