Dangote Industries has emerged the Most Valuable Brand in Nigeria for a record 5th year in a row at the outcome of the 2022 corporate brand evaluation, conducted by the leading brand and marketing research firm, TOP 50 BRANDS NIGERIA.
Dangote emerged top with an aggregate score of 83.7 Brand Strength Measurement (BSM) Index score. This is followed by MTN, Globacom and Access Bank in fourth place.
Others among the top 10 are Airtel Nigeria, Coca-Cola, Zenith Bank, GTCO, First Bank and UBA at fifth to tenth positions respectively.
The annual top brands evaluation report which is now like a report card, with which top corporate brands have an independent opinion about their brand performance, from the consumers’ points of view has also become a sort of ‘bragging’ right and a source of pride for the brands that made the top 50 league table, particularly, those that took the lead.
In a press statement after the public presentation, the rating firm said “The annual top brand evaluation is a qualitative, non-financial estimation of value of top corporate brands in the country. A measure of consumers’ perceptions and how positive or otherwise towards a brand, and how this affects its overall strength, using the Brand Strength Measurement (BSM)index, a model that tests a brand’s ability to deliver on its promise to the consumers from the consumers’ points of view.
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Brands today have become a necessary part of our everyday’s life, from waking moment to going to bed, even the choice of bedding. This is so much more in the light of emergence of concepts of consumer awareness, differentiation, purchase justification and the new world economy, the brand is playing a quintessential role.
In his address to the owners and promoters of the top brands, TOP 50 BRANDS NIGERIA CEO, Taiwo Oluboyede said, in the statement “Brand has become a critical differentiator that helps consumer’s choice and also separates the top corporate organisations from the others and even much more. It is also consumers’ buying choice justification” He likened the task of building formidable and continuously strong brand to a flower, he said “When you plant a flower, you keep watering and pruning it to grow and until it blossoms, and this you do for its lifetime” If you omit or forget to prune or water, regardless of how beautiful it is at the beginning, it dies. The same is applicable to brands. That is why we have seen brands that dropped from the 50-league table in recent times, while new ones emerge.”
He said further “So, the responsibility lies with the owners and promoters to consistently maintain compelling propositions and live up to their promises. As we all know, it’s not just about making propositions, but living up to its demands and consistently so. This is what makes a top brand.”
For the 2022 evaluation, Nigerian-owned brands again dominated the top 10, with 7 brands. Dangote leading the pack, followed by Globacom, Access Bank, Zenith Bank, GTCO, First Bank and UBA
