SAMSUNG HAS indicated 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. Samsung ascended to the global top five in three years after reaching number six in the list of Best Global Brands 2017.
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 10 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.
According to Interbrand, major factors that played a critical role in Samsung’s growth were the rapid response to Covid-19 through global activities for corporate social responsibility (CSR) and integrated global campaign; company-wide activities dedicated to sustainable development; the continuous launch of innovative products including Galaxy Fold, The Terrace and BESPOKE refrigerator; as well as the consistent investment to lead the development of advanced technologies, such as Artificial Intelligence (AI), 5G and Internet of Things (IoT).
In response to Covid-19 repercussions, Samsung Electronics has made multiple donations according to country-specific needs to help communities overcome difficulties.
Samsung also successfully ran a global campaign with the message, “Get through this together” on social media channels and outdoor billboards in Times Square in New York, Piccadilly Circus in London, Duomo di Milano in Italy and the Entertainment Building of Hong Kong as part of its endeavors to engage and communicate with consumers in difficult times.
“We started at number 43 with a brand value of US$5.2 billion in 2000. This year, we stand among the top five with a brand value of US$62.3 billion, which is a great accomplishment,” said Eugene Nahm, Managing Director at Samsung Ghana. “We could not 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.”
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.
A business desk report