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StrikeUptheBrandsTop-PerformingPortfoliosRequireaWell-OrchestratedManagementApproachMarketing&SalesPracticeMarketing&SalesPractice12.2003DesignedbyNewYorkDesignCenterCopyright©McKinsey&Company(203)[e-mail]osaregrowingatabreakneckpace,creatingchallengesacrossthevaluechain.Consumersareoverwhelmedbytheabundanceofbrandedofferings.Retailersarepushingbacktomaintainroomfortheirownprivate-labelofferings.Manufacturersarefrustratedbydisappointingreturnsontheirportfolioinvestments.What'stheanswer?Thereisnosingleremedy,butwebelievemanufacturerscanimproveperformancebytakingamoreproactiveapproachtomanagingtheirbrandportfolios.Awinningformularequiresattentiontothreeimprovementlevers:Restructuringtheportfolio,notforthesuccessofindividualbrandsbutfortheportfolioasawholeDevelopingastrongercustomer-versus-categoryperspectivefortheportfoliotoalignbrandswithconsumerneedsandtoidentifynewgrowthopportunitiesAdoptingacapital-allocationmind-settohighlightinvestmenttrade-offsamongbrandstooptimizespendingacrosstheportfolioTheseleversmustbeunderpinnedbyanorganizationalstructurethatviewsportfoliomanagementasatoppriority.Suchacommitmentiscriticalbecauseasuccessfulportfoliotransformationwillbealongjourney-spanningseveralyears-thatrequiresongoingassessmentsofpotentialvaluecreationversusrisksacrosstheportfolio.Theimpactofthisapproach,however,maybeworththewait:Experiencesuggeststhataneffectiveportfoliostrategycangenerate5to10percentincreasesintop-linegrowthandupto15percentprofitabilityimprovements.Brandportfoliosareexpandingatastaggeringrateinmanyindustries:pharmaceuticalcompaniesuppedtheiraveragenumberofbrandsby78percentfrom1997to2001;beveragemanufacturersincreasedthesizeoftheirportfoliosby25percentoverthesameperiod;companiesinthefood/householdgoodsindustryadded81newlabelstotheirportfolios,pushingtheaveragenumberofbrandsbeyond630.Indeed,morethanthree-quartersofthe25consumergoodscompaniesintheFortune1000managemorethan100brands,includingsub-brandsandlineextensions(seeExhibit1).Weseefourmaindriversbehindthissurge.ThefirstisthesteadystreamofM&Aactivityoverthepastdecade.Mergersannouncedworldwideexperiencedan11percentcompoundannualgrowthrate(CAGR)from1992to2000.Ofteninthesedeals,atargetedbrandacquisition–PepsipurchasingGatorade,forinstance–bringswithitalegacyofadditionalbrands–Rice-A-Roni,Cap’nCrunch,etc.Whiletheperformanceofmergersisnotwhollydependentonhowwellthebrandportfolioismanaged,researchshowsthathistorically70percentofmergersfailtocreatevalue.Second,companiesareusingnewbrandsandnewproductstodrivegrowthacrossarangeofincreasinglymaturesectors.Therushtocapturethelatesttrendoftenleadstoanabundanceofbrands,witnessGM’s15entriesintheSUVcategory.McKinseyonMarketing1StrikeUpTheBrands.qxd12/5/20032:57PMPage1Athirdmajorforcebehindsurgingbrandportfoliosistherapidincreaseofcontrolledorprivate-labelbrandsacrossarangeofcategories.Mostmajorapparelretailershaveintroducedprivate-labellines,andnewstorelabelshavebecomeprominentinarangeofotherconsumercategoriessuchashardwareandtools.Thefinaldriverismanufacturers’ownhesitancyinpruningcurrentbrandstomakewayfornewones.Companieschallengedtodeliverbothtop-lineandbottom-linegrowthviewtheconsolidationoreliminationofbrandsastoogreatanuncertainty.Forthesecompanies,theperceivedrisksofbrandhousekeepingoutweighthebenefitsofaneasier-to-manageportfolio.McKinseyonMarketing2Exhibit1AProliferationofBrandsOver75%ofFortune1000consumergoodscompaniesmanagemorethan100brandsManyleadingcompanieshaveseenanincreaseinthenumberofbrandstheymanageBreakdownofcompaniesbynumberofbrandsmanagedPercentAveragenumberofbrandsincompany'sportfolioCompanyaverageis240brandsmanagedManagefewerthan100brandsManagemorethan100brandsFoodandhouseholdgoodsAutomotive5536341519972001IncreasePercentchange1678602560708118321524405058PharmaceuticalWhitegoodsBeverageSource:IRIInfoScanReviewsdata;J.D.PowerandAssociates;Evaluate;McKinseyanalysisTravel/leisure7624StrikeUpTheBrands.qxd12/5/20032:57PMPage2ComplexityAlongtheValueChainThetrendtowardbrandproliferationhasmadelifeincreasinglycomplexforconsumers,retailers,andmanufacturersalike.Consumersfacearelentlessbarrageofproducts(thenumberofbrandsongrocerystoreshelves,forexample,tripledinthe1990sfrom15,000to45,000)alongwiththerequisitepitchesforthem:theaverageAmericanisexposedto5,000dailyadvertisingmessages,comparedwith1,500fortheaveragecitizen40yearsago.Manyretailershavebecomeincreasinglydiscerningaboutthebrandsthatfilltheirspacefortwoprimaryreasons:theyareseekingtokeeptheirowncoststructuresincheck(sourcingfromfewermanufacturers,forinstance,willincreasetheirpurchasingpowerandsimplifytheirabilitytomanagecategories),andtheyalsowanttocarveoutspacefortheirownnewlymintedbrands.Manufacturers,forcedtoprovideamorecompellingvaluepropositiontoretailers,haverespondednotbypullingback,butbyintroducingasteadystreamofnewbrandsinanefforttosparkgrowth.Thesecompaniesarediscovering,however,thatnewp