In the midst of the debate over the operations of Dangote Refineries and the expectation that it would be the messiah for Nigerians as the market contends with fluctuating prices of petroleum products, Top 50 Brands Nigeria rankings, has announced the Dangote Brand as 'The Most Valuable Brand' in Nigeria, writes Raheem Akingbolu
Many things determine the place of a brand in the market but perhaps the most enduring factor is the ability of the brand to resonate with consumers. Thus, a brand with Top of mind awareness, which is a measure of how high brands rank in the consciousness of consumers, is tend to be one of the most talked-about brands in the market.
In Nigeria market, the Dangote Brand fits in perfectly as the first brand that comes to mind when consumers think of some certain niche products and this has helped the brand achieved top of mind awareness. Therefore, when the promoters of the Top 50 Brands Nigeria ranking announced last week that Dangote continues to lead as the country's most valuable brand, for the seventh year in a row, it didn't come to discerning minds as unusual news.
By securing an impressive aggregate score of 89.6 percent on the brand strength measurement index, (BSM) conducted by the ranking company, Dangote has proven resilient in the face of testing market conditions, justifying premium prices with positive perceptions, and proving that meaningful, different and salient brands are best placed to weather global and economic disruptions.
The Competition
Other brands that slugged it out with Dangote are; MTN, Airtel, Access Bank, Globacom and many others. However, Dangote is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind (TOM) survey. MTN's strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond.
The only confounding part of the 2024 story of the Top 50 Brand Nigeria has been the turbulent condition of the economy and the fact that Dangote brand's profile has kept on rising despite the odds in the market. As a result of the local economic crisis, dictated by subsidy removal and currency devaluation, many companies crumbled while many brands lost their focus. However, few dogged businesses, in the likes of Dangote, that have remained strong despite the challenges appear to have learnt new ways of doing business, especially in the area of customer engagement and cost management.
Of course, the tense business environment has also led to stiff competition in various sectors, with each of the brands making efforts to rejuvenate and remain strong despite the challenges.
For the Dangote brand, the story is deeper in 2024. While other companies and brands are facing similar economic challenges, Dangote has consistently contended with ideological differences with regulatory authorities over the operation of its refinery alongside the general problem in the market. Before the refinery issue surfaced, its Dangote Cement was also in the news consistently for months over pricing and de-marketing shot from competitions.
One question analysts have continued to ask is how the brand and its promoters have been weathering the storm. For the Dangote brand and its promoters, the recent ranking is not accidental but a testament to their commitment to excellence, innovation, and sustainable growth.
In fact, observers have linked the success story of the Dangote Brand to the painstaking communication management skill of its number one spin doctor -the brand's Group Head of Corporate Communications, Anthony Chiejina, who was recently named as one of the "100 most influential communications and marketing executives in the world 2024," by Global PR firm, Provoke Media. Those who hold this view often make reference to the success stories of other brands like Zenith Bank and the rested Oceanic Bank that had once passed through Chiejina.
Looking back into the last few months, one cannot but be amused by the masterly manner by which Chiejina and his team were able to strategically positioned the brand despite the odds through stakeholders' engagement and effective communication devoid of negativity.
The Implication
The implication of the ongoing development is that Dangote is winning because it has good custodians to lean on while Chijiena was selected alongside 99 other communications and marketing executives of highly rated government agencies, global corporations, and conglomerates because of his immeasurable contribution to the growth of the Dangote Brand.
Founder and Chairman of Proshare Limited - Nigeria's foremost Financial Information Hub, Femi Awoyemi, captured it succinctly when he concluded that to measure the equity of Chijiena brand, may require a glimpse at the success story of the brands he has built over the years.
He said, "Anthony Chiejina is well known as the spokesman of the Dangote Group. What is often lost in this description is the value of Tony as a first-rate scholar, speechwriter, and communications strategist, who has earned his reputation having built up a first-class track record of achievements managing the Zenith Bank and erstwhile Oceanic Bank global footprints.
"Tony is deliberate and intentional about his actions and has a work ethic that is grounded in professional excellence. In our dealings over decades, he has nudged, encouraged, and challenged us to observe first principles, clarity of thought, and credibility in communications - breaking down the value chain and ecosystem in all engagements.
"He prioritises the country's interest in his engagements, be it within his group, his faith, and his devotion to learning as a basis for interventions. Such clarity of thought and purpose makes him a leader of leaders in the industry." Awoyemi said.
Ranking Other Brands
In the detailed analysis of the ranking this year, Globacom Nigeria, is at the third place, while Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position. Access Bank ranked in the fifth position, topping the Banking & Financial Services sector.
The organisers stated that: "This year's list is a testament to the resilience, innovation, and enduring relevance of brands that continue to shape Nigeria's economy, particularly in challenging times.
A significant highlight this year is that seven of the first 10 brands out of the 50 are Nigerian, emphasizing the resilience and global competitiveness of home-grown brands, most of which had spread abroad.
The Banking & Financial Services sector demonstrated remarkable strength within the top 10, with four brands. These are --Access Bank, Zenith Bank, First Bank, and GTCO.
Similarly, the Telecoms sector showcased its market dominance, with MTN, Airtel, and Globacom all ranking highly.
Additionally, it is impressive to note the consistency among the top brands, with seven of them maintaining their positions from last year. This stability reflects their continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment.
Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52% of the total.
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The 2024 list also witnessed the entry of two new brands, these are Opay Nigeria and Flutterwave, which made their debut in the annual Top 50 evaluation. These new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria's economic future.
Notably, 14 brands maintained their positions from the previous year, reflecting their consistent performance and consumer trust.
Another set of notable events in the presentation are the 10 Brands to Watch - These are vibrant and upcoming brands, who, though not among the 50 Top Brands yet, but with significant visibility and promises. This year, 9 of the 10 Brands to Watch are Nigerian.
The Horse's Mouth
The current ranking has become a subject of positive conversation because of the pedigree of the ranking agency. Top 50 Brands Nigeria has been consistent and transparent in brand valuation for a while and its process and criteria for ranking have been commended over the years.
During the public presentation of this year's edition, its Chief Executive Officer, Taiwo Oluboyede, commended the brands for their exceptional performance resilience and admitted the present economic challenges in the country.
"These brands deserve commendation, really, especially in times like this. The past year has been tough for many businesses, with some relocating out of Nigeria and others barely holding on. However, the majority of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future" He went on "As the saying goes, tough times never last, but tough people do. It's in times like this that you differentiate between the boys and the men, as these brands have shown," Oluboyede said.
