2017年全球品牌价值500强 .pdf

Brand Finance Global 500 February 2017 1.Global 5002017The annual report on the worlds most valuable brandsFebruary 2017Brand Finance Global 500 February 2017 Brand Finance Global 500 February 2017 2. 3.Brand Finance Global 500 February 2016 2. Airlines 30 30 February 2015Global 500 February 2017ForewordWhat 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. David Haigh, CEO Brand FinanceDefinitions 4Methodology 6Executive Summary 8Full Table 18Understand Your Brands Value 28How We Can Help 30Contact Details 31ContentsBrand Finance Global 500 February 2017 5.Brand Finance Global 500 February 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.UnileverPersilE.g.PersilBrand ValueBranded BusinessBranded EnterpriseBrand ContributionE.g.PersilBranded 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 Global 500 February 2017 7.Brand Finance Global 500 February 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%. 4Determine 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 Global 500 February 2017 9.Brand Finance Global 500 February 2017 8.Rank 2017: 1 2016: 2 BV 2017: $109,470m BV 2016: $88,173mBrand Rating: AAA+Rank 2017: 2 2016: 1 BV 2017: $107,141m BV 2016: $145,918mBrand Rating: AAARank 2017: 3 2016: 3 BV 2017: $106,369m BV 2016: $69,642mBrand Rating: AAA-Rank 2017: 42016: 6 BV 2017: $87,016m BV 2016: $59,904mBrand Rating: AAARank 2017: 5 2016: 4BV 2017: $76,265m BV 2016: $ 67,258mBrand Rating: AAA12345+24%-27%+53%+45%+13%Rank 2017: 6 2016: 7 BV 2017: $ 66,219m BV 2016: $ 58,619mBrand Rating: AAA-Rank 2017: 7 2016: 5 BV 2017: $ 65,875m BV 2016: $ 63,116mBrand Rating: AAA-Rank 2017: 8 2016: 8 BV 2017: $62,496m BV 2016: $ 53,657mBrand Rating: AA+Rank 2017: 9 2016: 17 BV 2017: $ 61,998m BV 2016: $34,002mBrand Rating: AAA678910+13%+4%+16%+82%Apple has for the last five years held sway as the worlds most valuable brand. Apple was once a paragon of branding excellence. It has a meticulously constructed, sleek and innovative visual identity that runs consistently through all its products, services and retail sites. Its mono-brand structure created marketing efficiencies and helped to cement its logo as an icon of the 21st century. Reliability, user-friendly interfaces, knowledgeable staff and, most importantly, its transformative technology meant that the brand fulfilled its promises. Loyalty and advocacy reached cultish proportions with fans waiting days outside Apple stores for the latest release. However, Apples evangelists are beginning to lose their faith. The snaking queues of early adopters have shrunk almost to the point of invisibility. Apple has failed to maintain its technological advantage and has repeatedly disillusioned its advocates with tweaks when material changes were expected. Put simply, Apple has over-exploited the goodwill of its customers, it has failed to generate significant revenues from newer products such as the Apple Watch and cannot demonstrate that genuinely innovative technologies desired by consumers are in the pipeline. Its brand has lost its luster and must now compete on an increasingly level playing field not just with traditional rival Samsung, but a slew of Chinese brands such as Huawei and OnePlus in the smartphone market, Apples key source of profitability. Brand Finances analysts had remained bullish about Apples potential to recover its lost momentum, but the rot has now truly set in, with brand value falling 27% since early 2016 to US$107 billion, which sees it lose its status as the Global 500worlds most valuable brand.Apples loss has been Googles gain. Six years after it last held the title in 2011, Google is now the worlds most valuable brand with a value of US$109 billion.It is perhaps fitting that the brand which enables the worlds biggest brands reach their customers and build their own brand equity (through search and advertising respectively) has itself become the worlds most valuable. Google remains largely unchallenged in its core search business, which is the mainstay of its advertising income. Ad revenues were up 20% in 2016, despite a fall in cost per click, as ad budgets are increasingly directed online. Desktop advertising remains far more lucrative than mobile, despite its prematurely diagnosed decline. Though mobile advertising has proved a challenge to monetize effectively, Google is persevering. For example 2016 saw the introduction of bumper ads, short, 6-second video ads better suited to the short clips that form an increasing part of media consumption on Google sites such as Youtube. Increasing revenues are not the only explanation for Googles success however. Its brand strength score is up by two points indicating improving underlying brand equity. Some are wont to question the significance of brand equity for tech firms, convinced that the functional properties of a particular service are the only relevant concern. However, a brand can have a powerful impact both in the growth phase and in sustaining long term success for tech brands. As the examples of Apple and Yahoo arguably