Top 50 Brands Nigeria begins 2018 rating
As a way of encouraging strong brand performance and healthy competition, Nigerian brand watchdog and rating agency, Top 50 Brands Nigeria has begun the process of measuring, scoring and selecting the best 50 brands for 2018 in Nigeria. While making the announcement for this year’s brand measurement process in Lagos was Top 50 Brands Chief Executive Officer, Taiwo Oluboyede, who stated that the essence of the yearly rating was to make brand owners appreciate the importance of brands, which is the most valuable asset of their corporate entity and a major success factor to their businesses.
“At this very important time in our country, the brands play important roles in our business space,” Oluboyede said. “They provide the much-needed jobs, goods and services, create wealth and also are socially responsible, with many interventions endearing them more to the people.”
Oluboyede explained that Top 50 Brands Nigeria follows a set of parameters in measuring and evaluating the strength of brands, using the Brand Strength Measurement (BSM) Index, a model that tests a brand’s ability to perform its promise to the consumers. He listed Brand Popularity, Category Leadership, Innovation, Quality Elements, Online Engagement, National Spread and Corporate Social Responsibility, as the factors that go into the BSM model. He added that the outcome is a statement of the strength of brands in Nigeria.
“The model shows how strong a brand is from the consumer point of view and in a way indicates its weakness,” Oluboyede said. “The 50 brands with the highest cumulative will be the top brands in Nigeria for the year. The first step to the model is the popularity evaluation, which is done with the top on the mind (TOM) survey, where respondents are asked relating to brands that easily come to their mind or which they can recall. From this, hundreds of brands are harvested which are further subjected to the other factors in the BSM model. From experience, people often easily recall brands they relate with or have some form of affinity with. For a brand to stand a good chance in the annual ratings, it must have considerable mention in the TOM survey.”
Top 50 Brands Nigeria is a yearly selection, analysis, rating and celebration of top corporate brands that have consistently maintained leadership position in their categories and lived up to their brand promises. Although with different parameters for rating, Top 50 Brands Nigeria seems like Nigeria’s version of America’s Fortune 500 Companies measurement.
During the 2017 Top 50 brands rating, MTN topped the list with a score of 80.4 ahead of other telecoms like Glo (7th), Airtel (10th) and 9Mobile (34th) in the brand rating. Dangote Group came second with 72.3 score to lead UAC (36th), BUA (41st),Dana (47th) and Honeywell (48th) in the conglomerate section.Dangote also emerged the most valuable Nigerian brand at the 2017 rating.
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