A new global standard for brand evaluation, ISO 20671, recognizes that a brand’s primary purpose is to increase total business value, reduce risk, and extend the sustainable existence of the brand-owning entity. For the first-time, brand owners have a globally applicable and accepted approach to monitoring their brands, and according to MASB, the Marketing Accountability Standards Board, this is a “Golden Ticket” for marketers.
A draft of the unanimously approved ISO 20671 has been released by the International Organization for Standardization (ISO). MASB represented the U.S. in the development of the standard under the auspices of the American National Standards Institute (ANSI).
Understanding that “brands are one of the most valuable yet least understood of assets,” the standard provides a framework for systematic, recurring brand reviews. Developed over several years by branding experts from numerous fields, it covers the entire process; from brand development to brand performance to brand valuation.
“Accountable marketers are going to love ISO 20671 because to be in compliance, they will have to value their brands regularly,” said MASB President/CEO Tony Pace. “That will be marketers’ ‘Golden Ticket’ – not only to fund measurable brand value growth initiatives but also to measure the marketing contribution to enterprise value.”
CMOs will find the new standard particularly helpful as it elevates brand strength to a board-level review item. CEOs and CFOs will benefit by having systemic information to answer analyst and shareholder questions regarding this area of sustainability.
To help facilitate adoption of the standard, MASB is offering virtual debriefing sessions for brand owners. To request one, contact info@themasb.org.