The 2012 Korea First Brand Awards ceremony was held last Thursday at the Grand Hyatt Seoul. Celebrating its tenth year, the First Brand Awards stands apart from other industry award ceremonies in that it recognizes a brand’s value and satisfaction as assessed by consumers. The process of selecting the top brands is also different.



(Director Ahn, female) The Korea Consumer Brand Committee conducted preliminary surveys to select candidate brands, which were evaluated by consumers through an on-site poll, email questionnaires, online market research, and consumer studies. More than 122 evaluations were received to select the final brands. In the first phase there were 616 candidate brands, which were whittled down to 67. They were the recipients of the 2012 Korea First Brand Awards.



That was Director Ahn In-ok안인옥 of the Korean Consumers’ Forum, explaining the selection procedures for the First Brand Awards recipients. A consumer assessment team representing Korean consumers took part in the on-site poll and picked their favorite Korean brands. Which brands earned high marks from Korean consumers?



(man) I chose Shinhan Bank, Hite beer, SM Entertainment, and Nagasaki Champon. The reason I chose SM Entertainment was because it is not just a producer of Korean music, but a new envoy of Korean culture, creating new consumption trends in Europe and North America.

(woman) I selected Etude House among the cosmetics brands, because it remained true to its founding concept. Etude House’s concept was the playground of princesses, and that concept is well reflected in the store décor and its products. I think Etude House has maintained consistency in its business model over the years.



The consumer evaluation team is composed of some 700 people from different age groups and professions. In addition to their brand assessments, multifaceted surveys awarded this year’s top prizes to Nagasaki Champon, a noodle soup that sold more than 100 million in just seven months since its rollout, and SM Entertainment, a new hallyu vanguard. The sixty-three top brands included the Jinro Soksu석수, a premier bottled water that was also recognized at the world-renowned wine and food show Monde Selection. Other brands included the Pigeon fabric softener, Hite beer, and the Ketotop medical pad for arthritis. What are consumer expectations for these highly regarded brands?



(woman) The fact that consumers chose these brands should encourage the said businesses. Also, consumers get to have more say in how those companies do business.

(man) Now that consumers have a greater voice, we have to be more enthusiastic in evaluating businesses. This is good for both consumers and businesses, and it could boost the entire image, or brand power, of Korea.



Supported by the demanding Korean consumers, the award recipients will have a greater chance in the global market. We live in a time when communication with consumers determines the success of a business. Korean brands would have a brighter future if they continued to meet consumer demands and better their brand values.