Being at the forefront as a consumer technology company, South Korean multinational LG Electronics has made huge strides in applying innovation to their products.
We talked to Kenneth Hong, Head of Global Corporate Communications about the company’s strategy in doing things differently and some of their current and future developments in creating tech solutions for their customers.
“We are constantly reinventing, we are constantly looking for different ways to do something and doing it fast. Speed is incredibly important on the technology industry.” says Hong.
LG is aiming to line up products designed to solve problems and make their consumers life more convenient. “When we first introduced OLED TV’s, there was no market for them. We had to single-handedly build demand for this technology.”
Established in 1958, the company formerly known as Goldstar, was actually established after the Korean War, with the aim to rebuild the country by providing domestically-produced consumer electronics and home appliances. It now has manufacturing and production plants, sales offices, and research and development facilities in 118 global operations, leading the way in product innovation in home appliances.
In 2016, the company introduced its premium LG Signature brand to tap into the premium market segment.
“We saw that in some developed and high end markets, LG products were doing very well. We had a LG washing machine that did very well in North America, which showed us signs that we were ready to move upscale," says Hong.
LG already has a solid presence in the business-to-consumer segment, such as home appliance, home entertainment, and mobile communications.
The company, says Hong, is now looking to bolster its solutions portfolio in the business-to-business segment.
“The success of a lot of our products is in the core technology - technology that most consumers do not see. We wanted to take these successful technologies and put it into a product that companies can also enjoy."
For instance, our OLED technology is going into signages now and our compressors are going into vehicle components. These technologies are just extensions of what LG is already good at, so why stop at just consumers?”
Watch the full interview below.