ISO 20671-3:2023

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

• ISO 20671-1 - Brand evaluation - Principles and fundamentals
• ISO 10668 - Monetary brand valuation

Keywords: ISO 20671-3, brand evaluation, geographical indications, BGIs, ISO 20671-1, ISO 10668, brand valuation, brand strength, brand performance.