Raheem Akingbolu reviews the rating of the Top 50 Brands in Nigeria, reckoning that the emergence of Dangote as the Most Valuable Brand, has simply confirmed various national and international reviews that have adjudged the brand as the leading brand in Nigeria and one of the best from Africa
Few months ago, brand owners and analysts were on the lookout for the 2019 edition of the Top 100 brands in Africa with the hope that there would be improvement for African indigenous brands over last year's rating. Regrettably, the rating pattern was not exactly different from what happened last year. Save for Dangote and perhaps MTN that appear to be flexing muscles with the global brands operating in the continent, many African brands didn't go far in the rating.
According to the organisers, the Brand Africa 100 rankings are based on a survey among a representative sample of respondents 18 years and older, conducted in 25 countries across Africa. It was further stated that the process covers all African economic regions, collectively these countries account for an estimated 80 per cent of the continent's population and 75 per cent of the GDP.
However, when consumers were prompted to recall the most admired African brand, Dangote retained the number one position. In 2018, Dangote brand was named the most valuable brand among the top 50 brands in Nigeria for 2018 by Brand Nigeria. Further analysis of the ranking indicates that overall, the 2018/19 Brand Africa 100 list, which is calculated from15,000 brand mentions, illustrates a very diversified range of brands in Africa and shows year-on-year consistency with 80 per cent of the top 100 brands having being in the top 100 Most Admired Brands in previous years.
Few days ago, the promoters of Top 50 Brands in Nigeria, released this year's list and Dangote industry again took the lead, following its 2018 feat. The declaration made the Nigerian brand double as Most Valuable overall and Nigerian brand in the 2019 review.
Dangote, a proudly Nigerian brand is the most diversified and largest conglomerate in West Africa and one of the largest in the continent. Dangote Cement, a member of the group is the most capitalised company on the Nigerian Stock Exchange. Dangote is expected to deliver its 650,000 barrel per day capacity crude oil refinery with the world tallest atmospheric tower in the coming year
Top 50 Brands 2019
Every year at Top 50 Brands Nigeria, the organisers present a list of 50 top corporate brands that have exceeded others in delivering their promise and have clearly become market leaders in their category and beyond.
According to the promoters of the award, the top brands this year are those that have been able to analyse needs, see opportunities in them by creating solutions, while communicating same to the consumers. They have become so good at it that the consumers often refer to them by the name of the need they met. This has become a critical differentiator that separates them from the others.
"The achievements and growth of these brands have also become a critical point of positive narrative that enhances the value, reputation and perception of the Nigeria brand. And vital indicators that attracts capital and foreign direct investments.
The outcomes of this annual report has also created healthy competition among top corporate brands in Nigeria. The annual ranking is gradually becoming like a report card with which top brands know their positioning and how they are faring in the market.
Since this is all about consumer's perception (which influences buying decisions), the valuation of the organisation therefore starts from the consumer's point of view, using the Brand Strength Measurement (BSM Index).
Uppermost among these variables is the Top on the Mind (TOM) Survey. It is a test of consumer's knowledge, understanding, acceptability, or simply their affinity with these brands. Respondents were asked to mention top 10 brands (companies) that easily come to their mind. It has been observed that consumers often mentioned brands they patronise, respect or see often.
Other variables, according to the organisations are; innovation, category leadership, quality elements and national spread. Others are; online engagement and corporate social responsibility (CSR).
With Dangote on top of the chart, MTN Nigeria maintained its second placement in this annual ranking, while Globacom, another Nigerian brand is on the third position this year with 75.2 BSM points. Coca-cola Nigeria emerged on the fourth position and Dufil Prima, makers of the popular Indomie noodles came fifth.