LG electronics has recorded the highest operating profit rate among top home appliance producers during Q1 of this year. LG electronics has been tightening their marketing initiatives to target specific consumers to improve sales and their focus has been towards large home appliances including air conditioners and refrigerators. This change of focus has brought in more revenue than all of their top competitors.
Not only did they change their focus towards large appliances, they also targeted “rich consumers” with a line of premium products including Tyler and Twin Wash appliances. This tactic has proven to be quite effective bringing them to a 9.7 percent in operating profit rates.
This is quite the feat for LG electronics to pull into first place amongst the likes of Whirlpool, Electrolux, Daikin, and Samsung Electronics. What stands them apart from their competitors was their ability to develop a creative marketing initiative to move them forward in a new direction.
However, it is going to take a lot of effort to continue to stay ahead of the curve. Fear not, mobile mystery shopping is here. With the power of crowdsourced data collection, big companies in the large home appliance industry will be able to monitor their products on the floor while also gaining important insights on competitor’s marketing initiatives.
If you think LG’s strategic practices were amazing, just imagine how much they could have accomplished with the additional data from crowdsourced intelligence.
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Contributing Writer: Justin Bartlett