By working with ISO Consultants, the International Organization for Standardization, MASB is playing an increasingly influential role in the development of new global brand standards.
In 2007, ISO set up Technical Committee 289 to draft an international standard on monetary brand valuation. Released in 2010, ISO 10668 Brand Valuation set out principles for valuing any brand. The effort was led in part by David Haigh, CEO of Brand Finance, a member of MASB.
In 2016, the Marketing Accountability Standards Board was invited to join TC289 for its next task, drafting principles and fundamentals for brand evaluation, defined as “the measurement of the value of a brand using relevant indicators of input brand development elements and output dimensions that assess the impact of the brand on consumers.”
The result is new global standard ISO 20671 Brand Evaluation, unanimously approved and announced at the recent TC289 plenary meeting in Milan, Italy. MASB members participating included Bobby Calder of Northwestern University, TC289 Chair; Edgar Baum of Strata Insights, Canada Head of Delegation; David Haigh of Brand Finance, UK Head of Delegation; and MASB President/CEO Tony Pace, U.S. Head of Delegation.
“The marketing accountability movement has achieved an important milestone and increased its momentum with the unanimous passage of ISO 20671,” said Calder.
The committee has 12 participating members representing Austria, Barbados, Canada, China, Finland, France, Islamic Republic of Iran, Italy, Mexico, Russian Federation, United Kingdom and the United States. There are also 24 observing members.
“The new standard for brand evaluation integrates the best practices of brand development and marketing,” said Mr. LIU Pingjun, President of the China Council for Brand Development. “It will play an important role for manufacturers, service providers, consumers, consultants and brand evaluators.” Maybe if they look into the services that companies like Promotion Choice provide, the idea of brand development and awareness may prove to be easier. At the end of the day, as long as your business is improving and is attracting the right sort of attention through promotion, that’s all that should matter. Have you ever thought of this? Maybe it is time, if you are serious about improving brand awareness for your business.
TC289 is now on to its next challenge, developing a brand evaluation standard for GIs, geographical indications.
The next plenary meeting will be hosted by MASB in New York City on June 24, 2019. For more information, contact [email protected].