- MTN, Glo, GTBank come second, third and fourth respectively
For the first time since the advent of the Top 50 Brands survey in Nigeria, Dangote, a wholly Nigerian brand and company has been voted the most overall valuable brand in the 2018 Top 50 Brands replacing MTN Nigeria at the top with 87.4 points against 80.8 point from MTN.
Dangote had in previous editions, held the position of most valuable Nigerian brand but having emerged the most valuable brand overall, that automatically means Dangote is also the most valuable Nigerian brand.
However, MTN Nigeria emerged the second place and the most valuable multinational.
Others top brands apart from Dangote and MTN include Glo-77.94, GTBank- 77.59, Coca-Cola Nigeria- 73-69.2, First Bank Nigeria Limited- 69.2, Unilever Plc- 67.5, UBA- 66, Znith Bank – 65.9 and Dufil Prima Foods- 65.1.
Out of the fifty top brands in Nigeria, twenty three of them are Nigerians while thirty seven are multinationals. This means that 46 per cent of wholly Nigerian brands make the 2018 chart while multinationals amass 54 per cent.
This year survey also saw Promasidor becoming the highest gainer by jumping 15 points upward, while second highest gainers are BUA, 9mobile and Olam with 12 points upward each.
Another significant feature in 2018 survey is the entry of Fidelity Bank as the first time entrant in the survey chart. And on the chart, Conoil, Channels TV, Union Bank, Access, Chi, Toyota and GTBank all maintained 2017 positions in 2018.
Meanwhile, Stallion Group returns to the chart after it previous absence. According to industry categorization, conglomerate features six brand, Telcos has four brands, Banking/Financial Services with eleven, consumer goods features eight, Food/Beverages has six, Media has four companies, Building/Construction has two representatives and Retail, Electronics, Agro-Allied categories all have one each.
In a statement made available to the media, Taiwo Oluboyede, CEO, Top 50 Brands said, “In the selection and rating of the 50 top brands, we used the Brand Strength Model (BSM). It is a model that measures a brand’s ability to deliver its promise to the consumers from the consumer’s point of view. The model uses basic qualitative elements, including a survey to determine this,” he said.
“It starts with a test of people’s knowledge and affinity with brands operational in Nigeria. We had a survey called ‘Top on the mind’ where people tell us brands that easily come to their mind or they can recall,” Oluboyede stated.
According to him, other variables in the model include innovation, which is a test of product/service delivery, Innovation in customer or media, Quality, which means checking some factors that enhance consumer’s confidence in product delivery and category leadership, and this means a classification of brands within their industry.
Others are online engagements, national spread and expansion, and strength in corporate social responsibility.
Oluboyede said, “All these are aggregated into the model and the 50 with the highest return are the top brands for the year.
“Aside from the 50 league table, we also have a list of 10 Brands to Watch. These are brands that have evolved in recent times, showing enough strength and enjoying good visibility. Though they aren’t rated in the 50 top brands, but they have exciting promises that is attracting more people to them. From every indication, some of these brands will be making it to the annual top brands in no time,” he said.
The ten brands to watch in the year under review are Andela, Bigcola, Coronation Merchant, Daraju Industry, Eko Atlantic City, Konga, Masters Energy, Slot, Spar and Mall for Africa.
As a result of the growing influence and acceptance of Top 50 Brands initiative, the organiser is using the platform to propagate Nigeria brand.
According to Oluboyede, “We are taking advantage of the TOP 50 BRANDS NIGERIA® platform and its growing influence to promote Nigeria as a brand. It may interest you to know that our annual reports have been viewed and downloaded from over 100 countries around the world” he said.
Therefore, our approach is having a better narrative about the Nigeria brand,our common heritage. It is a narrative of the resilient and tenacity which made many to have achieved success against all odds. This is the Nigeria Spirit and a better description of who we are.
We are starting with a creative contest where people express their passion for the brand Nigeria in arts- paintings, sketches, photos, sculpture, poems etc. and the top creative with the highest number of engagements on social media win cash prizes.
Activities will be rounded up this year at the #IAMBRANDNIGERIA award/gala, where we specially recognize and celebrate those individual and corporate brands that exhibit exceptional qualities and have become a proponent of value addition to the Nigeria brand, placing in on the global map for the right reasons. He concluded.