What is ISO 20671 about?
ISO 20671 specifies the fundamentals and principles for brand evaluation, including an integrated framework for brand evaluation containing necessary brand input elements, output dimensions, and sample indicators.
Note: ISO 20671 can be used in the internal and external brand evaluation.
Who is ISO 20671 for?
ISO 20671 on brand evaluation is useful for:
- Organizations
- Private company
- Brand evaluator
- Stakeholder
Why should you use 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 thus be connected to an entity, a product/service, lines/portfolios of products, a city, a region, etc. From an entity’s viewpoint, a strong brand is a valuable asset. ISO 20671 puts forth a rigorous framework for the latter and a set of principles for conducting a brand evaluation from an input/output point of view. As such, it is intended to serve as the standard for the development and implementation of other standards for brand evaluation and valuation. Since it is a meta-standard, it is anticipated that further development will result in greater precision in defining terms, measures, and processes.
Brand evaluation refers to the measurement of the value of a brand using relevant indicators of input brand development elements and output dimensions that assess the impact of the brand on consumers. ISO 20671 focuses on brand evaluation but considers this within a general framework that recognizes the relationship between brand evaluation and brand valuation.
ISO 20671 helps in evaluating brand strength, brand performance, and financial results, targets can be defined not only for the internal planning process but also for investors and lenders who realize the importance of brands as valuable assets.
