What is reputation worth? How the IMWF translates intangible assets into euros and cents

“Reputation is priceless”—a nice phrase, but in the reality of corporate management, it’s measurable values that count. In our July session, Andreas Quest, Managing Director at IMWF, explored precisely this tension: Can intangible assets be expressed in euros and cents? His answer is a resounding yes—using a methodology that transforms communication from a presumed cost driver into a demonstrable value driver.

From Land Surveying to Reputation Measurement

Quest opened with a historical analogy: Just as the Cassini family surveyed France and the Great Trigonometrical Survey surveyed India using triangulation, we are now surveying a new realm—reputation. The common frame of reference for this is the DPRG/ICV impact level model. It provides the framework within which we can meaningfully discuss key metrics in the first place: from the performance of our own media, through media reputation and the increasingly important LLM reputation, to brand value at the outflow level.

“We are venturing into uncharted territory. We are not at the beginning—we are right in the middle of the reputation triangulation process, but we don’t yet have the full picture.”

The Methodology: From Statement to Brand-Driven Returns

The study, published in collaboration with the FAZ, is based on an analysis of 160 all-cap companies (DAX, MDAX, SDAX), evaluated using over 4.2 million mentions from October 2024 through September 2025. The analysis is conducted not at the post level but at the statement level—using AI and following the five reputation dimensions identified by Charles Fombrun: products and services, employer, financial performance, management, and sustainability. The result is a reputation score on a scale of 1 to 100 that combines visibility, tone, and these dimensions.

The key factor is the link to corporate value as defined by ISO 10668. The IMWF plots brand strength (reputation value) against financial strength (market capitalization) and draws an industry-specific regression line through the data. Those above the line generate a positive brand-induced return—the value contribution attributable to marketing and communication. Brand performance, in turn, puts this return in relation to financial strength and demonstrates the efficiency of brand management.

Why the Industry Matters More Than the Index

The analysis is deliberately conducted by industry, not by stock index. The reason is the differing relevance of brands: Whether I buy an Audi or another SUV is a decision tied to identity and risk—whether I purchase my auto insurance from one provider or another often is not. It is precisely where the brand drives the purchasing decision that reputation exerts the greatest leverage on corporate value.

The Simulation: One Percentage Point Increase in Reputation

At the heart of the study is a simulation: What happens when reputation increases by one percentage point? Well-capitalized corporations such as SAP, Siemens, Allianz, and Deutsche Telekom achieve high absolute value contributions; brands with a weaker foundation tend to benefit more from efficiency gains. The automotive segment offers an instructive example: Volkswagen leads in visibility but ranks behind BMW in reputation across various dimensions. For large, highly visible brands, the leverage is more limited—they need a critical mass of positive coverage to turn the tide.

The real gap: embedding in management

84% of CEOs view reputation as a risk, while 61% view it as their most important intangible asset. Nevertheless, integration is lacking: there is a shortage of metrics, reputation issues are fragmented across organizational silos between PR, HR, and compliance, and they remain unanchored in executive board KPIs. The implication for our profession is clear:

• Establish reputation as a key performance indicator and institutionalize it in the executive board’s KPIs.
• Centralize responsibility at the top level—for example, under the CCO or in a dedicated reputation function.
• Link proactive reputation management to the company’s strategic priorities.

Conclusion: Reputation Can Be Managed

The session with the IMWF demonstrated that reputation is no longer just “hot air,” but can be linked to corporate value through a transparent methodology. For us as Data & Insights Experts, this is a compelling argument: Those who can demonstrate the value contribution of communication shift the debate with C-level executives and investor relations from opinion to evidence. The next step is the triad of media, stakeholder, and LLM reputation—a more complete map of a space we’re only just beginning to chart.

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