TOP 50 BRANDS NIGERIA® 2023
Every year, we publish a report highlighting the 50 Top Brands that Power Nigeria for that year. These brands have become true leaders in their respective fields and are recognized beyond just the products or services they offer. Their names are now synonymous with what they provide. They have achieved the status of being strong and reputable brands.
The evaluated brands this year are those that understand the importance of meeting customer needs. Not only do they respond effectively to these needs, but they also present the right solutions. They excel in presenting compelling propositions that set them apart from competitors. These brands resonate with consumers on both an emotional and practical level, making them favorites. They display resilience even in challenging circumstances and remain committed to their promises to consumers.
Going Strong in the Midst of challenges.
2023 outcome is quite peculiar, considering the two major events that has in no small ways affect business activities. Businesses in Nigeria are often on the edge in an election year. This is because of many uncertainties around the process, but particularly, the possible of hostility from the camps of both the winners and losers, which always result in disturbances that affect business activities.
While these brands were able to weather the election fall-outs, the seemingly sudden and overbearing government policies of the new administration, that is, unifying foreign exchange and removal of government subsidy on petrol, has been almost unbearable for most businesses, particularly for those that rely heavily on foreign exchange for raw materials. But the resilient Naija spirit has kept these brands going still.
Despite the difficult times, they still maintain a positive image of their company, products and services in the minds of customers by combining key elements that defined a brand. This differentiation from competitors has helped them to build a continuously loyal customer base.
Their uniqueness has a significant impact on their financial success. This distinctiveness gives them an edge over others, helping them gain and retain customers more cost-effectively. These factors set them apart from competing brands.
Their positive perspective and accurate understanding of consumer needs have led to the creation of strong brands. This in turn increases the likelihood of customers choosing them over competitors. They attract more customers at a lower cost per acquisition, who are not only willing to pay a bit more but also make more frequent purchases.
Their effective brand strategy has given them a major advantage in an increasingly competitive market. This strategy considers their business’s unique value, the customers they serve, and the competition they face, while also managing the exigencies of the times. Their brand’s positive reputation has led to premium earnings from well-accepted products and services, establishing them as leaders among their rivals.
Need for Evaluation
Given the significance of brands to organizations, it’s important to regularly evaluate and rank them. The annual TOP 50 BRANDS NIGERIA evaluation and ranking serve as a third-party independent assessment of corporate brands does that. While this is non-monetary evaluation, it has become like a report card for an independent opinion about consumer’s perception.
Brand Strength Measurement (BSM)
In ranking the annual Top brands in Nigeria, we use the Brand Strength Measurement (BSM), a brand evaluation and rating tool. BSM gauges a brand’s ability to fulfill its promises from the consumers’ perspective. It’s a qualitative, non-financial evaluation method that also assesses consumer knowledge, acceptability, and support for these brands. BSM places brands on scales of consumer perception, quality, and leadership, selecting the top 50 based on accumulated scores on various brand-related variables.
BSM’s model involves seven key variables:
Top of the Mind (TOM) Survey: This initial step measures people’s awareness and knowledge of corporate brands in Nigeria. Brands at the top of the mind are those most remembered and create excitement among customers. It is also a validation of popularity and acceptability.
Online Engagement: The online platform’s significance is highlighted as consumers often research businesses before making decisions. Website quality, search engine optimization, online mentions, and social media engagements are considered here. Hardly can any modern business succeed in our modern world without a refined and highly engaging virtual space.
Quality Elements: This evaluates elements that boost consumer confidence, such as quality assurance, regulatory certification, and trademarks etc.
Innovation in Processes: This assesses innovation in product/service delivery, customer service, marketing, and media activities.
Category Leadership: Brands are classified by industry and their market share is compared to competitors’.
National Spread: Brands need to operate or have a presence in at least half of the states or four of the six geopolitical zones in Nigeria to be considered top brands.
Corporate Social Responsibility (CSR): Brands that contribute positively to the community and culture earn affinity beyond their products or services.
These variables collectively contribute to the BSM model, which determines the top brands of the year.
EXCLUSION
It’s important to note that this annual brand evaluation excludes governmental, political, religious, and NGO brands. Tobacco and betting brands are also excluded due to moral and health concerns.
HIGHLIGHTS
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