Hyundai jumps to highest ever ranking among Best 100 Global Brands
Hyundai Motor Company saw its brand value surge 20,5% from a year earlier to $9,004 billion (about R90 billion) – marking its highest ever ranking of No. 43, according to brand consultancy Interbrand’s 2013 Best 100 Global Brands listing.
Hyundai, the fastest growing automotive company by brand, has been included in the Best 100 Global Brands list for nine consecutive years and entered the top 50 for the first time this year. Since joining the list at No. 84 in 2005, Hyundai has posted steady increases both in brand value and ranking. Its brand value surged 160%, while its ranking went up 41 spots since 2005.
In particular, over the past five years, Hyundai Motor’s brand value has increased 96%, more than doubling the industry average of 42%. The figure has jumped more than 20% each year after the company announced its shift to brand management in 2011, indicating the successful application of “Modern Premium” brand directions.
“The Hyundai brand, which has established a solid position in the global market, continues to strengthen its image with a track record of building vehicles with leading style, design, and performance,” Interbrand said in a statement.
“With stylish design, the Hyundai brand has driven success over the past few years. It is also building a loyal fan base through continued refinements to its lineup and ongoing investment on the brand including UEFA, FIFA, and World Rally Championship sponsorships. Breaking the top 50 barrier in 2013, we look forward to Hyundai’s next innovative move.”
Mr. Won Hong Cho, Hyundai Motor Company’s chief marketing officer, said: “Hyundai’s significant growth in brand value reflects our enhanced status in the global market. This was made possible through a global brand campaign as well as diverse localized brand activities including sports marketing and corporate social responsibility programmes. We will strengthen our efforts to become the most loved brand by delivering even more value beyond customers’ expectations.”
Hyundai announced its shift to brand management at the 2011 North American International Auto Show, unveiling its new brand direction, “Modern Premium”, and its slogan “New Thinking. New Possibilities.” Since then, a wide range of Hyundai Motor’s divisions – including product development, design, marketing, sales and after sales – have applied “Modern Premium” values to their work in a sustainable, consistent and systematic way. Enhanced global brand awareness and preference of the Hyundai brand through such efforts contributed to the increase in global sales and profits.
The Interbrand rankings are calculated using companies’ financial balance sheets combined with marketing activities, while also reflecting each brand’s potential profit. The three key aspects that Interbrand examines are:
- The financial performance of the branded products or service;
- The role that the brand plays in influencing consumer choice; and
- The strenth the brand has to command a premuim price, or secure earnings for the company.