The transformation into a smart life solutions company contributes to significant growth and recognition. LG Electronics (LG) has achieved significant success in the global market through its innovative brand strategies.
On October 10, LG ranked 97th in Interbrand's Best Global Brands 2024, with an estimated brand value of approximately US$6.5 billion.
Interbrand Best Global Brands expertise determines brand value through a comprehensive analysis of a company's financial performance, brand role, and brand strength. Factors such as direction, engagement, and relevance are considered. Interbrand's ISO-certified evaluation criteria are widely regarded as the most reliable methodology in branding and marketing.
LG's brand value has increased sharply by a substantial 38.7% year-on-year, receiving high scores in the brand role and brand strength categories, reflecting significant improvements in both business and brand competitiveness compared to the previous year.
Interbrand attributes this positive assessment to LG's clear vision as a Smart Life Solution company and its sustainable growth through exploring new opportunities. The company has also adapted its brand strategies to ensure continuous engagement with customers across different regions and generations, using communication methods that resonate with audiences both online and offline.
In July last year, LG presented its vision of evolving into a smart life solutions company, improving customer service in various spaces, including homes, commercial spaces, virtual spheres, etc. Since the transformation began, LG's brand value has risen sharply, from approximately US$3.1 billion in 2022, it has more than doubled to approximately US$6.5 billion in 2024.
Interbrand also noted LG's "Brand Reinvent" initiative, which aims to present LG as a young and dynamic brand that resonates with users from different generations and regions.
To achieve this, LG has unified its brand message "Life’s Good", ensuring that it is adopted by all divisions of the company worldwide and integrated into every customer touchpoint. This includes rethinking brand identity and visual expression. "Life’s Good" embodies the brand's mission to help everyone enjoy life's precious moments through the company's products, services and communications. In the digital realm, the "Face to the Future" brand symbol attracts customers with a friendly smile and wink, fostering a sense of connection through various means of expression.
In addition, LG is launching brand campaigns and so-called "pop-up" events that invite prospective customers, especially Generation Z, to interact both online and offline.
Moreover, LG will continue to increase Generation Z engagement by creating offline spaces for customer interaction that reflect the interests of young users and their lifestyles, including games and music.
Previously, LG was recognized as one of the top 100 global brands for three consecutive years from 2005 to 2007.
Illustration provided by the LG press service.
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