Cutting-edge technology companies were the best performers during the year, with four of the top five biggest gainers in brand value from the tech sector - Apple, Yahoo!, Amazon and Samsung - while a fifth (eBay) entered the top 100 listing for the first time this year.
Driving brand values for these companies was their ability to 'connect' with their target audience, according to the survey. For example, the launch of the i-Pod portable music download system by Apple kept its brand awareness high and continued the quirky approach that the company always adopted with its computers.
The sheer importance of food and drink to everyday life of course means that food and drink companies are be among some of the best-known brands - indeed, Coca-Cola is the number one global brand, according to the listing - but many of the leading companies have found themselves losing ground to competitors from different market sectors with more dynamic brand strategies, according to BusinessWeek.
But they are also learning the lesson well. "Even established brands such as Coca-Cola have started to recognise the need to nurture stronger ties with consumers", commented BusinessWeek, highlighting the development of hip Coke Red Lounges for teenagers which the soft drink group has opened in suburban shopping malls.
Nonetheless, Coca-Cola saw its brand value drop by 4 per cent in 2003 to some $67.4 billion, despite the consistent investment in the brand and the company's ability to react rapidly to consumer trends such as low-carb dieting, suggesting that it still has some work to do to develop a 'community' status like Apple or Yahoo!.
This is not to say that reacting quickly to consumer trends is not an important part of maintaining brand confidence. The fast food industry, for example, has been particularly hard hit as a result of bad publicity and consumers focusing on obesity and healthy eating. As a result, Burger King fell off the top 100 list entirely, while Pizza Hut (55) and KFC (54) both saw their brand values drop. However, the rapid introduction of a healthier menu allowed McDonald's to hold its own, gaining 1 per cent in brand value and moving to number seven from eight a year earlier.
Budweiser (24), meanwhile, managed to buck the trend towards healthier products and maintain its brand value as a result of its rapid rollout of low-carb beers, again a reaction to the dieting fad. Pepsi (22), meanwhile, fared better than its larger cola rival, lifting its brand value 2 per cent on the back of new product launches targeting low-carb dieters.
Kellogg, surprisingly, lifted its value by 8 per cent and its ranking by two places (to 36) despite the impact of low-carb on cereal products, while Kraft fell from 63 to 67 place as it struggled to combat the dieting fad.
Premium brands also performed well during the year, despite relatively weak economic conditions, showing the connection with the public that brands such as Porsche and Cartier possess. Drinks brands also have this connection, with Champagne Moet & Chandon showing a 13 per cent increase in brand value during the year, while Hennessy Cognac also improved, rising 3 per cent.
In 86th place, Smirnoff's 6 per cent increase in brand value has much to do with the continued roll out of its RTD variant, Smirnoff Ice, while Heineken's massive drop from 90th to 99th saw it hit by both an unhealthy and downmarket image. Other food brands in the top 100 include Nescafé (23, down from 21), Heinz (42, down from 40), Wrigley's (52, up from 55), Nestlé (62, down from 60) and Danone (63, down from 62).
Brand values were calculated as the net present value of the earnings that the brand is expected to generate and secure in the future for the time frame from 1 July 2003 to 30 June 2004. In order to be included in the top global brands list, a brand had to be valued at greater than $2.1 billion, be global and generating significant earnings in the main global markets, and with sufficient marketing and financial data publicly available for preparing a reasonable valuation. The full brand ranking can be found at BusinessWeek's website.