Transformation into a smart living solutions company fuels remarkable growth and recognition
ABIDJAN, Ivory Coast, November 4, 2024 -/African Media Agency (AMA)/- LG Electronics (LG) has made significant progress in the global market with its innovative brand strategies, earning it the position a leading global brand.
On October 10, LG was ranked 97th with a brand value of approximately $6.5 billion in the Best Global Brands 2024 report by global brand consultancy Interbrand.
Interbrand’s Best Global Brands Rating assesses brand value through a comprehensive analysis of a company’s financial performance, brand role and brand strength. Factors such as focus, engagement and relevance are taken into account. As an industry pioneer, Interbrand’s ISO certified evaluation criteria are widely regarded as the most trusted methodology in branding and marketing.
LG’s brand value surged, reflecting significant improvements in the competitiveness of companies and brands compared to the previous year. LG brand value increased 38.7% year-over-year, scoring high in the brand role and brand strength categories.
Interbrand attributes this positive assessment to LG’s clear vision as a smart living solutions 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, using communication methods that resonate with audiences both online and offline.
In July last year, LG unveiled its vision to evolve into a “smart living solutions company”, improving customer experience in various environments, including homes, commercial spaces, mobility and realms. virtual. Since the beginning of its transformation, the value of the LG brand has skyrocketed. From around $3.1 billion in 2022, it more than doubled to around $6.5 billion in 2024.
Interbrand also praised LG’s “Brand Reinvent” initiative, which aims to establish LG as a young and vibrant brand that resonates with customers across generations and regions.
To achieve this, LG unified its brand message under the “Life’s Good” brand promise, ensuring it was adopted by all organizations globally and integrated into every customer touchpoint of the 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 feeling of connection through various digital expressions.
Additionally, LG is launching brand campaigns and pop-up events that invite future customers, especially Generation Z, to engage both online and offline.
The global “Optimism your feed” campaign aims to spread positivity through online algorithms, encouraging a better life with an optimistic outlook. The initiative garnered a lot of attention, amassing over 1.8 billion views within two months of its launch on platforms like YouTube and TikTok.
Additionally, LG will continue to strengthen its engagement with Generation Z by creating offline customer experience spaces that reflect young customers’ interests, such as lifestyle, gaming and music.
LG has already been recognized as one of the world’s top 100 brands for three consecutive years, from 2005 to 2007.
“We are transforming from a leading home appliance and consumer electronics company to a smart living solutions company. As part of this transformation, we began the reinvention of our brand based on our long-standing promise, ‘Life’s Good,’” said William Cho, CEO of LG Electronics. “At this historic moment of business transformation, we are proud to be recognized as one of the world’s top 100 brands, which is a testament to our strong brand presence and growth potential. »
Distributed by African Media Agency for LG.
About LG Electronics Home Appliance & Air Solution Company
LG Electronics Home Appliance & Air Solution Company is a global leader in home appliances, smart home solutions, air conditioning solutions as well as visionary LG ThinQ AI products. The company creates diverse solutions with its industry-leading core technologies and is committed to improving consumers’ lives and health by developing thoughtful kitchen appliances, home appliances, HVAC and air purification solutions . Together, these products offer enhanced convenience, superb performance, efficient operation and compelling health benefits.
For more information about LG, visit
Source : African Media Agency (AMA)
2024-11-04 08:08:00
#Reinvention #Brand #Global #Success #
**Interview with William Cho, CEO of LG Electronics**
**Editor:** Thank you for joining us today, Mr. Cho. Congratulations on LG’s recent recognition as one of the Best Global Brands in 2024 by Interbrand. How significant is this achievement for LG?
**William Cho:** Thank you! This recognition is immensely significant for us. It affirms the hard work and dedication our team has put into transforming LG into a smart living solutions company. Being ranked 97th with a brand value of approximately $6.5 billion is not just a milestone—it’s a reflection of our commitment to innovation and customer engagement.
**Editor:** We’ve seen that LG’s brand value surged by over 38% this past year. What key strategies contributed to this remarkable growth?
**William Cho:** Our transformation strategy played a pivotal role. By clearly defining our vision as a smart living solutions provider, we focused on enhancing customer experiences across various platforms—homes, businesses, and even mobility. Our “Brand Reinvent” initiative, along with the integration of our “Life’s Good” promise across all touchpoints, helped resonate deeply with consumers, especially the younger generation.
**Editor:** Speaking of the younger generation, how is LG engaging with Generation Z specifically?
**William Cho:** We’ve implemented several initiatives aimed at engaging Generation Z, such as our “Optimism your feed” campaign which promotes positivity and garnered over 1.8 billion views online. Additionally, we are creating offline experiences tailored to their interests in gaming, music, and lifestyle, ensuring our brand is not only relevant but also relatable to them.
**Editor:** It’s clear that LG is focusing on communication strategies that connect with diverse audiences. How do you see this evolving in the future?
**William Cho:** We’ll continue refining our communication strategies to ensure we’re meeting customers where they are, both online and offline. As we embrace new technologies and platforms, maintaining that authentic connection with our audience will be paramount. Our goal is to nurture long-lasting relationships with customers, ensuring that LG remains a part of their daily lives.
**Editor:** with this achievement in mind, what’s next for LG Electronics?
**William Cho:** We are committed to sustaining this momentum of growth and innovation. Our focus is on expanding our smart living solutions while addressing global challenges in sustainability. We want to elevate our brand and its impact even further, ensuring that at every customer touchpoint, we bring the essence of “Life’s Good” to life.
**Editor:** Thank you for your insights, Mr. Cho. We look forward to seeing how LG continues to evolve and inspire.
**William Cho:** Thank you for having me! It’s an exciting journey ahead, and I’m thrilled about the future of LG.
