Some consumers see value rather than brand names, but brand names are important to successful companies. Companies that command respect with brand names go on to see greater sales due to greater prices and thus, greater profit in the long run. According to British brand value ranking firm Brand Finance, Samsung is now ranked sixth globally in terms of brand value, up one spot from its seventh-placed brand value rank in 2016. The company's brand value total also rose from $58.6 billion in 2016 to $66.2 billion in 2017, a 13% increase in brand value.
Samsung has much to be proud of when one considers that it ranked the highest on Brand's global top 500 brands regarding brand names in Korea, including names such as Hyundai Motors (60th), SK Group (62nd), and LG Group (112th). Samsung's Korean rival LG saw its brand value decline from 96th to 112th within the last year. Samsung was the only Korean brand that made it into the top 50 global brands on Brand's list.
As for the top brands, though, Samsung didn't see the same measure of success as did American company Google (who rose to first place this year from second place last year and saw its brand value rise by $21 billion), but Samsung did see some terrific gains as compared to its only and true rival, Apple Inc., whose brand value declined by 27% from $145.9 billion to $107.1 billion over the last year.
Other top brands include Amazon (third), AT&T (fourth, up from sixth in 2016), and Microsoft (fifth), with Verizon (seventh, down from fifth), WalMart (eighth), Facebook (ninth, up from 17th), and ICBC (tenth, up from 13th) rounding out the top 10 global brands.
Samsung was ranked as having the third most valuable global brand by Brand Finance in 2016.
