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Accountability is a watchword in today’s corporations. Senior marketing executives must be able to show how their investments in building strong global brands create shareholder value rather than waste profits. The ability to justify marketing expenditures in terms of shareholder value and to present evidence of results gives senior marketing executives a strong voice in the C-suite. So how do you make the case? By taking a closer look at how your brand creates shareholder value. I will do this from four different angles through the eyes of your finance and accounting colleagues. These insights will help CMOs to keep their seats at the executive table.
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Mintz, Ofer, Jan-Benedict E.M. Steenkamp, and Imran S. Currim (2016), “Marketing Metric Use around the World,” working paper, University of North Carolina.
The empirical evidence introduced in this chapter does not always focus on global brands per se. However, given the size of the firms and the examples provided in the articles, it is clear that the results are heavily dominated by global brands.
Barth, Mary E. et al. (1998), “Brand Value and Capital Market Valuation,” Review of Accounting Studies, 3 (1–2), pp. 41–68.
Edeling, Alexander and Marc Fischer (2016), “Marketing’s Impact on Firm Value – Generalizations from a Meta-Analysis ,” Journal of Marketing Research, 53 (August), pp. 515–534.
Kerin, Roger A. and Raj Sethuraman (1998), “Exploring the Brand Value-Shareholder Value Nexus for Consumer Goods Companies,” Journal of the Academy of Marketing Science, 26 (4), pp. 260–273.
Mizik, Natalie and Robert Jacobson (2008), “Valuing Branded Businesses,” Journal of Marketing, 73 (November), pp. 137–153.
Fornell, Claes et al. (2006), “Customer Satisfaction and Stock Prices: High Returns, Low Risk,” Journal of Marketing, 70 (January, pp. 3–14.
Anderson, Eugene W., Claes Fornell, and Sanal K. Mazvancheryl (2004), “Customer Satisfaction and Shareholder Value,” Journal of Marketing, 68 (October), pp. 172–185.
Hsu, Liwu, Susan Fournier, and Shuba Srinivasan (2012), “Branding and Firm Value,” in Handbook of Marketing and Finance, Sundar Bharadwaj and Shankar Ganesan (eds.), Northampton (MA): Edward Elgar, pp. 155–203.
Shiller, Robert J. (2002), “Bubbles, Human Judgment, and Expert Opinion,” Financial Analysts Journal, 58 (3), pp. 18–26; Merton, Robert C. (1987), “A Simple Model of Capital Market Equilibrium with Incomplete Information,” Journal of Finance, 42(3), pp. 483–510.
Madden, Thomas J., Frank Fehle, and Susan Fournier (2006), “Brands Matter: An Empirical Demonstration of the Creation of Shareholder Value through Branding,” Journal of the Academy of Marketing Science, 34 (2), pp. 224–235.
Millward Brown (2016), Brand Z Top 100 Most Valuable Global Brands, p. 15.
Fornell et al. (2006).
From April 20, 2010, to June 25, 2010, BP’s share price fell from $60.48 a share to $27.02 a share.
Subrahmanyan, Marti G. and Stavros B. Thomadakis (1980), “Systematic Risk and the Theory of the Firm,” Quarterly Journal of Economics, 94 (3), pp. 437–451.
Madden et al. (2006).
Rego, Lopo L., Matthew T. Billett, and Neil A. Morgan (2009), “Consumer-Based Brand Equity and Firm Risk,” Journal of Marketing, 73(November), pp. 47–60.
At first sight, investors should gladly accept upward risk. Who doesn’t want to benefit from a stronger than expected stock price increase? However, this depends on your investment strategy. If you go short, you anticipate a decrease in share price and high upward volatility makes the stock more risky for you. Sudden price increases can also trigger the execution of various agreements such as forward contracts at a moment you do not expect it.
Johansson, Johny K., Claudiu V. Dimofte, and Sanal K. Mazvancheryl (2012), “The Performance of Global Brands in the 2008 Financial Crisis: A Test of Two Brand Value Measures,” International Journal of Research in Marketing, 29(3), pp. 235–245.
Fornell et al. (2006).
Kengelbach, Jens et al. (2015), “From Buying Growth to Building Value,” BCG Report, October.
http://www.sec.gov/Archives/edgar/data/80424/000095012305006039/y06542a2sv4za.htm; accessed March 29, 2016.
Disclaimer: The calculations are mine. I do not imply that Merrill Lynch necessarily agrees with my calculations.
Merrill Lynch estimated that P&G could realize cost savings and revenue synergies of around 9% per year and it paid a price premium of 18%. This roughly indicates that half of the price premium is due to its strong global brands as nearly all of Gillette’s intangibles are in its brands.
Jargon Julie and Serena Ng (2013), “Heinz Sold as Deals Take Off,” Wall Street Journal, February 15.
- Global Brands and Shareholder Value
- Palgrave Macmillan UK