The 2020 edition of the annual Top 50 Brands Nigeria, an evaluation of top corporate brands in the country has been designated to commemorate Nigeria Independence Diamond Jubilee. The special edition will be 60 top brands in honour of Nigeria.
Every year, Top 50 Brands Nigeria evaluates and presents 50 top corporate brands (companies) in the country. These cut across the entire categories of corporate Nigeria, ranging from banking & financial services, consumer goods, manufacturing, retail, Food and beverages, agriculture, Automobile etcetera, with the exception of government corporations and NGOs.
In a statement signed by Taiwo Oluboyede, the firm’s CEO, which was made available to the press, he stated, that the 2020 edition, which is the 8th in the annual top brands, evaluates and rates the performance of top corporate brands in Nigeria for the year has been made as a special commemoration edition to celebrate Nigeria’s 60th Independence celebration.
He said “In honour of our nation’s 60th Independence celebration, we will be presenting top 60 Brands that Power Nigeria instead of the regular 50. This is the first time we will be having anything like this in this annual ranking”
He went further that ‘You will agree with me that 60 years is a significant milestone in the life of any nation. We recognise this, so, we have dedicate the 2020 edition of this annual brand evaluation in honour of our fatherland’
Explaining the significance of brand and the need for regular evaluation, he said “Brand has become the most valuable asset of a corporate organisation in a capitalism system the world over. Though intangible, it has proved to be more valuable than the entire physical assets of the organisation. Brand is a critical differentiator and mostly the sole determinant of the premium a consumer is willing to pay on a product or service. This is greatly appreciated during acquisition and merger of corporations.
Brand therefore has gone far beyond just beautiful logos, fine fonts and slogans. It is a promise of value to the consumers (audience).
For something that Important, there is also the need for benchmarking’ he posited
On the top brands evaluation process, he said “To emerge a top brand in Nigeria, a brand is evaluated using the Brand Strength Measurement (BSM Index). It is a mathematical model that evaluates a brand’s ability to deliver on its promise to the consumers from the consumer’s point of view.
“The process starts with a Top on the mind (TOM) survey, where we check affinity with these brands. Respondents are asked to list or mention brands that easily come to their mind or that they can recall.
Other key variables in the BSM model includes, Online Engagement, Innovation, Quality, National Spread, category Leadership and CSR. All these are aggregated to determine the top brands for the year.