LG is an electronics multinational company in South Korea that deals with electronic goods. The company at first was a national company and later turned into an international company. It has come a long way. Are you already intrigued to know how the company has achieved success in the electronic industry? This case study of LG Electronics consists of the entire marketing strategy of LG along with it’s marketing mix, target audience, and digital presence.
About LG
LG is all known as “Life is Good” and “Lucky-Goldstar”. It was founded in 1958 and started as a small company that domestically produced consumer and home appliances and now is present all over the world. It is one of the second largest TV manufacturers in the world. The company is known as a Digital Leader in electronic goods and equipment in this digital era with the company’s progression.
Current News about the brand
- LG India expects 10% growth, exploring new business categories such as Health care, says MD.
- The company will be showcasing special art collaborations that reaffirm its dedication to highlighting the intrinsic link between art and technology as a part of its ongoing LG OLED ART project.
User persona
Buyer’s Persona
Name:
Rajat
Place:
Delhi
Age:
25 years
Profession:
Engineer
Motivation
- Offers A Wide Range of Products
- Serves in multiple sectors.
Interest & Hobbies
- Reading
- Blog Writing
- Bike riding
- Traveling
- Trekking
Pain Points
- Low Market Share In The Smartphone Industry
- High Reliance On A Few Markets
- Limited Presence On Social Media
Social Media Presence
- Youtube
Marketing Strategy Adopted by LG
The promotional and advertising strategy of LG is as follows:
- The promotional strategy helps you create huge brand awareness about the company by promoting through various channels of communication.
- The company believes in selling products directly to the customers, hence advertisement here plays a major role. The company has advertised on several channels like TV advertisements, magazines, newspapers, and the internet.
- They also offer great deals through this medium which leads to high sales in the market. In the year 2010, the company said it would go aggressive with its marketing campaigns and launch a series of products. The company had taken the initiative to call various famous personalities to advertise their products and one of them is Akshay Kumar in the following sponsored ad:
The brand was promoting the new LED range from the LG stable on all National multi-mediums, according to a statement by the company, this was the first time the company has associated with any celebrity for endorsing its flat-panel displays.
The company chooses celebrities of the country and they in due course make them the brand ambassador. The reason behind this is that people will directly relate to the products available to them. The company also promotes its products through various sporting events being their sponsors. The company makes sure that the product is in the mind of the customers and therefore they consider the product to buy.
How does this brand use Digital Marketing in its strategy?
- Get ready for a thrilling sports experience with the LG UQ801C UHD Commercial TV. With Bluetooth Surround Ready, immerse yourself in the game and feel like you’re right on the sidelines. This post was done by LG for promoting their new LG UQ801C UHD Commercial TV, by making the customer feel like they are sitting in the Stadium. Presenting its Quality and its viewing experience.
- Win Exciting prizes by simply sharing a picture of the LG logo lurking in the most unique places, using #LGSpotted. This is a marketing technique used by LG to stay in the market and to attract consumers towards it, and free marketing and tagging in multiple posts by this campaign and using the Hashtags #LGSpotted.
Marketing and advertising campaigns
- “Life’s Good” Slogan: LG’s most well-known tagline is “Life’s Good,” which reflects the company’s commitment to making products that enhance the quality of life for consumers. This slogan has been a central theme in many of LG’s advertising campaigns.
- LG OLED TV Campaigns: LG has heavily promoted its OLED TVs with innovative and attention-grabbing advertisements. For example, they have showcased the thinness and picture quality of their OLED displays in ads that feature dramatic and visually stunning scenes.
- LG Home Appliances: LG has run numerous campaigns highlighting its home appliances, focusing on features such as energy efficiency, smart technology, and convenience. They often showcase products like refrigerators, washing machines, and kitchen appliances in lifestyle settings.
- Mobile Phones: LG has marketed its smartphones, such as the LG G and LG V series, with campaigns that emphasize features like camera quality, unique design, and advanced technology. They have also collaborated with celebrities for endorsement deals in some regions.
- LG Signature Series: LG’s premium line of products under the “Signature” brand has been promoted through campaigns emphasizing sleek design, high-quality materials, and cutting-edge technology.
Top 5 Competitors of LG
- Samsung: It is one of LG’s primary competitors in various consumer electronics segments, including smartphones, televisions, home appliances, and display technologies.
- Sony: It is a major competitor in the consumer electronics industry, particularly in segments like televisions, audio equipment, and gaming consoles.
- Panasonic: It competes with LG in areas such as home appliances, televisions, and other consumer electronics.
- Haier: It is a Chinese company, that competes with LG in the home appliances market, offering a wide range of products such as refrigerators, washing machines, and air conditioners.
- TCL: It is known for its affordable televisions and is a notable competitor in the TV market. They also produce smartphones and other consumer electronics.
Example of a Failed Campaign or Backlash from Viewers
A campaign posted by LG of LG Logo Spotted:
What was the issue?
The issue with the company is they post campaigns but there are very less interactions with the campaigns and they don’t advertise either.
What backlash did the brand face?
The brand is facing backlash because they are not connecting with the trends and market.
What did the brand do in this situation?
The brand is continuing that campaign but there is very little engagement as they have a high number of followers.
Conclusion
Innovation always grabs the attention of the products, and LG should keep on sustaining itself to be a high-tech groundbreaking in the market. To maintain a competitive advantage over its competitors, LG must maintain its high brand visibility and should ensure that its products reach their customers whenever and wherever there is a demand.
This is what LG has succeeded in throughout its advancement. Yet, do you think that the marketing strategies adopted by LG are effective? Do let us know in the comments below. If you want to have a look at the case study of the Samsung brand, here you go.
After reading the blog, do you also want to know how to promote your company and create a huge digital presence? What are you waiting for? Check out our website and learn such skills to develop your inner digital marketer!
Good article, Helped me with my project work