Creating ‘value’ beyond the point of production: branding, financialization and market capitalization
Abstract
The contemporary significance of branding as a source of value is explored by situating the creation and valorization of brand equity within ‘the full circuit of capital’. Conceived as a form of co-production occurring in the sphere of circulation (as well as production), brand-building is connected to: the surpluses generated by the labour of user-consumers as well as the designers and producers of branded products and services; the realization of surplus through control of revenues derived from sales of these products and services and the appropriation of surpluses, including the conversion of brand equity into brand value after deduction of costs. Contemporary investment in branding is related to the financialization of brands as intangibles that make a growing contribution to market capitalization. By attending to multiple facets of the circuit of capital, including the co-production brand equity by user-consumers, some pointers are proposed for developing a more ‘joined-up’ view of the ‘bigger picture’ of contemporary capitalist reproduction.
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1.
Earlier versions of the article were presented at the ‘Re-thinking Cultural Economy Conference’, Centre for Research on Socio-Cultural Change, University of Manchester, September 2007 and at seminar presentations at Cardiff, Cambridge, Lund and Nottingham Trent Universities. I am grateful for comments and conversations arising from these presentations that have enabled me to develop the article. The article has also greatly benefitted from comments provided by referees and the editors of this special issue.
2.
1 For example, contemporary commentaries on differences in propositions about ‘value creation’ are inclined to suggest that these speak to its ‘different dimensions’ (Lepak et al., 2007: 181).
3.
2 See also note 30.
4.
3 For reasons of space, discussion of the critical tradition is confined to Marxian analysis which, arguably, has been particularly influential in studies of economic organization including labour process studies.
5.
4 This is not to suggest that the ‘object’, such as ‘brand value’, is reducible to the framework. On the contrary, objects always escape efforts of theory to disclose their features (see Glynos and Haworth, 2007). What we know about ‘objects’ is incorrigibly limited by the interpretive frameworks deployed to characterize and examine them. From this standpoint, objects of analysis are elusive as they cannot be disentangled from what gives the ‘object’ visibility and significance (see Barud, 2007, especially chapter 8) within particular ethico-political complexes.
6.
5 See, for example, the Research Priorities (2006—8) of the Marketing Science Institute at http://www.msi. org/pdf/MSI_RP06-08.pdf accessed 29 December 2007.
7.
6 For a fuller history of branding, see Moor (2007).
8.
7 The example is given by Thompson et al. (2007). They describe a branding agency specializing in ‘truly holistic identities’ that was used to create an image for Keane, a British popular music band—something that is alleged to have been kept secret because it contravened conventional ideas of rock authenticity, This view assumes a touching degree of naivety and/or concern amongst Keane fans but it also projects upon them a set of values (e.g. about the inappropriateness of involving professional image generators) with which they may not identify. As it happens, Keane themselves clearly did take exception to the allegation and issued a spirited and stinging rebuttal of any suggestion that Moving Brands, the branding agency, had manufactured their image. See http://www.keaneshaped.co.uk/faq/#stylist. The existence of this public domain rebuttal, which would seem to cast further doubt upon the band’s desire to hush it up, seems to have escaped the attention of Thompson et al. (2007) who make no reference to it.
9.
8 The purchase of Kraft by Philip Morris in 1988 is widely regarded as a pivotal moment when most of the purchase price of $12.6m was attributed to ‘the cost of the word “Kraft”’. Instead of being regarded as an ‘add-on’ to the core business of production and sales, ‘a huge dollar value had been assigned to something that had previously been abstract and unquantifiable—a brand name’ (Klein, 2000: 7—8).
10.
9 The neologism is intended to resonate with ‘securitization’, the latter being the key driver of contemporary financialized capital asset growth characterized by some as ‘fictitious capital’ .
11.
10 The term ‘post-consumer’ does not imply that consumption stops or even declines but, rather, that it is sustained and driven on by processes of financialization, most notably by developing ingenious ways of expanding credit for purposes of consumption.
12.
11 As a thought experiment, imagine how the brand equity, and ultimately the market capitalization, of Ebay would be damaged if all information provided by sellers and buyers was erased or if the company was obliged to compensate those providing feedback.
13.
