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Global 5002019The annual report on the worlds most valuable and strongest brandsFebruary 2019Brand Finance Global 500 February 2019 3Contents.About Brand Finance 4Get in Touch 4Request Your Brand Value Report 5Foreword 6Brand Value Analysis 8Regional Analysis 14Sector Reputation Analysis 16Brand Strength Analysis 18Brand Finance Global 500 (USD m) 20Definitions 30Brand Valuation Methodology 32Market Research Methodology 33Stakeholder Equity Measures 33Brand Guardianship Index 2019 34Consulting Services 38Brand Evaluation Services 39Communications Services 40Brand Finance Network 424 Brand Finance Global 500 February 2019 Brand Finance Global 500 February 2019 5Brand Finance is the worlds leading independent brand valuation and strategy consultancy. Brand Finance was set up in 1996 with the aim of bridging the gap between marketing and finance. For more than 20 years, we have helped companies and organisations of all types to connect their brands to the bottom line.We pride ourselves on four key strengths:+Independence+Technical Credibility+Transparency+ExpertiseWe put thousands of the worlds biggest brands to the test every year, evaluating which are the strongest and most valuable.Brand Finance helped craft the internationally recognised standard on Brand Valuation ISO 10668, and the recently approved standard on Brand Evaluation ISO 20671.For business enquiries, please contact:Richard HaighManaging Directorrd.haighbrandfinanceFor media enquiries, please contact:Konrad JagodzinskiCommunications Director k.jagodzinskibrandfinanceFor all other enquiries, please contact:enquiriesbrandfinance+44 (0)207 389 9400For more information, please visit our website:brandfinancelinkedin/company/brand-financetwitter/brandfinancefacebook/brandfinanceAbout Brand Finance.Get in Touch.Global Forum 2019brandfinance/eventsUnderstanding the Value of Geographic Branding 2 April 2019 Join us at the Brand Finance Global Forum, an action-packed day-long event at the Royal Automobile Club in London, as we explore how geographic branding can impact brand value, attract customers, and influence key stakeholders.What is a Brand Value Report?Brand Valuation Summary+ Internal understanding of brand+ Brand value tracking+ Competitor benchmarking+ Historical brand valueBrand Strength Index+ Brand strength tracking+ Brand strength analysis+ Management KPIs+ Competitor benchmarkingRoyalty Rates+ Transfer pricing+ Licensing/franchising negotiation+ International licensing+ Competitor benchmarkingCost of Capital+ Independent view of cost of capital for internal valuations and project appraisal exercisesCustomer Research+ Utilities + Insurance+ Banks+ Telecoms+ Airlines+ Tech+ Auto+ Hotels+ Beers+ Oil while the brands that are slower to adapt or diversify, like Walmart and Apple, will miss a key opportunity to grow brand value.David HaighCEO, Brand FinanceTop 10 Most Valuable Brands0501001502002019201820172016201520142013Brand Value over Timecommerce have now become the consumer norm. Walmart, which held the top position in the Brand Finance Global 500 just 10 years ago, has dropped out of the top 10 most valuable brands for the first time. Although its brand value has grown 10% to US$67.9 billion, the company continues to struggle with product fulfilment issues, increased transportation costs and slow gains in its online sales. Walmart and other big box retailers must improve its online offering and elevate the in-store customer experience or the brand will continue to lose out to its e-commerce competitors. Tech titans dominate top 10 Apart from disrupting traditional industries, the tech sector has carved out a clear space of its own, demanding 6 positions in the top 10 most valuable brands. In addition to Amazon in 1st, Apple (2nd, US$153.6 billion) and Google (3rd, US$142.8 billion) round out the top three positions. As Apple struggles to grow in key emerging markets and shows little motivation to diversify its portfolio, it could be the opportune moment for Google to shift 12019:2018:1$187,905m$150,811m+24.6%022019:2018:2$153,634m$146,311m+5.0%032019:2018:3$142,755m$120,911m+18.1%042019:2018:6$119,595m$81,163m+47.4%252019:2018:4$91,282m$92,289m-1.1%162019:2018:5$87,005m$82,422m+5.6%172019:2018:7$83,202m$76,526m+8.7%082019:2018:10$79,823m$59,189m+34.9%292019:2018:8$71,154m$62,826m+13.3%1102019:2018:11$69,742m$56,789m+22.8%2Brand Value Analysis.USD bn Amazon Apple Google Microsoft Samsung10 Brand Finance Global 500 February 2019 Brand Finance Global 500 February 2019 11Brand Value by Sector Brand Value by CountrySectorBrand Value (USD bn) % of totalTech 1631.6 23.7%Banks 934.2 13.6%Telecoms 620.8 9.0%Auto 456.4 6.6%Retail 414.8 6.0%Oil sales in China (as of November 2018) had risen 11.7% to a record 600,000, contributing to an overall growth rate in Asia Pacific of 7.5% for the same period. Although Mercedes also enjoyed double digit growth in