Ad Age today reports:
Despite the pounding global business is taking, the $2 trillion value of the top 100 brands has held steady, according to Millward Brown’s annual BrandZ report. “Consumers are blaming companies and leaders for the current troubles, not the brands,” said Joanna Seddon, exec VP at Millward Brown, the WPP-owned research company.
Wow, wouldn’t we marketers like to believe that, our assets are still fine, aren’t we good. But to believe this we have to close our eyes and pretend we are in wonderland.
An asset class that has remained immune to the global recession that has wiped trillions of dollars off the value of companies (the same companies that are made up of these brand assets). Hmm. So will WPP stand behind their valuations and be prepared to buy any of these brands at their recession-proof price?! Ah, no, Sir Martin Sorrell isn’t stupid.
This to me is the 13th stroke of the clock (that makes one wonder about all that came before). If anyone previously had any faith in the financial quackery that produces Brandz valuations then this should bring you back to reality. Perhaps I shouldn’t be so mean to single out Millward Brown’s Brandz when there are plenty of other equally fanciful brand equity valuators, it’s just the sort of financial silliness that was practiced by so many (mind you, including some crooks) prior to the bubble bursting. But what annoys me is that it sheds a poor light on marketers, it makes us look arrogant and stupid. We don’t know enough about marketing but we think we can take on finance as well.