Top 50 brands in Nigeria unveiled

The list top 50 brands in  2016 in the Nigerian business environment has been  unveiled,  at a press conference in Lagos by 2016.

According to Taiwo Oluboyede, CEO, Top 50 Brands Nigeria, the top brand selection for 2016 will be published for the first time in four years based on an in-house designed model called Brand Strength Measurement (BSM).

BSM is a specially designed model which uses basic qualitative factors to test the strength or weakness of a brand. The choice of a suitable model for rating brands in the Nigerian business ecosystem was quite a task according to Oluboyede.

Speaking further on how the top 50 brands were selected, Oluboyede said “since value is mostly the function of perception, we started with the top on the mind survey where we engaged members of the public. They were made to list out brands they are familiar with. This also tests people’s knowledge of brands and affinity.

We particularly focused on the corporate class from manager’s level and above. Respondents listed brands that they can easily recall or they are familiar with. It was observed that people easily recall brands they recently relate with or they see often” he said.

BSM is believed to be handy in brand management, budget allocations and measuring the outcomes. This model put into consideration, such factors as consumer’s familiarity with brands, quality elements a brand possess, market/category leadership, innovation, spread, and Corporate Social Responsibility (CSR).

The full breakdown of the ratings and positioning of each of the selected top 50 brands for the year will be formally presented in The Brand Nigeria annual publications scheduled to hold at the Brand Nigeria Leadership Forum, later this month in  Lagos.