 |
 |
| (Image Source: MegaBites/LG Electronics) |
LG Electronics (LG) has made significant strides in the global market with its innovative brand strategies, earning its place as a top global brand. On October 10, 2024, LG was ranked 97th with a brand value of approximately US$6.5B in the Best Global Brands 2024 report by global brand consulting firm Interbrand. Interbrand’s evaluation of the Best Global Brands assesses brand value through a comprehensive analysis of a company’s financial performance, role of brand and brand strength. Factors such as direction, engagement and relevance are considered. As a pioneer in the industry, Interbrand’s ISO-certified evaluation criteria are widely regarded as the most reliable methodology in branding and marketing.
LG’s brand value has surged, reflecting significant improvements in both business and brand competitiveness compared to the previous year. LG’s brand value increased by a substantial 38.7 percent year-over-year, receiving high scores in the categories of role of brand and brand strength. Interbrand attributes this positive assessment to LG’s clear vision as a Smart Life Solution Company and its sustained growth through the exploration of new opportunities. The company has also adapted its brand strategies to ensure consistent customer engagement across diverse regions and generations, utilizing communication methods that resonate with audiences both online and offline. In July 2023, LG unveiled its vision to evolve into a “Smart Life Solution Company", enhancing customer experiences across various environments, including homes, commercial spaces, mobility and virtual realms. Since embarking on its transformation, LG’s brand value has skyrocketed. From approximately US$3.1B in 2022, it has more than doubled to about US$6.5B in 2024.
Interbrand has also praised LG’s “Brand Reinvent” initiative which aims to establish LG as a youthful and dynamic brand that resonates with customers across generations and regions. To achieve this, LG has unified its brand message under the brand promise of “Life’s Good", ensuring it is embraced by all organizations globally and integrated into every customer touch point of brand experience. This includes redefining its brand identity and visual expression. “Life’s Good” encapsulates the brand’s mission to help everyone savor life’s precious moments through its products, services and communications. In the digital realm, the brand symbol “Face Of The Future” engages customers with a friendly smile and wink, fostering a sense of connection through various digital expressions. In addition, LG is launching brand campaigns and pop-up events that invite future customers, particularly Generation Z, to engage both online and offline. The global campaign “Optimism your feed” aims to spread positivity through online algorithms, encouraging a better life with an optimistic outlook. This initiative garnered significant attention, amassing over 1.8 billion views within two months of its launch on platforms like YouTube and TikTok. Moreover, LG is going to keep enhancing its engagement with Generation Z by creating offline customer experience spaces that reflect young customers’ interests, such as lifestyle, games and music.
LG has previously been recognized as one of the top 100 global brands for three consecutive years from 2005 to 2007. “We are transforming from a leading home appliance and consumer electronics company into a Smart Life Solution Company. As part of this transformation, we’ve initiated our brand reinvention based on our long-standing promise, ‘Life’s Good'. At this historical moment of business transformation, we are proud to be recognized as one of the top 100 global brands, a testament to our strong brand presence and growth potential," said LG Electronics CEO William Cho.
