Top 50 Brands Nigeria® is an expert brand research and survey company that specialises in enlightening Nigerians about the Nigerian brand awareness. Their #iambrandnigeria is an innovative way of developing the Nigerian brand and helping Nigerians understand the corporate brands involved in making things happen in the country.
Every year, the company headed by Mr Taiwo Oluboyede conducts an award where the top 50 Brands in Nigeria are listed out based on many reasons.
According to a source close to the company, they perform a series of test and surveys both physically and virtually using a host of data and metrics to come up. With the results of those brands that usually make up the top 50.
This year 2018, for the first time, a Nigerian owned brand came top among the rest 50.
The Dangote group of companies was the number one most valuable brand in the year 2018 according to their analysis and research findings.
With their presence in the country over the last few years, the company had evolved into a go to venue for brand information and data survey due to the large among of data they utilise conduct and produce their results.
We spoke with Mr Oluboyede on how they’ve been able to put together a list of these top 50 Brands in Nigeria and well the process according to him demands a lot.
Here is what he had to say.
Whats top 50 brands Nigeria all about?
TOP 50 BRANDS NIGERIA which has eventually become our company name and product at the same time is a brand and marketing research firm in Lagos, Nigeria.
We help companies to appreciate the value of their most valuable asset, their brand. So, every year, we review top corporate brands (companies) in Nigeria.
We evaluate how well they are doing in delivering on their promise to the consumers. At the end of the day, we present an outcome of our findings, which is the annual TOP 50 BRANDS NIGERIA®.
This has eventually become like a report card with which many brands get an independent opinion about their brand performance on the corporate Nigeria.
What does it take to be among the top brands?
Like a said, its about a brands ability to deliver on its promise to the consumers. So to be among the top brands, 2 factors promise and consumers.
Brand is a promise of value a company made to its consumers. A company identify a problem and profound solutions to it and communicated same to the consumers.
This solution becomes their proposition to the consumers. The top brands as said earlier are those that have succeeded in meeting up to these promises and done so consistently and excellently.
The top brands have become so good at it that the consumers often refer to them by the name of the promise they met. As far as many consumer’s are concern, that is all that matter.
Now, good products/services is not enough, a brand need to grow beyond these and bounding with the community and become part of the popular culture.
When you become part of everyday live of people, they become like your fans, with this, you are assure of a long life as a company.
Do you think Nigerian brand are thriving?
Oh yes, I will say that confidently. Unlike in the past where the top brands are dominated by multinationals, last year for example, 25 of the 50 brands were Nigerian brands.
Interestingly, the 2018 evaluation had a Nigerian brand coming top on the 50 table. More so, among the top 10 in the 2018 evaluation, 6 are Nigerian brand, so, they don’t just top the table, but among the strongest in terms of value.
Also, the Nigerian brands on the top table are not just local players, many of them have operations across other African country, even beyond. So, the Nigerian brands are thriving.
However, they need to do better. We have enormous opportunities, fairly large and youthful population, biggest economy in Africa, relatively stable political system since the advent of democracy in Nigeria- over 18 years now. Increasing investors’ confidence etc.
All these are positive indicators that Nigerian brands will experience more growth in the coming years.
Can you tell us the difference between a brand and a product.
Product is product, brand is brand…(laugh)
Product is an item or service produces and offered to the market for sale. Products performs a function or meet a need for the consumer. Products are all about what they can do.
Brand is the promise you made to the consumer about your product/service. It is the emotion you create when consumer come across your product/service or any of your assemblages. Brands don’t just meet a customer’s need, they fulfill his desires.
That is very important. Brand offers a promise and an emotion.
For example. I need a chilled beverage in this hot afternoon. I have about 3-4 carbonated products which oftentimes may offer very little or no noticeable difference in color or taste, but the brand which has become the critical differentiators.
I will most likely choose one and not the others. And the next time I have such need, I may likely choose that same brand, why? Because the brand had created an emotion in my mind that made them a natural choice even if their price is higher than the competitors.
A friend of mine told me a story of himself growing up. His family uses a particular bar soap back in the days. There is a popular supermarket in his city where they usually buy.
