Hyundai has maintained its position as one of the top 40 brands in the world for the third consecutive year, based on the latest edition of the Best Global Brands report published by the international consultancy Interbrand. Hyundai held on to its place as 35th most valuable brand in the world and the sixth most valuable automotive brand, though conditions in the automotive sector are quite challenging at the global level.
Interbrand calculates the rankings on the basis of the financial balance sheets of companies as well as their marketing activities, and these rankings also reflect each brand’s potential profit. The analysis assessed that Hyundai’s brand value has grown to US $13.2 billion for 2017 – a 5.1% increase on the previous year. The ranking comes after Hyundai sold 4.86 million units annually worldwide, and places the Hyundai name above Audi, Nissan, Volkswagen, and Porsche.
Hyundai’s brand value has grown on an exponential basis, growing fourfold from 2005 and increasing from USD 3.5 billion to its current record value.
Wonhong Cho, Chief Marketing Officer at Hyundai Motor Company said that Hyundai’s aim is to be a lifestyle brand rather than just an automotive brand. This is why the company is building on its ‘Modern Premium’ brand direction and moving into new automotive spaces so that consumers can experience Hyundai’s brand value at every touchpoint.
He added,” said “Our brand philosophy and blueprint for future mobility has resulted in the rise of our brand value and, in addition to quality, technology and price, our creativity and innovation will lead us to achieve sustainable brand growth in the future.”
The annual Interbrand Best Global Brands report identifies the 100 most valuable brands in the world and gives an indepth look at how the strength of a brand benefits organizations in different ways ranging from delivering on customer expectations to driving greater economic value.
Each company on the list received its ranking based on its performance with regard to a number of attributes, each of which contributed to a brand’s cumulative value. These aspects included criteria like the role the brand played in influencing a customer’s choice, the brand’s ability to command a premium price, financial performance of branded products and services, and the ability of the brand to secure earnings for the company.
Commenting on Hyundai’s achievement, Mike Rocha, Global Director of Brand Valuation for Interbrand said that one of the key reasons for Hyundai Motor’s sustainable increase in brand value was its commitment to the development of its vision for ‘Future Mobility’, in spite of adverse market conditions. As part of its brand direction, ‘Modern Premium’, the company is putting a lot of effort into realizing its vision for Future Mobility by working on the development of affordable autonomous driving technology and connectivity for everyone.
Hyundai has maintained its reputation for the highest quality, and has also widened its global product portfolio, with the debut of the new-generation Azera and notable upgrades to the Sonata. Both these models are available in Africa and the Middle East and incorporate the latest aspects of Hyundai’s unified design language. At the global level, Hyundai unveiled the Kona premium compact SUV and the i30N, the first model in Hyundai’s high-performance N range. The i30N leverages the expertise Hyundai has gained through involvement in motorsport, and also highlights the company’s desire to provide its customers with a thrilling driver experience.
As part of its strategy for the future, during the past year, Hyundai has also outlined its plans to move into new automotive spaces, and this includes the launch of 15 eco-friendly vehicles by the end of the decade. The company is also exploring affordable autonomous driving and connectivity technologies, through collaboration with external parties and its future-focused Project IONIQ.
Hyundai’s Head of Operations for Africa and the Middle East, Mike Song said that Hyundai is adding excitement to the brand, both for current products and those that it would be bringing to the market in the future. He added that Hyundai is well-established as a dependable brand, and the increasing value of the brand shows that it has become a desirable brand.
In addition to working on innovations with regard to new products, Hyundai has used high-profile marketing campaigns like long-term sponsorship of major art installations at the Tate Modern Museum in London to boost its brand identity. Other noteworthy campaigns include sponsorship of exhibits at the Los Angeles County Museum of Art (LACMA), opening of an interactive brand experience at the Hyundai Motorstudio in Goyang, South Korea, a campaign named ‘Shackleton’s Return’ which followed the grandson of renowned polar explorer Sir Ernest Shackleton, as he used a 2.2 litre Hyundai Santa Fe to explore Antarctica. “Shackleton’s return” received as many as 140 million views on YouTube, the highest number of views for an automotive campaign. Another popular promotion was one in the United States, a promotion for the Super Bowl which showed US military personnel stationed in Poland using satellite technology and 360-degree immersive pods to experience the match with their families at home. This video drew more than 41 million views.
Manju Mathew, an MBA in marketing, completed publisher training courses from the Oxford Brookes University and New York University. She started with marketing and PR roles before moving on to her current position as a full time writer. Currently living in Dubai, her life as an expat has sharpened her observation skills and flair for writing. She enjoys writing about luxury cars like Ferrari, Lamborghini, etc even if she can only dream of owning them.
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