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The Shareholder Value of Brand
The Shareholder Value of Brand
Presentation overview
Presentation overview
Brand has value for customers Brand is a most powerful market share
Brand has value for customers Brand is a most powerful market share
Brand influences customer choice Brand is not a luxury
Brand influences customer choice Brand is not a luxury
Brand’s influence on customer choice can be measured The costs and
Brand’s influence on customer choice can be measured The costs and
Shareholder relevance of brand: Example 1
Shareholder relevance of brand: Example 1
Shareholder relevance of brand: Structural model Shareholders seem to
Shareholder relevance of brand: Structural model Shareholders seem to
Brand influence on valuation Brand recognition and brand performance
Brand influence on valuation Brand recognition and brand performance
Brand and shareholder value The greatest market rewards go to the best
Brand and shareholder value The greatest market rewards go to the best
Brand is a leading indicator of shareholder value Corporate brand
Brand is a leading indicator of shareholder value Corporate brand
Why does this matter
Why does this matter
Appendix
Appendix
Brand valuation Several methods of brand valuation exist, each with
Brand valuation Several methods of brand valuation exist, each with
Competitive set: Example 1
Competitive set: Example 1
Data sources: Example 1 We selected a group of factors influencing
Data sources: Example 1 We selected a group of factors influencing

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The Shareholder Value of Brand

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1 The Shareholder Value of Brand

The Shareholder Value of Brand

Prepared for: MSI Conference: A Hard and Soft Look at Building Strong Brands Tony Siesfeld March 15, 2002

All rights are reserved. Members of MSI and academic researchers may make limited copies of this presentation, electronically or in print, solely for their internal, non-commercial use. Any other use of this presentation—including reproduction for purposes other than those noted above, modification, distribution, or republication—without prior written permission of the Author is strictly prohibited.

2 Presentation overview

Presentation overview

Brand has value for many stakeholders, including shareholders The shareholder value of brand can be measured The shareholder dollar value of brand can be determined The sources of the brand’s value can be determined Brand strength appears to be an important leading indicator of shareholder value growth

3 Brand has value for customers Brand is a most powerful market share

Brand has value for customers Brand is a most powerful market share

driver and influence on customer choice.

Miserable Moments Are Very Costly

Buying Share Is Also Costly

In this case, brand had a greater impact on customer demand than the combination of all the most favorable price and service elements

Strong Brand Matters

Promise Alone Is Not Enough

Exceptional Service Gets Noticed

Change in Demand

3 days

Out-of-Stock Availability

One week

Two weeks

One month

Change in Demand

15% lower price, = Perf.

Price Performance

10% lower price,= Perf.

= Price, 10% Better Perf.

= Price, = Perf.

Change in Demand

A

B

Brand

C

Change in Demand

D

4% of net sales

E

3% of net sales

Marketing Dollars

2% of net sales

1% of net sales

Change in Demand

90% accuracy, one hour

Technical Support

75% accuracy, one hour

90% accuracy, 1/2 day

75% accuracy, 1/2 day

Source: Mercer study, retail market space.

6.3%

4.8%

2.8%

0.0%

0%

5%

10%

15%

6.1%

5.7%

4.2%

0.0%

0%

5%

10%

15%

26.0%

3.4%

0.4%

0.3%

3.7%

0.0%

0%

5%

10%

15%

20%

25%

30%

2.3%

1.1%

0.0%

0%

15%

10%

5%

2.1%

0.5%

0.3%

0.0%

0%

15%

10%

5%

4 Brand influences customer choice Brand is not a luxury

Brand influences customer choice Brand is not a luxury

.. the bottom-line impact of a strong brand can be substantial.

Corolla vs. Prizm: Revealed Brand Equity

Toyota and GM joint venture Corolla and Prizm were same product Both cost approximately $10,300 to build Consumers regarded a Toyota as “superior to a GM vehicle in the same class”

Toyota commanded a $300 price premium Toyota earned $108 MM more than GM in operating profits Its dealers earned $128 MM more than GM dealers

Results

Toyota Corolla

Geo Prizm

Wholesale Price ($)

Price Premium

Volume Benefit

Quantity Sold

5 Brand’s influence on customer choice can be measured The costs and

Brand’s influence on customer choice can be measured The costs and

benefits of consideration and choice can be explicitly quantified – both for ROE and strategic resource allocation purposes.

