Brand can become a company's most valuable asset - however, how do we know its true value? To measure the value of a brand, the first step is to understand the content being measured - and how to evaluate it. The first international standard for brand evaluation just released by ISO helps us clarify what needs to be measured.

No one is willing to pay 'because of the name', but the power of a brand means people often do so. As one of the intangible yet valuable things, brands can influence the decisions of customers, financial institutions, potential commercial buyers, and other parties, and some brands are priceless.

However, not all evaluation methods are related to finance. Currently, various evaluation methods are adopted around the world, resulting in uneven quality in the entire field and making it difficult to identify truly effective measurement standards.

ISO 20671 Brand Evaluation - Principles and Foundations aims to establish technical requirements and evaluation methods involved in the brand evaluation process as standards. It supplements the requirements of ISO 10668 Brand Evaluation - Monetary Brand Evaluation, which mainly focuses on financial aspects.

The development of ISO 20671 was inspired by the ONR 16800 Intangible Asset Brand Evaluation Method Standard published by the Austrian Standards Institute in 2006. This standard is the first ever standard for brand evaluation, and the Austrian Standards Institute is an Austrian member of ISO.

Dr. Gerhard Hrebicek is the chairman of the committee that developed the ONR 16800 standard and played an important role in the development of the ISO 20671 standard. He stated that ISO 20671 has opened a new era for brands.

ISO 20671 is mainly aimed at enterprises that hope to enhance brand value in various industries, providing them with a foundation for higher-level planning and management, including best practices for brand management and reporting. It covers evaluation methods related or unrelated to finance from a macro perspective, laying the foundation for the introduction of other specific standards

Dr. Bobby Calder, Chair of the ISO Technical Committee responsible for developing ISO 20671, added, "ISO 20671 covers all factors that influence a brand's success, such as innovation, tangible resources, service and quality, as well as brand strength and performance. These can all affect its monetary value. Therefore, by evaluating them, companies can more easily identify areas where they need to improve or invest

ISO 20671 was developed by the ISO/TC 289 Brand Evaluation Technical Committee, and its secretariat is undertaken by SAC, a Chinese member of ISO.