Now, a grown up man himself, he said, anytime he is home and out doing shopping in that grocery store, he doesn’t even check if there are other products, he goes straight to the corner shelf where the soap was, interestingly, he doesn’t even check the price.
He has become as it were a fans and regardless of the price, he is sure of the promise of that brand, he could even walk to the particular shelf with eyes closed. Now that is the power of brand.
More reason why we advice our clients at all time to always build their brand and they will have to spend much less in advertisement and the company live much longer.
We heard about the #IAMBRANDNIGERIA, what is it all about
Oh, thanks for asking.
#IAMBRANIGERIA is a drive for better narrative for the Nigeria brand, We are using the narrative of resilience and tenacity of many Nigerians that made them to achieve success against all odd as better for the brand and our objective is to use this to enhance the brand towards achieving top 20 nation brand globally.
We are approaching it from different angles, firstly, we are making the stakeholders, you and I to begin to take ownership, by openly endorsing the brand and expressing support at different opportunity.
The first set of people to buy are product that will sell are the owners. It is when we present the brand as valuable that outsiders sees it as such.
So, we are starting with a nationwide creative contest, a mass market engagement platform where people express their passion for the Nigeria brand in arts like paintings, sketches, illustrations, sculpture, photos, poems etc. these are posted on social media with a chance to win any of our cash prizes.
Top 3 entries with the highest number of engagement with N500k, N200k and N100k
Later in the year, 4th of November to be precise, we will be recognize certain individual and corporate brands that have become proponents of value of addition to the Nigeria brand via their endeavor.
These are people that have been able to achieve success against all odds putting the Nigeria brand on the global map for the right reasons.
We are specially recognizing and celebrating the with an award in 12 categories in an award/gala night. Its something to look out for, trust me.
Where do you see the Nigeria brand in the global space in the nearest future?
I am an optimist, and Nigeria is a land of opportunities. We are also one of the frontier market that many multinationals are eyeing, we have the population, very youthful, we are endowed, natural and human resources, however, all these fine quality, the stakeholders, you are I have to start seeing and talking about the positive attributes.
This is not just about being patriotic. When we talk down on the Nigeria brand, we are actually talking down on our individual person and our businesses.
But when we begin to show our positive value and the unlimited potentials, regardless of who is the political head per time, we are increasing our individual and business value.
Your limited space wouldn’t let me go into much details about that. Now to your question, the Nigeria brand will continue to experience increasing value appreciation.
And let me say this for the benefits of those that are still in doubt of the potentials, you better get in now, so that you and your business can benefit in the rapid growth the brand Nigeria is beginning to enjoy.
In a few years time, some of the multinationals that are still debating on the right time will find things much more expensive when they eventually make a yes decision.
Whats your advice for Nigerian youths as far as branding is concern.
I will start with individual. We are all brand one way or the other. Individual can be a brand also. Brand is any entity that has an audience. And every one of us do.
You have family, friends, class mate, church and group members. Regardless of your position in those categories/group, you have directly or indirectly made a promise to them, by your words, conduct, much more by what you don’t say.
People know you as something, that is your brand.
Do you wonder when late in life some of your old school mate heard that you are now the MD of a company and they said they aren’t surprise, because you have exhibit some traits or brilliance.
While for some people, if they heard that you are the MD of a new regional bank, they will rather not bank again even if the bank is the only one in that region. Hope you get my point.
I advice people to consciously build their reputation which is their brand, particularly from the youthful ages. The youth of today are the adults of tomorrow remember and what I know you to be as far as I am concern will influence my prejudice about you if we have any reason to relate in the future.
Build your brand.
Can we know more about you.
I am Taiwo Oluboyede, I am a brand consultant with TOP 50 BRANDS NIGERIA and the converiner of the IAMBRANDNIGERIA. I am a son, a husband and a father. Most importantly, I am a lover of God. That is very important
One big advantage in Nigeria is the GDP. And being one of the biggest economy in the whole of Africa and one in the world, Nigeria as a brand is conquering the world and thanks to the influx of foreign investors and businesses that are all helping to create jobs and opportunities within the country.
Top 50 Brands Nigeria events comes up annually and we hope to keep seeing more Nigerian brands topping the list in years to come.