David Edelman from McKinsey provides some salient points in “What’s Your Brand Worth?” about how to measure and define brand worth. I would add to his commentary by sharing that the brand’s product or service itself can be excellent but if the packaging and presentation is not engaging and compelling then it’s not going to sell. There is a significant amount of money required to sustain that brand’s image in the marketplace through advertising, PR and brand management. Coca Cola, Nike, Starbucks and others have spent millions of dollars ensuring that they evolve with the changing needs of the consumers and maintain differentiation from their competitors.
A brand is a promise — and that promise has to be believable and ultimately fulfilled at each stage of its life – as it’s not a ‘field of dreams’. A healthy investment (not just financial) needs to be committed at all levels of business to gain brand preference, grow the brand and its worth.
