By Onome Amuge.
Dangote Industries Limited has emerged the most valuable brand in Nigeria for a record 6th year in a row after securing an impressive aggregate score of 86.2 per cent on the brand strength measurement index (BSM) conducted by leading brand and marketing research firm, Top 50 Brands Nigeria.
The annual evaluation report is a qualitative, non-financial estimation of value of top corporate brands in the country and includes a measure of consumers’ perceptions and how positive or otherwise towards a brand, and how this affects its overall strength, using the BSM index, a model that tests a brand’s ability to deliver on its promise to the consumers from the consumers’ points of view.
The rating firm, in a statement, said that Dangote Group’s consistent excellence has reinforced its position at the forefront, noting that the company’s impressive score reflects the consistent excellence of the brand.
For this year’s evaluation, the telecommunication sector enjoyed a dominant rating as MTN secured a close second place behind Dangote with an 85 BSM index score, while Airtel Nigeria and Globacom secured third and fourth positions with BSM index scores of 77.9 and 77 respectively.
Access Bank, Zenith Bank, Coca-Cola, GTCO, First Bank, and BUA Group made up the top 10 brands, with BUA Group making the top 10 for the first time with a 70.8 BSM index.
Further breakdown of the 2023 evaluation report showed that Nigerian-owned brands continued to dominate the top 10 brands position, led by Dangote, Globacom, Access Bank, Zenith Bank, GTCO, First Bank, and BUA Group.
Overall, 26 or 52 per cent of the 50 brands are multinational, while 24 or 48 per cent are Nigerian brands.
Notably, Rite Foods Limited stands out as the highest gainer this year, jumping 14 places from 46th to 30th, while Wema Bank made its debut in the annual brand ranking.
Globacom was adjudged the most popular brand following the outcome of a Top of Mind (TOM) survey, where respondents mentioned 10 brands that came to their mind or that they could easily recall.
Commenting on the outcome of this year’s evaluation, Taiwo Oluboyede,the chief executive officer of Top 50 Brands Nigeria, said: “A brand is like a person with all the traits that define his/her personality to the audience. When you hear someone’s name, you are likely not just going to remember their face or apparel, but who they really are and what they mean to you.
“Someone may claim to be the best man in the world, and could even go as far as doing paid advertising to attract attention. However, the real description of the person to you is your experience. Perception about a person could change from like to dislike or the other way round, the same is also true for a brand.”
Oluboyede encouraged brand owners and promoters to uphold compelling propositions and consistently deliver on promises.
