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, says the brand.
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, adds LG.
LG says that its 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% 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, utilising communication methods that resonate with audiences both online and offline, says the brand.
In July of last year, LG says that it 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 USD$3.1-billion in 2022, it has more than doubled to about USD$6.5-billion 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, says LG.
To achieve this, LG says that it has unified its brand message under the brand promise of "Life's Good," ensuring it is embraced by all organisations 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 savour 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, says the brand.
In addition, LG says that it is launching brand campaigns and pop-up events that invite future customers, particularly Gen Z, to engage both online and offline.
LG says that 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 Gen Z by creating offline customer experience spaces that reflect young customers' interests, such as lifestyle, games and music, says the brand.
"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,'" says William Cho, CEO of LG Electronics.
"At this historical moment of business transformation, we are proud to be recognised as one of the top 100 Global Brands, a testament to our strong brand presence and growth potential," concludes Cho.
For more information, visit www.lg.com. You can also follow LG Electronics on Facebook, X, or on Instagram.
*Image courtesy of contributor