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One part of building a successful food and beverage business is establishing a strong brand.
A brand represents a business’ image to customers and other stakeholders. It is a critical tool for identifying and differentiating a product and / or service. Attracting and retaining customers and communicating corporate values to customers, suppliers and employees.
Although determining the fair market value of a brand is not straightforward, a strong brand can add value to your business.
Below, we outline how a brand’s fair market value is measured and calculated.
A brand is the bundle of attributes that collectively form your business identity, including brand names, banner names, trademarks, logos, website and domain name, packaging designs / labels and advertising campaigns and slogans. These are all items that customers and other stakeholders associate with your product and / or service and business.
In most successful businesses, a brand is a key component of overall intangible value (i.e. goodwill). A well-developed and recognizable brand can provide benefits such as higher profit margins through premium pricing, reduced advertising expenditures due to the high degree of established recognition, ease of introduction of new products under the existing brand banner, barriers to entry and competition and differentiation from the competition.
We typically calculate brand value using one or more of the following methods:
The following are examples of some of the qualities that influence the fair market value of a brand:
Geographic Use: To what extent does (or would) the brand have cross-cultural, national or international use, or is its use more localized and limited? For example, a local microbrewery compared to an international brand.
It takes time and resources to strengthen the brand of your food and beverage company. Being aware of the value drivers listed above and forming a brand strategy with your marketing team can contribute to an effective and highly valuable brand, which in turn adds strategic and financial value.
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