Hyundai Motor Company saw its brand value post another two-digit growth in 2014, fueled by the successful launch of game-changing products such as the all-new Genesis and Sonata, as well as the successful implementation of its Modern Premium brand direction, which has been creating not only a unified image for the brand worldwide, but also an emotional connection with its customers.
The brand value of Hyundai Motor Company - which has been included in Interbrand’s Best 100 Global Brands for 10 consecutive years - surpassed the $10 billion mark for the first time, its highest record so far. That figure represents a 16% increase from last year’s $9 billion value and a nearly 200% jump from its $3.5 billion value in 2005.
“Hyundai is one of the fastest growing automotive brands in terms of both volume and brand value,” Interbrand said in a statement. “Hyundai makes unique convenience features available across a broader range of vehicles to enhance driving experience and customer satisfaction, while its commitment to brand building extends to multiple touchpoints. As a result of these efforts, brand awareness of product attributes like design, and the kind of brand loyalty that comes from an emotional connection are becoming key drivers over price.”
Hyundai, whose brand value ranking rose three notches to reach the top global 40 ranking for the first time this year, is building a loyal fan base through continued enhancements in its product lineup, including innovative eco-friendly products such as the world’s first assembly-line produced ix35 Fuel Cell vehicle.
Ongoing investment in the brand, such as active involvement in high-profile sports marketing activities with UEFA, FIFA, and the World Rally Championship also continue. In Korea, the automaker opened its first brand experience space, Hyundai Motorstudio, while a second one is scheduled to open in Moscow later this year.
Hyundai’s ranking has risen 44 places since 2005, when it first announced its shift to brand management. The Korean automaker’s brand value has also increased an average of 20 percent each year after the company introduced its new ‘Modern Premium’ brand direction in 2011.
“We’re implementing a wide variety of brand-related activities that aren’t simply focused on increasing sales, but are aimed at becoming a brand that our customers genuinely love,” said Won Hong Cho, Hyundai Motor’s Chief Marketing Officer. “We will continue to invest in our brand, by providing Hyundai Motor’s unique premium experience in all aspects of the customer’s journey with our brand.”
Hyundai announced its latest brand direction `Modern Premium’ and slogan “New Thinking. New Possibilities” at the 2011 North American International Auto Show. Since then, a wide range of Hyundai Motor’s divisions including product development, design, marketing, sales and after sales, have applied the direction 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 sales in the Africa and Middle East region, as well as globally.
The Interbrand rankings are calculated using companies’ financial balance sheets combined with marketing activities, while also reflecting each brand’s potential profit.