LG

- In his New Year's video address, LG Corporation Chairman and CEO Kwang Mo Koo emphasized the importance of being at the forefront of customer experience innovation to achieve market dominance.
 
■ CEO Koo makes a strong commitment to creating “differentiated customer value" as the central theme for 2024. His strategic focus aims to propel LG to the forefront of customer experience innovation amid escalating customer expectations and heightened corporate competition.
 
■ Differentiated customer value goes beyond distinctiveness and becomes synonymous with a new lifestyle culture.
 □ CEO Koo underscores importance of creating ‘wow’ experiences for customers and shaping new lifestyles for the future, stating that LG’s future depends on creating irreplaceable and unique value for customers as the company’s distinctive brand identity. 
 
■ "Differentiated customer value approach is already deeply embedded in our DNA," said CEO Koo, tracing LG's commitment back to its predecessor, Lucky Chemical Co., Ltd. "The Lucky Chemical Co., Ltd., had a mission to provide great experiences to customers – it was built into the company name. Customer value is a promise that LG has put its name on and is the most important commitment we can make. This promise has made LG what it is today and will lead LG into the future."
 
■ In his first New Years’ address in 2019, CEO Koo made it clear that customers would always come first. The commitment evolved over the following years: In 2020, the focus was on identifying and solving customer pain points and cultivating deeper empathy. In 2021, the focus was on understanding through hyper-segmentation strategies. In 2022, LG shifted its focus slightly to delivering valuable customer experiences. This led to an intensified approach embodied by 2023’s key phrase, ‘the customer value I create.’
 
 
LG’s 2024 New Year’s Letter featured a video message from LG Group’s Chairman and CEO Kwang Mo Koo, reaching LG employees around the world on the December 20th, rather than at the beginning of the next year. The address was delivered earlier than usual to give employees a moment to reflect on the past year and prepare for the year ahead in a calm and focused manner since 2022.
 
The video message was titled ‘Hello, I'm Kwang Mo Koo,’ and featured CEO Koo typing and sending the new year’s address by email, with his voice overlapping and narrating the message. CEO Koo emphasized to the staff about the importance of their work in creating differentiated customer value and innovative experiences that will drive LG forward. He also highlighted that the company’s efforts over the past 5 years have raised customer expectations, and that now all LG affiliates are competing fiercely by discussing and striving for customer experience innovation. 
 
An LG official have also pointed out to the historic significance of the statement, saying, “The message from Chairman Koo underscores the importance of providing leadership to the marketplace and doing our best to secure a clear competitive advantage. To achieve this, we must focus our efforts on creating unique customer value in a global economic environment characterized by low growth and high economic uncertainty."
 
CEO Koo defined the concept of differentiated customer value as something that becomes a brand name for a new lifestyle culture that cannot be compared with anything. He also introduced the Tromm Styler and dryer, electric vehicle batteries, and OLEDs as examples of products that have created differentiated customer value.
 
CEO Koo continued his speech by emphasizing that the value LG creates should exceed customers’ expectations and provide a ‘wow’ experience that opens up new lifestyles for future generations, with the vision that by creating and accumulating these values, LG can become a company that provides an irreplaceable, unique value to customers.
 
"Differentiated value that grows from our hearts and reaches our customers is achieved through continuous experimentation," said CEO Koo, while highlighting the value of ‘taking action.’ He also expressed his commitment to listening to a multitude of voices and promising to take them into consideration.
 
Stating that differentiated customer value is already deeply ingrained in LG’s DNA, CEO Koo pointed out that the mission of LG Group was always to provide customers with joy ever since Lucky Chemical Co., Ltd, and that mission was built right into the name. He underscored that customer value is an important promise for LG that has shaped the company into what it is today and will continue to lead it into the future. 
 
CEO Koo concluded his New Year’s address by saying, "I hope 2024 will be the year when our challenges for true differentiated value turn into customer satisfaction, and the love we receive from our satisfied customers becomes our pride."