Can Samsung Increase Its Brand Value With The Galaxy Ring?
With each new release, Samsung, a manufacturing conglomerate headquartered in Suwon, South Korea, aims to captivate consumers with innovative features and bolster its brand reputation. The latest addition to Samsung’s Galaxy lineup, the Galaxy Ring, raises the question: can this device elevate Samsung’s brand value to even better heights?
Understanding brand value
What is a brand value? Brand value encapsulates consumers’ perceptions of a particular brand. It’s not merely about the product’s features or specifications but also encompasses intangible elements such as reputation, trust, and emotional connection. For that reason, entrepreneurs and individuals interested in personal branding or brand marketing often turn to brand valuation companies or advanced apps like BrandValuer to measure a brand’s progression and enhance its growth. Samsung has thoroughly crafted its brand image over the years, positioning itself as a symbol of quality, innovation, and reliability. For instance, according to this article, Samsung Electronics was acknowledged by Interbrand as a “Global Top 5” brand four years in a row. This achievement says a lot about Samsung’s brand performance.
Wearable tech: “The Galaxy Ring”
Over the years, we have observed the rise of wearable technologies, which offer innovative devices ranging from smart watches, clothing, glasses, earphones, and head-mounted displays to rings. Samsung is also an active player in the wearable technology space, having already released smart watches and recently announced its first foray into the realm of smart rings with the upcoming launch of the Galaxy Ring.
During the Galaxy Unpacked event in San Jose on January 17th, Matthew Wiggins, Head of Samsung Research America’s Health Solutions Lab, concluded the presentation with an exciting peek of the upcoming Galaxy Ring — a solid and accessible health and wellness device that left the audience eagerly anticipating its release. (We recommend you watch the presentation video by clicking the link above because it’s truly inspirational and exciting to watch).
What do we know about it so far?
Sustainability mission
In an effort to promote sustainability, Samsung aims to integrate at least one recycled material in every module of all its mobile products by 2030. This commitment to using recycled materials is a significant step towards reducing the environmental impact of their devices and promoting a more sustainable future for all. Here is what Mark Newton, Head of Corporate Sustainability at Samsung Electronics America, said while discussing Climate Solutions during Climate Week 2023 at the event titled “Tech’s Playbook for Public-Private Climate Solutions,” in partnership with the Information Technology Industry (ITI) Council, which was held in New York:
“At Samsung, we focus heavily on strategic partnerships that further this idea of everyday sustainability, taking small steps that can lead to a larger impact. We know that progress not only looks like bold commitments but requires us to bring our partners and customers into our sustainability journey to help close the gap so that we can be a vital part of our local communities and help drive innovative climate solutions. Today’s event during Climate Week in collaboration with these leading tech companies is just one example of our commitment towards building momentum and action towards the future we all want.”
Release, design, and healthcare
While Samsung has not yet confirmed the official release date of the Galaxy Ring, a report on TheElec says that mass production for the device will begin in May of this year. The report also indicates that the Galaxy Ring is anticipated to be launched in July alongside Samsung’s new 6th generation foldable phone, with a possible release date as early as August in 400,000 units as the first generation. Furthermore, Samsung Electronics announced at the MWC held in Barcelona, Spain, on February 26 that the Galaxy Ring will be launched within the year. As for the design, it’s expected to be released in 8 to 9 sizes, and the company presented The Galaxy ring in 9 sizes at the MWS event last month.
The report also states that the Galaxy Ring is expected to be launched as a wellness device without any medical functions. Before launching it, it will take longer to get the smart ring certified, just like they did for the Galaxy Watch.
Measuring with BrandValuer
There is no information about the price of the Galaxy Ring so far. However, beyond its technical specifications, design, and price, the success of the Galaxy Ring is likely to hinge on Samsung’s ability to strengthen its brand image. Brand perception encompasses how consumers recognize a brand, including its reputation, values, and overall image. According to our measurement using the BrandValuer app, Samsung Electronics’ brand value is performing at $177 bln and heading in the right direction.
As Samsung ventures into the competitive range of wearable tech market with the Galaxy Ring, anticipation is certainly high. While we eagerly await the launch of the Galaxy Ring, Samsung’s brand value ultimately relies on its ability to effectively leverage its strengths and the capabilities of its inventive devices.
