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Interbrand's well-known Best Global Brands Report is rated as the third most influential brand benchmark. The latest ranking for Canada was released with Best Canadian Brands mid 2010. Highlights of the report include the number one spot achieved by Thomson Reuters, with TD and RBC taking second and third places respectively. Also of note, Thomson Reuters and BlackBerry (4th place in Best Canadian Brands) have achieved spots in the Best Global Brands Ranking. With some people still convinced that the measurement of brand value is subjective and that brand ranking reports such as these are the result of arbitrary selections, we take a closer look at Interbrand's Methodology. To start the process of compiling the Best Canadian Brands, Interbrand draws up a list of Canadian brands based on information from their marketing database. The list is narrowed down according to Interbrand's selection criteria*. Once a company fulfills the selection criteria, a brand analysis is conducted by measuring how heavily the brand sways customers' purchasing decisions. Using in-house market research, Interbrand is able to determine individual brand scores. In addition to the role that a brand plays in purchasing decisions, brand strength is measured as the brand's ability to secure consumer demand over time. With Interbrand's methodology, key factors to brand success include those that Brand Matters uses in developing brand strategy for its clients.
Criteria for Successful Branding:
Taking into account the overall brand performance, the evaluators determine the brand value. Brand value represents what a brand is worth to the company in terms of income (both realized and potential), brand distinction and brand equity. The complex methodologies to measure brand value demonstrate the need for Canadian companies to constantly measure and fine-tune their brand. It starts with a stakeholder validated brand strategy and evolves with skilled brand management and consistent, regular measurement. Brands should be measured, at minimum, every two years with statistical analysis enabling the identification of key purchase motivators. Similarly, an organization's business strategy as reflected in its mission, vision, values should be updated and agreed upon by senior management on a regular basis. * Criteria include: 1. The brand's country of origin must be Canada; 2. There must be substantial publicly available financial data; 3. The brand must have a broad public profile and awareness or
the brand must be positioned to play a significant role in the consumers' purchase decision; 4. The Economic Value Added (EVA) must be positive, showing that there is revenue above the company's operating and financing costs. Sources: Interbrand, Best Canadian Brands 2010 Report; Brand Matters Inc. Stay Connected with Brand Matters Follow us on Twitter Brand Matters is on Twitter. Follow us for more updates. Join our LinkedIn group We invite you to join Brand Matters' LinkedIn Group and participate in our branding discussions. We are Pleased to Announce Brand Matters has been selected as a finalist for the 2010 Committed Entrepreneur Awards Upcoming Events Brand Matters will be presenting at the Annual Employee Engagement Conference, Toronto, December 8, 2010
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