Deloitte has reportedly maintained the position of “most valuable and strongest” commercial services brand for the third year in a row, according to ICAEW.
The firm reportedly has a brand value of $26.7bn (£19.5bn) and an elite AAA+ brand rating, according to the Global 500 2021 rankings from brand valuation consultancy Brand Finance.
The institute said it comes amid a “general slump” in brand value as organisations recover from the pandemic.
According to Brand Finance, the pandemic restricted and delayed the capacity of commercial services businesses to monetise their brands, while lockdowns have “delayed the implementation, and so deferred the revenue, of many projects”.
Parul Soni, an associate at Brand Finance, said Deloitte’s performance reflects the declines seen across the commercial services sector, with 18% of brand value lost.
A greater proportion of Deloitte’s revenue is reportedly derived from consulting as opposed to audit and assurance, which has left Deloitte more exposed to the impact of pandemic.
However, Brand Finance said the combination of Deloitte’s “focus on putting people first, paired with over 175 years of experience, makes for a truly resilient and world leading brand”.
Soni said: “This period has been a particularly important time for accountancy firms because of the spate of recent major accounting scandals and declining levels of trust in the industry and the major players dominating the sector.
“As a result, the brand plays an even greater role in helping organisations navigate challenges to their reputation and integrity.”
He added. “Brands that will continue to evolve and adapt to address the changing perceptions and priorities of stakeholders will be more successful in retaining their key strengths and world leading brands.”
Deloitte Global CEO Punit Renjen said: “Our brand is a symbol of that resilience and the connections we have forged that demonstrate the impact we make. It is also a tribute to how Deloitte has been able to pivot to meet clients’ changing needs, deepened investment in areas of greatest opportunity (such as transformation, cyber, digital and cloud), and supported communities.”