12 Virgin’s brand-centric stratagem is particularly ‘clever’ as so much of the brand equity is acquired cheaply by engaging in media stunts, often ending in heroic failure, that attract global publicity.
14.
13 Branson, the CEO of Virgin, has defined his empire as ‘a leading branded venture capital organization’, seeking 30 per cent internal rates of return on investments. ‘The Value of Virgin’, Daily Telegraph 3 December 2007. Available at http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/02/ ccrock102.xml. See also Osborne (2007).
15.
14 To which the growth of speculative corporate treasury activity within companies has significantly contributed.
16.
15 The contingency of brand-building means that consumers may drain brands of value as well as infuse them with worth—as is evident in the (temporary?) loss of ‘coolness’ of brands such as Gap as well as McDonalds and Starbucks (see Thompson et al., 2006) and also in the subversive, culture-jamming activities pursued by campaigning groups like ‘Adbusters’ (see Holt, 2002).
17.
16 An illustrative example is the extensive but divided involvement of a Lego ‘brand community’ in the development of its product Mindstorm. Its user-consumers were key initiators and facilitators of product development but they were also resistant to aspects of it (see www.fbtb.com) The interested reader is encouraged to turn to Kornberger (in press) and Antorini (2007). Recognition of such resistance points to the emergence of other, potentially more subversive, forms of co-produced value creation (see Bauwens, 2009)—in the form of peer-to-peer production that escapes private appropriation as it is protected by a general public license that, our course, also makes it available to commercial users.
18.
17 Linux is a prominent example.
19.
18 As participants in the ‘ethical economy’, user-consumers, such as ‘the programmer who decides to spend his evening hours coding away at the Linux kernel’ (Arvidsson, 2009: 22), are seen to engage in co-production to create and elaborate their identities, life-styles and friendship networks. Attentiveness to how ‘self-organized forms of production’, mediated by ICTs ‘contain(ing) the possibility of a new, rational way of organizing social and economic processes’ (Arvidsson, 2009: 14), offers a useful corrective to labour process analysts’ myopic focus upon paid labour in workplaces (see O’Doherty and Willmott, 2009). It also suggests how ICT-mediated, commons-oriented, peer production of value unleashes what Marx terms ‘General Intellect’—in the form of ‘networks, tacit knowledge and social organization’ on ‘a societal scale, which is difficult to control and measure’ (Arvidsson, nd). In the field of organization studies, Land and Böhm (2009) offer the most developed discussion of Arvidsson’s ‘ethical economy’ thesis. They follow Arvidsson’s (2006) debt to Lazzarato’s (1997, 2007) notion of the ‘political entrepreneur’ who, in contrast to the economic entrepreneur, is conceived to mobilize ‘community, affect and communicative flows’ (Arvidsson, 2006: 89). Of most direct relevance for the present focus upon branding, the idea of ‘political entrepreneurship’ is assessed by Land and Böhm (2009) to be useful in appreciating how marketing has been extended from a ‘technique for selling’ into a ‘mechanism’, notably in the form of brand management, ‘that is constitutive of social relations, information and values for the market’ (Lazzarato, 2007: 92 cited in Land and Böhm, 2009: 10). Such entrepreneurship is characterized as ‘political’ because it is not directly economic in any established sense: it involves the production of meaning and subjectivity rather than the manufacture of goods. Land and Böhm (2009) largely overlook post-Bravermanian labour process analysis, especially that influenced by Foucault, which addresses the production of meaning and subjectivity in the manufacture of goods and services (see O’Doherty and Willmott, 2009). Also conspicuously absent from their discussion is any reference to the formation of capital and, more specifically, consideration of how capital is accumulated through the translation of brand equity into brand value. The closest they come is when, in passing, they note that ‘brand management continuously seeks to govern the production of immaterial value so as to realize it as economic value’ (Land and Böhm: 14). There is no direct recognition of how the co-produced brand equity contributes to market capitalization—something that, as noted earlier, becomes most apparent when companies (e.g. Kraft, YouTube) are acquired.
20.
19 As noted earlier, the chief exception to this private appropriation of the brand value generated by unpaid labour is where production is governed by a general public license. This licence ensures that brand equity cannot be directly monetized, although, as Bauwens (2009: 125) observes, companies ‘can do many things to indirectly capture the value created by peer-producing communities’.