Germany its home market sales in Europe and North America were lower than expected. However, the company is keeping up with industry trends, launching the first all-electric vehicle in 2019 as part of its EQ series, on par to compete with Jaguars I-Pace and Teslas Model X. A household name in most Western countries with a large consumer-facing presence, Shells extraction and new energies projects make it the most valuable B2B brand in Europe, growing its brand value 7% to US$42.3 billion. Over the last few years, the company has invested in several upstream projects across business lines to improve its profitability as drop was affected by a 4% decrease in brand strength as well as competition from challenger brands in its key service areas of mobile, internet, and landline telecommunications. Despite its decline in brand value and strength, Telstra continues to be a dominant telecoms carrier and is keeping up with current industry trends. The company recently struck deals with some of the worlds largest smartphone makers to offer their 5G handsets in the first half of 2019 exclusively to Telstra customers. Mining giant BHP, up 17% to US$6.0 billion, continues to derive strong results from its major 2017 re-branding exercise, remaining Australasias most valuable business-to-business brand. BHPs corporate leadership has invested significant effort in charting out a forward-looking brand vision based around growth and security, despite the risk of global financial challenges. The branding evolution appears to be paying off as BHP has increased its brand value 51% since 2017. Asia Even as its brand value decreased 1% to US$91.3 billion, Samsung remains the most valuable B2C brand in Asia. The companys mobile phone sales did not meet expectations as the Galaxy Note 9 and Galaxy S9 were not competitive enough in the high-end market and the company also lost ground in the mid- and low-end smartphone markets; but other business units, such as Semiconductor, Display Panel and Memory, improved earnings in Q3 2018. Samsung will look to expand sales of premium smartphones, adopt cutting-edge technologies across the Galaxy lineup, and introduce foldable and 5G smartphones in the coming year. If the mobile communications division proves successful, it is possible the brand can regain its brand value in the future.The largest new entrant to the Brand Finance Global 500 last year, Chinas electricity giant State Grid is Asias most valuable B2B brand, improving its brand value 25% to US$51.3 billion in 2019. State Grids increase in brand value is supported by a revenue growth of 12.5% with its alternative energy segment growing by 90%. The company acquired the largest electric vehicle operator in China, indicating a firm shift in expanding its alternative energy capabilities, which should prove successful in maintaining its brand value growth.Regional Analysis.USD $10.6 billionRank 173 USD $8.9 billionRank 206USD $187.9 billionRank 1USD $91.3 billionRank 5USD $32.9 billionRank 40USD $60.4 billionRank 13USD $42.3 billionRank 26USD $8.3 billionRank 226USD $6.0 billionRank 345USD $51.3 billionRank 18Most Valuable Brands per RegionB2B B2C16 Brand Finance Global 500 February 2019 Brand Finance Global 500 February 2019 17How brand reputation mattersComparing brand reputation across sectors is a valuable process. Brand categories are converging in different ways, with new technologies disrupting many industries. No banking, utility or oil and gas brand should take comfort in being the best of a bad bunch a poor reputation across the entire sector leaves brands vulnerable to challenges. Tech brands show resilience Consumers hold tech brands in high regard despite scandals tarnishing reputation of some industry giants. The sector ranks joint-third out of the 10 industries covered in Brand Finances original market research, with a score of 7.0 out of 10 globally, much higher than that for banking, telecoms, and utility brands.Brands such as PayPal, Google, and Amazon are seen as reputable overall, and offering good quality services. The sector ranks highest for being innovative, as would be expected but perhaps more remarkable is the continued trust consumers have in most tech brands (only 5% globally distrust Google). There are exceptions of course, but the mistrust that consumers have developed towards Facebook (6.8) and Uber (6.1) has not eroded the reputation of the sector as a whole. All metrics considered, tech brands hold the highest overall stakeholder equity among the researched sectors.Banks and telcos lag behindBanking brands and telecoms providers continue to struggle to earn the respect of consumers, taking the bottom places for reputation globally (both 6.2). In banking, reputation is recovering only slowly since the days of the global financial crisis. The sector generally appears vulnerable to encroachment.Telecoms providers are in a similar fix rated lowest not only for