Samsung has been in the Best Global Brands top 10 list since 2012 when the company climbed up to 9th place from 17th over the course of one year. Samsung continued to win ground over the years and climbed up to 8th place in 2013. The company made the jump to 7th place in 2014 and it secured 6th place in 2017, 2018, and 2019. This year the company won another spot and it finally made the list of top 5 Best Global Brands.
Despite the challenging faced by the company in the current economic climate, Samsung managed to increase its brand value in 2020 by 2%, according to global brand consulting company Interbrand. The Samsung brand was valued at $62.3 billion this year, up from $61.1 billion in 2019. This is the first time for the Korean tech giant to make it in the top 5 list of Best Global Brands, and because the company has been in a constant upwards trajectory, it probably won't give up its spot anytime soon.
How did Samsung increase its brand value in the COVID-19 era?
COVID-19 and the lockdowns that followed have left a noticeable mark on the mobile market, with global smartphone sales dropping drastically and with Samsung and other OEMs focusing on the mid-range market to make up for lost sales in the flagship segment.
Nevertheless, Samsung was able to increase its brand value precisely because it responded rapidly to the COVID-19 threat. The company donated millions of dollars to support the fight against the virus in various countries and ran numerous campaigns to improve its customer services during lockdowns. The company also launched various education programs for the study/work from home era, such as Solve for Tomorrow, Smart School, and Innovation Campus.
Aside from these efforts, the company's brand value increased thanks to company-wide activities designed to promote sustainable development. Samsung company was also praised for its consistent investment in advanced technologies including 5G, AI, and IoT.
Last but not least, Samsung improved the value of its brand with the release of innovative products such as The Terrace TV designed for outdoor viewing, and the Galaxy Fold series. These products are unique and have helped Samsung increase its market visibility even in the eyes of consumers who might not be a part of the Galaxy ecosystem.
