Life's good but what's next for LG?

In an attempt to showcase the company's dedication to delivering differentiated values and experiences, LG Electronics (LG) has unveiled a new brand identity strategy with the tagline, "It's All Possible."Ki-wan Kim, executive vice president and global marketing officer of LG Electronics said the  new brand identity and communications campaign will encourage audiences to see LG as a force for positive change, not only a manufacturer.In a statement, Kim added that the new brand identity and communications theme  an attempt to consolidate LG's brand affinity to engage with customers drawing inspiration from listening to customer needs and desires.Is a new tagline enough?However, is this move enough to pull LG out of its recent slump?Earlier the brand saw its home entertainment division sink more than 80% because it had to sell televisions at a lower cost and higher marketing costs because of tougher competitions.Lawrence Chong, CEO of brand agency Consulus said that rather than adding on a tagline, what the brand should really rethink is the way it interacts with the customers.If you look at their website, he said, it still has the persona of a well-groomed TV salesman rather than one who is setting a vision for the future.It talks about innovative products in silos rather than setting forth a cohesive vision," he said.Chong thinks that the new identity might just be a wasted opportunity as the new brand identity campaign is filled with jargon without specifics on how it will reshape the way they interact with customers."Whenever a brand is confused, it tends to come up with more taglines to buy time," he said adding that this is because executives are afraid of losing the existing goodwill."I believe it is not easy for LG as it is under a lot of pressure. So, good news for ad agencies getting more business but bad news for the brand, as it is a stop-gap measure."But Life's good still Meanwhile Simon Bell, executive director strategy, Southeast Asia & Pacific, Landor lauded the move, saying it shows a tightening strategy on part of LG."The statement ‘Its All Possible' is definitely future-focused, which is the biggest communication change," he said."Given the majority of audiences think forward, readying themselves for tomorrow - making this connection with consumers feels like a strong direction," Bell added.In addition to complementing LG's famous Life's Good identity, the new tagline will be positioned as a singular global voice to offer a consistent brand experience across all customer touch points including TV, print, outdoor and digital media.The new theme will make its debut today via a video displayed on LG's electronic billboard in New York's Times Square and on its website.Thereafter, the global communications theme will be spread across all customer touch points including online and print advertising, in-store marketing and at new product launch events.Here is what the new identity looks like: