Home-grown Nigerian brands are showing strength as 25 local companies have been adjudged as top brands among a total of 50 leading brands in Nigeria for 2017.
Among the local brands are Access Bank, Channels TV, Coscharis Group, Dangote, Globacom among others.
According to producers of 50 top brands, these are brands that have been able to weather the storms, and deliver on their promises. â€œThey have good understanding of the market, and have aggressively worked towards meeting the expectations of the consumersâ€.
The firm also developed 10 brands to watch. The 10 brands are though not on the Top 50 Brands league table yet, but they have shown promises and the potentials within a period of time.
Speaking on the brands, CEO, top 50 Brands Nigeria, TaiwoOluboyede, said the exciting thing about the brands to watch in 2017 is that they are mostly homemade brands. Some of them include Ajeast, Artee Group, CWG, Daraju Industries and Payporte.
He said with the volume of competition that businesses face in most industries, it is never been more important for brands to stand out and develop a unique identity and value proposition through strategic branding.
According to Taiwo, a healthy brand attracts premium. He said research has shown that on average, brands account for more than one third of shareholder value. This suggests that brands have a direct impact on company earnings.
â€œAt Top 50 Brands Nigeria, we evaluate and celebrate top corporate brands that have consistently maintained leadership position in their industries, living their promises, and have become a part of the popular culture, attracting powerful visual cue that evokes emotion from the people. They have transcended their product/services categories and mean much more to the consumers. They have been able to master the art of brand building to the point earning equityâ€.
According to Taiwo, the firm used certain factors such as brand popularity, category leadership, innovation, national spread, CSR and online engagement to measure brands.