21.
20 It seems doubtful that the architects of YouTube ever conceived of themselves as engaging in a community service, or a charitable venture, devised to facilitate the donation of ‘ethical labour’ for socially beneficial purposes. If they did, then their venture did not remain charitable for long (see http://www. nytimes.com/2007/02/07/technology/07cnd-google.html?ex=1328504400&en=96fcc0326d0a7ef6&ei= 5088&partner=rssnyt&emc=rss).
22.
21 In a recent review of these studies, de Beijer (2008) notes that: ‘Barth et al. (1998) estimate the association between FinancialWorld brand value estimates and share prices over the period 1991 to 1996. They find a significant positive association. Kerin and Sethuraman (1998) study US consumer goods companies on the 1995 and 1996 FinancialWorld’s Most-Valued Brands list and report a positive relation between brand value estimates and firm value. They also find some indications that increases in brand values are more likely to be reflected in firm value than are decreases in brand values. Custodio and Rosario (2007) and Delcoure (2008) also find a positive association between brand value estimates and firm value for US companies. Pahud de Mortanges and van Riel (2003) measure brand equity for Dutch corporate brands using Young and Rubicam’s Brand Asset Valuator. They find a significant association between this brand value indicator and various shareholder value measures’.
23.
22 Accounting specialists are reluctant to include intangibles on the balance sheet even though their absence places in question the claimed ‘representational faithfulness’ of financial statements. The exclusion of intangibles is defended on the grounds that measures of intangible value lack the reliability attributed to those used to value tangible assets. This justification is contested by others who suggest that the valuation of tangible assets presents comparable difficulties: ‘it is well known that allocations, such as depreciation, are often arbitrary [and] the allocation of value between land and buildings is well accepted despite its indeterminate nature’ (Power, 1992: 49). From this perspective, the ‘unreliability of measures’ argument is viewed as something of a smokescreen for a failure of collective will to agree a conception of reliability that will support a common measure of a brand’s value: ‘If what “accountants are currently prepared to recognise” is a contingent matter, then any attempt to shift the consensus of accepted practice is “political” in the sense that the widespread credibility of a new body of “expert” recognition knowledge must be established’ (Power, 1992: 51). The problem is that, politically, a substantial measure of agreement on the measurement of tangibles has been brokered but has not (yet) been extended to the valuation of intangibles.
24.
23 As indicated in the previous note, accountants are strongly inclined to use and defend a method of valuation, underpinned by a particular conception of reliability, that predates the era of the intangible asset.
25.
24 The methodology for calculating the contribution of brand value to market capitalization is contested. A number of consultancies offer rival methodologies although Interbrand is by far the most influential. In essence, the Interbrand methodology strips out operating costs, taxes, and charges for the capital employed to arrive at the earnings attributable to intangible assets. The contribution of the brand is estimated within those earnings in relation to other intangible assets (e.g. patents and management strength). Future earnings are discounted to arrive at a net present value. Interbrand discounts against current interest rates and also against the brand’s overall risk profile so as to factor-in brand strength. See http://www. businessweek.com/pdfs/2007/0732_globalbrands.pdf. See also Kerin and Suthuraman (1998: 271—2)
26.
25 See Lury and Moor (2010) for a sociologically informed discussion.
27.
26 ‘So-called’ because their apparent bedrock solidity is precarious. In common with all measures of value, tangible assets rely upon the buoyancy of confidence to sustain their worth.
28.
27 This is evident, for example, in a frequently downloaded home video that criticizes one of Samsung’s viral marketing campaigns. See http://gizmodo.com/gadgets/gadgets/us-to-samsung-viral-marketingdoesnt-work-please-stop-168495.php (accessed 4 November 2009).
29.
28 See http://www.molinu.org/samsung_global_strategy_group (accessed 4 November 2009).
30.
29 See http://www.samsung.com/co/aboutsamsung/samsunggroup/annualreport/downloads/2003/SAMAR04_ 01_10p.pdf (accessed 4 November 2009).
31.
30 Other attempts to do something similar include Thompson (2003) and Littler (2009).
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