Consumer electronics giant LG has announced plans to change marketing strategy and significantly increase its marketing budget for next year.
LG has two different methods of marketing it will focus on the most: celebrity marketing and specific sponsorships.
The company feels that it will be more effective at reaching customers by having Hollywood celebs endorse LG’s flagship products.
CMO Dermot J.M. Boden said “LG has been increasing the budget at a time when everybody else is reducing. The recession has been a key issue for everybody, but our market shares this year went up in every category.”
LG’s second strategy will be to set sights on sponsoring Formula 1 motor racing in a five-year deal as well as ICC (International Cricket Council) running to the end of the 2015 ICC World Cup.
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