ISO 20671 – Brand Evaluation

ISO 20671:2019, “Brand evaluation – Principles and fundamentals”, is a new standard that includes an integrated framework for brand evaluation, as well as, the necessary brand input elements, output dimensions, and sample indicators.

The standard is 12 pages and can be ordered at this ISO web page for about $58.

According to ISO 20671, brands are one of the most valuable, yet least understood assets.

A brand identifies an entity’s goods, services, or the entity itself, as distinct from what is offered by another entity. A brand can be connected to an entity, a product or service, lines or portfolios of products, a city, a region, etc. The offering entity can be commercial or non-profit.

In all cases, however, the function of the brand is to establish a distinctive identity for the entity in the market. In practice, this has traditionally implied communicating the unique benefits of the entity’s goods or services as compared to other goods or services that might otherwise be seen as similar.

These benefits can be functional, emotional, or social. Increasingly, brands also seek identification with experiences that are connected with an entity through its actions, services, or other operations. These experiences go beyond the mere usage of the product or service and lead to a higher-level engagement with them. Brands ultimately exist in our minds as the impressions, benefits, and experiences that we associate with the goods or services.

The primary purposes of a brand are to increase the total business value of the brand-using entity, reduce risk, and extend the sustainable existence of the brand-owning entity.

Even though brands vary markedly in terms of the benefits or experiences that define them, it is undisputable that a strong brand can bring financial benefits. In practice, strong brands attract customers and add revenue through increased price and/or volume premiums, including repeat purchase loyalty.

More broadly, it is also the case that brands can reduce costs and create a competitive advantage in the minds of stakeholders. A brand thus has an impact on revenue and profitability and can influence corporate value.

Marketing Accountability Standards Board

The Marketing Accountability Standards Board (MASB) represents the US on ISO Technical Committee 289, which developed ISO 20671. To help facilitate adoption of the standard, MASB is offering virtual debriefing sessions for brand owners. To request one, contact info@themasb.org. For more information, visit the MASB website.