23 hours Ago By David Richards
LG Electronics is out bragging about coming in at 97th in the latest 2024 Interbrand rankings with local management pushing their “woke” culture as the reason for their success, missing from their press release was the fact that archrival Samsung rose to 5th spot with a 10% rise in their rankings. Also missing from the LG press release was the fact that the Companies arch rival Apple, in the PC and sound market came in at #1. Microsoft was ranked second followed by Amazon and Google with Sony coming in at 34.
Even banned Company Huawei outperformed LG Electronics who is moving away from the consumer TV and appliance market, instead the Company is looking to capture data from consumers TVs so that they can pocket tens of millions selling it to third party Companies, many who outranked LG in the latest Interbrand global brand rankings. LG Electronics Australia and New Zealand marketing director, Gemma Lemieux said, “Over the past 18 months, we’ve focused on showing Australians how Life’s Good brings joy into everyday life and being named one of the top 100 global brands reflects the strength of our brand activities worldwide. There was no mention of the 21% fall in revenues in Australia or the recent 21% fall in global profits.
The Company that is set to roll out subscriptions for appliance services along with a rent a TV or washing machine in an effort to avoid paying high retailer margins in the consumer market, is currently investing in a book on the woke culture the Company is developing around their “Life’s Good” strategy. LG Electronics has reported a third quarter slump in provisional operating profits, compared to the same time in 2023, as they struggle to grow their TV and appliance business with the business admitting they are looking to sell more products directly online while bolstering their advertising and data capture business. In their latest filings the Company reported that the business only managed to deliver a Q3 2024 operating profit of A$826M Vs A $1.
096 Billion a slump of $270 million. Interbrand assesses brand value through an analysis of a company’s financial performance, role of brand and brand strength which is why LG struggled to get up alongside the likes of archrival Samsung whose brand value climbed 10% during the past year. LG Electronics Australia and New Zealand marketing director, Gemma Lemieux seen right.
Factors such as direction, engagement and relevance are considered with LG who are struggling to grow market share this year with TV sales falling over double digit trying to address the issues the business faces with the Company launching new brand campaigns and pop-up events in an effort to attract Generation Z, to engage with the Company via Tik Tok. Lemieux claims “In Australia, Life’s Good is more than a slogan – it’s our promise to inspire optimism and redefine how people engage with technology”. Interbrand’s ISO-certified evaluation criteria is widely regarded as the most reliable methodology in branding and marketing.
Gonzalo Brujó Global CEO, at Interbrand said “In defining the process for brand valuation, our teams at Interbrand shifted the market understanding of brand strategy, brand management and the role a brand plays in driving growth. We know, and can prove that when a brand is treated as a strategic asset, it has the potential to drive new forms of exponential growth”. He added “It goes without saying that the context in which we launch, scale, manage and grow brands has irrevocably shifted.
In so many ways, it has never been easier to reach an audience and grow a brand – but as this opportunity increases, so too does the risk, especially for incumbent brands”..
