LG's Success Story In Making Brand Reinvention
JAKARTA - LG Electronics (LG) has just achieved extraordinary achievements in the global market thanks to the company's innovative strategy and was able to strengthen its position as one of the world's leading brands.
On October 10, LG won 97th place as one of the best companies in the world with a value brand worth USD 6.5 billion, according to a 2024 Best Global Brands report from global consulting firm Interbrand.
In the report, Interbrand evaluates brand values of various companies by conducting in-depth analysis of three aspects, namely financial performance (financial performance), role of brand (brand role), and brand strength (brand strength). In addition to these three aspects, other main components that are taken into account are direction, consumer engagement (consumer engagement), and brand relevance (brand relevance). Interbrand also uses evaluation criteria that are already ISO certified and apply the most reliable methodology in branding and marketing.
LG brand value has grown significantly and the company is able to boost business performance and increase its competitiveness. This year, LG's value brand managed to increase 38.7 percent compared to the previous year. This increase was driven by the high company score in the role of brand and brand strength category.
According to Interbrand, this achievement is in line with LG's vision as a Smart Life Solution Company and the company's success in exploring new opportunities consistently. In addition, LG has developed the latest brand strategy through the implementation of more relevant online and offline communication methods in order to maintain sustainable consumer engagement in various regions and generations.
In July 2023, LG unveiled its latest vision as a Smart Life Solution Company in order to improve customer experience wherever it is, both at home, in public places, vehicles, and in the virtual world. Since this transformation began, LG's value brand has jumped sharply from US$3.1 billion in 2022 to around US$6.5 billion in 2024.
Interbrand also praised LG's Brand Reinvent initiative which aims to change the image of the company as a younger, dynamic brand, and is favored by cross-generation and region customers.
To make this happen, LG unites the brand message under its global slogan, "Life's Good" and ensures that this is consistently implemented in all parts of the company as well as at every point of interaction with customers. This initiative includes changes to the brand identity and visual display of the company. The "Life's Good" slogan reflects LG's mission to help everyone enjoy every valuable moment through products, services, and other communication activities.
In the digital realm, the Face of the Future logo that looks like a smile and blinking face is the company's goal to interact with customers and create meaningful relationships.
In addition, LG launched various pop-up campaigns and events aimed at involving more young consumers, especially Gen Z, both online and offline.
In the middle of this year, LG had launched a global campaign entitled "Optimism your feed" which aims to spread positive messages through social media algorithms and inspire netizens to be more optimistic. This initiative attracted the attention of many people, where LG-produced content on YouTube and TikTok was able to collect more than 1.8 billion views during the first two months.
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Not only that, LG will continue to improve engagement with consumers of Gen Z by holding offline experience space activities that are adapted to current trends, such as lifestyles, gaming, and music.
From 2005 to 2007, LG made it into the list of top 100 global brands for three consecutive years,
We are transforming from a household and electronics equipment company into a Smart Life Solution Company. As part of this transformation, we also implemented brand reinvention without forgetting our initial slogan, 'Life's Good'. This is an important moment in LG's business journey. We are also proud to have succeeded in becoming one of the 100 best brands globally according to the Interbrand report. This achievement is certainly proof that LG has a strong brand of prestige with extraordinary growth potential," said William Cho, CEO of LG Electronics, Wednesday, October 16.