Demand Curve Shift Resulting from Greater Brand Equity (All else being equal)

Positive Brand Equity Elements for Brand A over B

Brand Equity Sub-Elements of Customer Advocacy

Warmth

“Owns” the customer problem

Stature

Proactively solves problems

Brand A

Meets individual needs

Returns calls same day

Sound company

Quality products

Responsive service reps

Brand B

Quantity (share)

Varies by customer segment

Varies by customer segment

Brand equity shifts demand for Brand A over Brand B

Brand equity elements are responsible for the demand shift

Each equity element has specific sub-components

Price

6 Shareholder relevance of brand: Example 1

Shareholder relevance of brand: Example 1

Problem Definition

Initial Modeling

Final Results

Assess of the relative importance of financial and non-financial elements in determining shareholder value Derive financial measures used by analysts in evaluating companies Combine “soft” variables using data reduction methodologies Validate the derived measures Define the dependent measure: log of market value on revenue

Frame the analysis in a financial context Choose the appropriate competitive context Use multiple methods to structure the model: Structural Equation Model to gain insight on the relationship between financial and non-financial elements of the model Partial Least Square analysis to maximize the predictive power of the model

Score card: Strengths and weaknesses versus the competition Investment and resource allocation recommendation Strategic shareholder communication

The final outcome of this process is a set of two composite scores which explain about 80% of the variability in the dependent measure

7 Shareholder relevance of brand: Structural model Shareholders seem to

Shareholder relevance of brand: Structural model Shareholders seem to

rely on many sources of information in evaluating their investment options.

Shareholder Value

Financial Elements

Brand Elements

Brand Performance

Leading indicator

Actual Financial Performance

Expected Financial Performance

Brand Recognition

Market Value/ Revenue Expected Return P/E Ratio

Source: Mercer analysis.

8 Brand influence on valuation Brand recognition and brand performance

Brand influence on valuation Brand recognition and brand performance

account for 28.5% of shareholder value.

Drivers of Shareholder Value (MV/R)

Percentage Impact (MV/R)

Source: Mercer analysis.

9 Brand and shareholder value The greatest market rewards go to the best

Brand and shareholder value The greatest market rewards go to the best

brands; there is little reward in being near-best.

Brand as Driver of Shareholder Value (3/01)2

Market Value to Revenue Ratio

Brand Score1

20

EMC

Cisco

15

Oracle

Microsoft

10

Sun

5

IBM

Dell

Compaq

0

25

45

65

85

Source: Mercer analysis. 1Brand Score is a linear combinations of secondary data on corporate reputation, Interbrand ranking and ratings of elements of the value proposition (e.g. product quality, innovativeness, quality of employees, best company to work for) controlling for financial performance. 2Example of 40 companies.

10 Brand is a leading indicator of shareholder value Corporate brand

Brand is a leading indicator of shareholder value Corporate brand

performance is a leading indicator of stock price performance.

Stock Price Appreciation One Year After Corporate Brand Evaluation

Stock Price Appreciation One Year After (10/1999-10/2000)

Corporate Brand Score in October 1999

200%

150%

100%

50%

0%

-50%

-100%

25

50

75

100

EMC

Sun

Cisco

Compaq

Applied Materials

HP

Micron Tech.

Texas Instr.

Intel

Dell

Gateway

3COM

SGI

Apple

Source: Reuters, Mercer analysis.

11 Why does this matter

Why does this matter

How might it help you?

The shareholder value of brand is both a leading and a lagging indicator shows its strengths, weaknesses and opportunities for improvement is an outside assessment of effectiveness of company activities It is easy to calculate... done with available data fairly straightforward modeling ...within limits best with corporate/master brands large cap, mature companies within a single country

12 Appendix

Appendix

13 Brand valuation Several methods of brand valuation exist, each with

Brand valuation Several methods of brand valuation exist, each with

its own advantages and disadvantages.

General Approaches to Brand Valuation

14 Competitive set: Example 1

Competitive set: Example 1

3COM Analog Devices Apple Applied Materials Automatic Data Processing Broadcom Cisco Comdisco Compaq Computer Associates Computer Sciences Corp Dell Electronic Data Systems

eMachines EMC Exodus Communications Gateway Hewlett-Packard Hitachi IBM Inktomi Intel Iomega JDS Uniphase Micron Electronics Micron Technology Microsoft

NCR Corp NEC Novell Oracle Seagate Technology Silicon Graphics Solectron Sony Storage Technology Sun Microsystems Texas Instruments Unisys VA Linux

15 Data sources: Example 1 We selected a group of factors influencing

Data sources: Example 1 We selected a group of factors influencing

brand equity and reviewed numerous third-party sources to evaluate the competitive set.

Financial

Brand-Related

Reputation

Other

Fortune Most Admired Financial Times/PwC World’s 50 Most Respected Companies Fortune Management Quality Worth 50 Best CEOs Industry Week 100 Best Managed Companies

# of Registered Patents Fortune Innovativeness R&D Revenue Ratio InfoWeek 500 Best Tech Users Knowledge Management World 100 Companies that Matter Most Admired Knowledge Enterprises Fortune Social Responsibility

Fortune Investment Value Fortune Financial Soundness Fortune Use of Assets

Interbrand 75 Advertising/Revenue Ratio Red Herring 100 Business Week IT Top 200 PC Magazine’s 100 Most Influential Companies Fortune Product Quality PC World Best Products Computerworld 100 Best Places to Work in IT Fortune Talent Fortune 100 Best Companies to Work For ZDNet Smart Business 50 Business 2.0 Top 100 InfoWeek Top 100 e-Business Innovators Interactive Week Internet 500 Fortune e-50 The Standard 100 USA Today Internet 100

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