The true value of marketing investments /// What do companies with products as diverse as Apple, Red Bull, McDonald's or Ikea have in common? They have good products, right. But another even more important characteristic is their excellent marketing. For most companies, it is not the tangibles that make up their overall market value but the intangible assets, such as the brand, loyal customers or a strong network of distributors. If the market value of a company exceeds its book value, the difference arises from the value of the intangible assets. Global top-performing companies have significantly higher market-to-book ratios than less successful companies, and their value stems from a strong brand, better customer management, and/or superior distribution.