Monday Nov 25, 2024
Monday Nov 25, 2024
Friday, 23 October 2020 00:00 - - {{hitsCtrl.values.hits}}
Samsung Electronics has announced that it has become number five in the Best Global Brands 2020 list announced by Interbrand, a global brand consulting company, with its largest-ever brand value of $ 62.3 billion.
Despite the challenging business environment brought on global companies by COVID-19 in 2020, Samsung saw a 2% rise in brand value from $ 61.1 billion in 2019 to $ 62.3 billion this year.
“We started at number 43 with a brand value of $ 5.2 billion in 2000. This year, we stand among the top five with a brand value of $ 62.3 billion, which is a great accomplishment,” said YH Lee, CMO of Samsung Electronics. “We couldn’t have made the achievement without the support of our customers around the world. To further enhance our global status, we will continue to engage and communicate with consumers.”
The company has been recording consistent growth in terms of brand value since starting in 43rd place in 2000 when Interbrand began publishing the Best Global Brands. Since entering the top ten with a number nine rank in 2012, Samsung has continued its steady climb, reaching sixth place in 2017 and fifth place in 2020. Samsung’s move upwards in Interbrand’s list of 100 most valuable brands in the world was backed by the continuous introduction of innovative products and implementation of broad marketing activities on the global stage.
Samsung’s Mobile Communications business has solidified its leadership in the 5G smartphone market and resonated with Generation Z with the Galaxy A series and marketing activities such as the Awesome campaign. The company also demonstrated continued innovation by creating a new product category with the introduction of the Galaxy Z Flip.
According to Interbrand, major factors that played a critical role in Samsung’s growth were:
*Rapid response to COVID-19 through global activities for corporate social responsibility (CSR) and integrated global campaign
*Company-wide activities dedicated to sustainable development
*Continuous launch of innovative products including Galaxy Fold, The Terrace and BESPOKE refrigeratorConsistent investment to lead the development of advanced technologies, such as Artificial Intelligence (AI), 5G and Internet of Things (IoT)
In the Visual Display business, Samsung has been leading the TV industry by launching of cutting-edge products that reflect new consumer lifestyles. Samsung has also continued efforts for sustainability in this sector, introducing products that improve accessibility for the disabled and users with colour vision deficiency, and launching the eco-friendly packaging project.
Above all, unwavering efforts to achieve innovation despite challenges posed by COVID-19 were among the main contributors that drove the company’s growth into the top five.
Interbrand evaluates the brand value of businesses based on a comprehensive analysis of multiple factors including financial performance, brand influence on purchase and brand competitiveness.
