Overview
ISO 20671-3:2023 - "Brand evaluation - Part 3: Requirements and recommendations for brands related to geographical indications" defines a methodology and practical principles to evaluate brands related to geographical indications (BGIs). Built on the framework of ISO 20671-1, this standard guides internal and external evaluations of BGIs for investment decisions, adoption choices, and ongoing brand management. It is intended to be used alongside ISO 20671-1 and ISO 10668 for coherent brand evaluation and financial valuation.
Key topics and requirements
- Methodology foundation: Uses ISO 20671-1 principles to structure BGI evaluation methodology, covering fundamentals, elements, dimensions and recommended practices.
- Core principles: Emphasizes transparency, consistency, and objectivity in evaluation processes.
- BGI elements: Identifies categories to assess, including tangible, quality, innovation, service, and intangible elements.
- BGI dimensions: Requires analysis across multiple dimensions - legal, customer/stakeholder, market, economic and political environment, and financial.
- Brand system perspective: Recognizes BGIs as systems (master BGI plus lower-level user brands) and requires evaluation of both brand strength and brand performance.
- Operational considerations: Addresses personnel competence, evaluation practices and processes, data sourcing, application of methodology, financial valuation, and continuous improvement (annual process).
- Supporting tools: Includes informative annexes with examples of indicators (Annex A), self-assessment checklists (Annex B), example BGIs (Annex C), and objectives for evaluation procedures (Annex D).
Practical applications
- Investment decisions: Originators and consortiums can determine whether branding investments are justified and how to prioritize spending.
- Adoption and licensing: Potential users or licensees of a BGI can assess suitability, risks, and expected value contribution.
- Internal brand management: Organizations use the standard for governance, strategic planning, and monitoring BGI performance over time.
- Financial reporting and valuation: Supports valuation practices when BGIs are treated as financial assets controlled by holders (complementary to ISO 10668).
- Policy and regulation: Regulators and governments can use the framework to understand BGI impacts on local economies and cultural sustainability.
Who should use it
- Producers, farmers and originators of GI-linked products
- Associations, consortia and certification bodies
- Brand and valuation consultants, brand agencies
- Investors, licensees and distributors
- Regulators, government bodies and trade organizations
Related standards
Keywords: ISO 20671-3, brand evaluation, geographical indications, BGIs, ISO 20671-1, ISO 10668, brand valuation, brand strength, brand performance.
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