reputation and only just above banks for quality of service (3.4 out of 5). Brands in other sectors are more likely to be seen as consumer champions, and telecoms brands need to address this reputational challenge.Autos keep up in the raceAuto is another sector facing disruption by new technologies, but here the brands appear more resilient. Brand reputation is high (7.1), led by premium German brands. Crucially, auto brands also rate high for being innovative (at 27% second only to tech globally). From a branding standpoint, the auto leaders can hold their own if they continue to embrace new technologies.Hotels boast five-star ratingThe hotel sector boasts the highest global score for reputation (7.3). Premium hotel brands are held in especially high regard, but the mass chains also score well. Next to reputation, hotels rank highest among all sectors on quality of service and trust, but value is also delivered.A strong brand reputation is a valuable asset for any business, driving higher customer acquisition, satisfaction, loyalty, and advocacy. The net result is that high stakeholder equity is a significant contributor to a solid brand strength and in effect supports business growth and profitability.Steven ThomsonInsights Director, Brand FinanceSectors Ranked by ReputationSector Reputation Analysis.Sector Reputation Analysis.METRIC TOP SECTORReputationHOTELSConsideration conversionTECHInnovation TECHTrustHOTELSQualityHOTELSValueBEERSLoyaltyBEERSRecommendation (NPS)AUTOOVERALL STAKEHOLDER EQUITYTECHTop Sectors per Metric1Hotels 7.3/102Auto 7.1/103=Tech 7.0/103=Beers 7.0/105=Oil & Gas 6.8/105=Airlines 6.8/107Insurance 6.6/108Utilities 6.5/109=Banking 6.2/109=Telecoms 6.2/1018 Brand Finance Global 500 February 2019 Brand Finance Global 500 February 2019 19Ferrari in pole position as worlds strongest brandItalian supercar manufacturer, Ferrari, has claimed the title of the worlds strongest brand. Ferraris Brand Strength Index (BSI) score increased three points from 91.5 to 94.8 out of 100 over the past year, overtaking the likes of McDonalds, Coca-Cola, Lego, and Disney. The iconic auto brand last held the title of the worlds strongest in 2014.Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. According to these criteria, Ferrari is the strongest of only 14 brands in the Brand Finance Global 500 2019 ranking of the worlds most valuable brands to be awarded the highest AAA+ rating.Since its inception, Ferrari has remained synonymous with style and performance, enabling the brand to successfully extend into other sectors from merchandise, such as hats and sunglasses, to theme parks, and even the Maranello Village, a Ferrari-themed hotel without losing its appeal as a luxury brand. Upmarket auto brands in general continue to turn heads and win consumer approval. Porsche and BMW follow Ferrari as first-class brands with AAA brand strength ratings.Along with the level of revenues, brand strength is a crucial driver of brand value. As Ferraris brand strength flourished this year, its brand value also improved, racing ahead 27% to US$8.3 billion. Most of Ferraris limited production of models for 2018 and part of 2019 were already sold out by May 2018, and new chief executive Louis Camilleri presented a plan in September 2018 promising 15 new models including hybrids, which remains on trend with the shift to electric across the auto industry.Big four among strongest brandsThe Big Four professional services firms also achieved noteworthy performance in terms of brand strength this year, with three of them posting the same elite AAA+ brand rating as Ferrari. Deloitte leads the charge as the strongest and most valuable of the accounting and audit giants with a BSI score of 91.2 (brand value US$29.6 billion), pulling ahead of last Brand Strength Analysis.years sector leader, PwC, this year with a BSI score of 89.8 (US$24.9 billion). EY also continues to attain elite AAA+ status, with a BSI of 89.7 (US$23.2 billion) having achieved fast growth in both brand strength and brand value in recent years since 2015. Though the Big Four hold steady overall among commercial services brands with regards to brand strength, KPMG trails behind with a BSI of 83.2, down 4% from last year. The KPMG brand has been impacted by controversies in 2018, including the widely covered audit of now defunct UK construction firm Carillion. The success of the Big Four, however, may be dampened by the winds of change already swaying these firms to take bolder steps towards modifying their traditional consulting models. Not only have they entered and expanded into new realms of professional services throughout the world, but there is also increased talk of breakups into smaller fractions that would help hedge their bets for better service provision in the coming years.As the worlds foremost luxury carmaker, Ferrari has an unparalleled level of brand re
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