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1、Adrian Davis Nick Anderson 16thJuly 2002 2 “The fundamental task of todays CEO is simplicity itself: Get the stock price up. Period.” “A 15%- 20% premium is justified for premium brands” “Being passionate about brands is a questionable attribute for marketing professionals; far better to be rational
2、 about managing them” Peter Doyle, Visiting Professor “I know I am throwing away half of my marketing budget. But as I dont know which half, Id better continue to do so” Morris Tabaksblatt, former CEO The view 3 Fact The most important objective for todays CEO is delivering shareholder value Brands
3、can be the single most important component of intangible assets A strong brand adds real value to its company Brands drive business success 4 A Brand: It is not fame alone It is a promise of quality, meaning and consistency (what you are getting, how you feel about it and who it is from) It is a sou
4、rce of differentiation It is an entity that rests in customers imaginations It is a driver of shareholder value resulting in higher prices, higher volume growth and lower costs Drivers of Brand Value 5 ?For a typical FMCG organisation: ?Trial (and hopefully repeat) ?Customer Loyalty ?Increased Price
5、 Premium (Reputation) ?Repeat Purchase (e.g. Multibuy/ BOGOF) ?Increased Regularity of Use ?Stretch into new markets or categories ?Lower costs of advertising and marketing ?Lower costs of SKUs and merchandising ?Lower discounts to multiples ?Economies of scale over many territories (production, dis
6、tribution and promotional spend) Strong brands - strong performers 6 American Express 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 909192939495969798990001 S&P 500 (Us)American Express At end Source JCFQuant General Electric 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 909192939495
7、969798990001 S&P 500 (Us)General Elect. At end Source JCFQuant Gucci 0 200 400 600 800 1,000 1,200 909192939495969798990001 Aex (Nl)Gucci Group At end Source Brands. Command a premium price Gain a disproportionate market share Provide a barrier to entry Create a breakaway proposition Brand can be a
8、powerful tool for leveraging market value 7 Intangible Assets 1950 1975 2001 % of Market Value0%100% Intangible assets 71% Book value 29% FTSE All Share BRAND Customer relationships Patents, processes & know-how Technology Intellectual and human capital Other goodwill PwC Research 2001 8 Direct link
9、 between brand value management and improved shareholder return AWARENESS Recognition Recall IMAGE Attributes Benefits Values BRAND VALUE SHAREHOLDER VALUE BRAND EQUITY Brand Recognition Brand Associations Higher market share Stronger selling price Higher brand NPV Lower cost of capital Greater posi
10、tive cash-flow Higher expected earnings PERCEPTION Quantifying financial value Understanding value drivers Value DeliveryMarket communication Brand Loyalty Brand Differentiation Diageo - A prime example 9 Quantifying value “ driving top line growth in our global priority brands and markets, we conti
11、nue to deliver growth in shareholder value” Paul Walsh CEO 30/6/2001 1Coca - Cola1Heineken 2Gillette2Anheuser-Busch 3Campbells3Nestle 4Phillip Morris4Colgate-Palmolive 5Proctor & Gamble5Allied Domecq 6Colgate-Palmolive6Unilever 7PepsiCo7Tricon 8Heinz8Diageo 9Bestfoods9Pepsi-Co 10Anheuser-Busch10Phil
12、lip Morris 16GrandMet 19Guiness 1995 - 19971998 - 2001 TSR measures return from movement in the share price, together with dividends received A business philosophy linked to shareholder return (Managing for Value) Calculated by TSR (Total Shareholder Return), benchmarked against competitive set EP d
13、rives brand strategy Forms the basis of decision making for brand investment 10 The importance of brand to differentiate in increasingly competitive markets Over 70% do not and cannot measure ROI in brand building Differentiate through Brand Strategy Discerning customers New reporting requirements E
14、-bizConvergence Globalisation New brand online now recognised as waste of s/h value Continuing trend towards global brands - up to 50% in certain sectors Stakeholders want more information on brand equity More than 60% state that branding is an important consideration in NPD Source: Property & Casua
15、lty: Mapping the Future, PwC Survey, 2001 Major strategic decisions taken without questioning value returns? 11 The new corporate environment is calling for a step change in branding 12 Stage 4 1970s 2000s P & G Brand Management Model Advertising Agencies Brand Consultancy Brand Value Consultancy St
16、age 1 Stage 2 Stage 3 1980s1990s Brand Value Shareholder Value Creation Marketing Function FMCG market Advertising focus Creative execution Emphasis on visual logos Focus on communications Strategic Consulting Financial Analysis Evolution A new perspective . 13 We place shareholder value creation as the key driver of brand decision-making We question and quantify the value of different strategic options to determine which route will
