The August 2016 CMO Survey reports that only one-third of companies have proven the short-term impact of marketing empirically. That means two out of three companies still determine marketing budget levels and allocations without benefit of any meaningful measurement.
The International Standards Organization (ISO) is establishing standards for branding, brand management and brand reporting through ISO Technical Committee 289, and U.S. participation in this effort is being led by MASB, the Marketing Accountability Standards Board, on behalf of ANSI, the American National Standards Institute. MASB is currently recruiting members for the U.S. Technical Advisory Group, focused on standard setting for brand evaluation.
According to MASB Chair David Stewart, “This new undertaking aims to put the industry on a new path worldwide where: (1) marketing spending decisions are based on the same kinds of objective, validated financial performance metrics used for capital investments; and (2) corporate balance sheets fully reflect the financial worth of brands, including the impact of investments intended to increase their value. I strongly encourage you to join us in shaping the direction of this important global endeavor.”