2017印度100强品牌报告（英文版）.pdf

India 1002017The annual report on the most valuable Indian brandsMay 2017Brand Finance India 100 May 2017 3.Brand Finance Australia 100 March 2016 2. Global 500 February 2016 Airlines 30 30 February 2015India 100 May 2017Foreword.Foreword 2 Definitions 4Methodology 6Excecutive Summary 8Full Table (USDm) 12Full Table (INRm) 14Understand Your Brands Value 16How We Can Help 18Contact Details 19ContentsDavid 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 India 100 May 2017 5.Brand Finance India 100 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.Titan Company ltdE.g.TanishqE.g.TanishqBrand ValueBranded BusinessBranded EnterpriseBrand ContributionE.g.TanishqBranded 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 India 100 May 2017 7.Brand Finance India 100 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 India 100 May 2017 9.Brand Finance India 100 May 2017 8.India 100Excecutive SummaryRank 2017: 1 2016: 1 BV 2017: $ 13,117m BV 2016: $ 13,713mBrand Rating: AA+Rank 2017: 2 2016: 2 BV 2017: $ 7,722m BV 2016: $ 5,768mBrand Rating: AA+Rank 2017: 5 2016: 3 BV 2017: $ 5,509m BV 2016: $ 5,760mBrand Rating: AA+125-4%+34%Rank 2017: 6 2016: 6 BV 2017: $ 4,848m BV 2016: $ 3,554mBrand Rating: AA+Rank 2017: 7 2016: 8 BV 2017: $ 4,623m BV 2016: $ 3,360mBrand Rating: AAA-Rank 2017: 8 2016: 9 BV 2017: $ 4,595m BV 2016: $ 3,261mBrand Rating: AARank 2017: 9 2016: 10 BV 2017: $ 4,463m BV 2016: $ 3,236mBrand Rating: AA+6789+36%+38%+38%-4%Rank 2017: 3 2016: 4 BV 2017: $ 6,814m BV 2016: $ 4,988mBrand Rating: AA3Rank 2017: 4 2016: 5 BV 2017: $ 6,224m BV 2016: $ 4,794mBrand Rating: AA+4+30%Rank 2017: 10 2016: 11 BV 2017: $ 3,575m BV 2016: $ 2,949mBrand Rating: AA10+21%+37%+41%Strong brand value growth characterises the 2017 Brand Finance India 100. 68 of Indias 100 most valuable brands have grown in value this year, with 54 of those enjoying double-digit growth. There are however some notable exceptions, most obviously, Indias most valuable brand, Tata. There has already been intense speculation as to whether Brand Value has fallen due to Tatas board room drama. In Brand Finances view this is emphatically not the case. Tatas Brand Strength Index score in fact improved significantly this year and its brand rating was upgraded from A+ to AA+. Corrective action has been taken quickly and the stakeholders at large have not been significantly affected. The brand value drop of 4% is clearly not positive, however it is a lesser decline than between 2015 and 2016, when brand value fell 11%. Tata is present in a number of industries in which operating conditions are very challenging for all participants. In this context the slight decline can be seen as a stabilisation in challenging times. As Tatas new chairman, Natarajan Chandrasekaran, settles in and attempts to streamline the conglomerates activities, we expect Tata to return to brand value growth soon. IT services brands continue to be one of Indias great success stories, dominating not just the national rankings but the international rankings of their sector too. Even as other Indian brands perform strongly, IT services brands are managing to improve their national ranks. Infosys is up from 5th to 4th, HCL from 10th to 9th and Wipro from 12th to 11th. The biggest improvement in rankings however comes from Indigo Airlines which is up from 95th last year to 62nd now. Indias biggest airline recently announced the addition of 35 new routes and increasing frequency on existing ones. At the opposite end of the scale, the iconic Taj Hotels brand has fallen 14 places to 93rd with brand value dropping below US$300 million. Like so many other hotel brands it has been hit by the impact of technology, with aggregator sites creating pricing pressure and Airbnb introducing competition.This years fastest falling brand is Micromax. The tech firm has lost 39% of its brand value and nearly fallen out of the top 100, placing 95th. Micromax is struggling to compete following the influx of strong Chinese mobile brands such as Oppo and Vivo into the Indian market in the last couple of years.ITC is Indias most powerful brand. It is Indias only AAA rated brand, with a Brand Strength Index score of 86. ITC has been expanding its strategic presence, beyond tobacco, for over a decade. In the last four to five years it has become a formidable competitor in the food and beverage, personal care, apparel and stationery sectors, challenging incumbents that have dominated those industries for over a century. This broad spectrum of excellence is making ITC a household name across India and contributing to the brands strength. Mahindra, a stalwart of Indian enterprise has re-entered the top ten this year, after posting healthy growth in its flagship automotive division and strengthening its presence in SAARC countries. Mahindras agricultural division and its tractors business are well-established strengths while more recent initiatives