One of the city’s biggest corporate givers – donating over US$1.2 million to charitable groups in Greater Boston each year – Gillette (down 11% to US$7.6 billion) is Massachusetts’ strongest brand, with a Brand Strength Index (BSI) score of 85 out of 100, snagging a spot in the top 30 strongest brands overall in the Brand Finance US 500 2021 ranking.
Brand Strength is the efficacy of a brand’s performance on intangible measures, relative to its competitors, which Brand Finance quantifies using a BSI. This is a competitive benchmarking tool that identifies the strength of each brand in question, based on factors such as marketing investment, customer familiarity, staff satisfaction, and corporate reputation.
Gillette is also the Bay State’s second most valuable brand and the only MA-based Procter & Gamble (P&G) brand to make the ranking. Despite being headquartered in Ohio, and with eight Ohio-based brands in the ranking, Gillette continues to be a key player for the multinational consumer goods corporation and is the most valuable P&G brand overall out of the ten represented, with one also from New York.
Laurence Newell, Managing Director, Brand Finance US, commented:
“Despite global lockdowns, Procter & Gamble was able to boost revenue, EBIT, and net profit over the last four quarters compared to fiscal 2020 figures. Gillette has steadily delivered generous profits and cash flow, according to the company's fiscal fourth-quarter earnings release, and appears to be a strategic enterprise with growth potential.”
General Electric Powers Forward
Despite facing a tough year of lawsuits and product segment spin-offs amid a global pandemic, General Electric (down 26% to US$18.0 billion) remains the most valuable brand in Massachusetts, further solidifying its position as a world leader in energy and ranking 47th overall in the Brand Finance US 500 2021 ranking.
Other Bay State brands in the most valuable list include Thermo Fisher Scientific (up 23% to US$6.3 billion) in 4th, Raytheon Technologies in 5th (up 19% to US$6.2 billion), Dunkin’ (up 10% to US$5.7 billion) in 6th, Marshalls (down 13% to US$4.4 billion) ranking 7th and BCG (up 3% to US$3.5 billion) ranking 8th, with State Street (up 18% to US$3 billion) and Wayfair (down 13% to US$2.5 billion) taking 9th and 10th place, respectively.
Out of all the states in the ranking, Massachusetts places 8th for number of brands, with 19 represented, and 13th for brand value with a cumulative brand value of US$79.5 billion.
Serving science in the fight against COVID-19
Gaining more in brand value than any other brand in the State, Thermo Fisher Scientific is this year’s fastest-growing MA brand, jumping up 46 spots and placing 121st overall in the Brand Finance US 500 2021 ranking.
A universal badge indicating conformity with health, safety, and environmental protection standards, Thermo Fisher Scientific received the CE Mark for its COVID-19 diagnostic test in March 2020. Together with WuXi Diagnostics and Mayo Clinic, Thermo Fisher Scientific pioneered new serology testing processes, boosting its brand value on a global scale.
Additionally, Thermo Fisher Scientific is dedicated to creating inclusive and safe environments, both internally and externally. In August last year, the tech brand facilitated COVID-19 testing at historically black colleges and universities, helping to support campuses in the safe return of students.
On an internal level, Thermo Fisher Scientific was named “Best Place to Work for LGBTQ Equality” for the sixth consecutive year, receiving a perfect score of 100 on the 2021 Corporate Equality Index.