Nigerian brands watchdog and rating agency, Top 50 Brands Nigeria, has announced the commencement of the measuring, scoring and selecting process for the best 50 brands in 2018.
A statement quoted Top 50 Brands’ Chief Executive Officer, Taiwo Oluboyede, as saying that the essence of the annual rating was to make brand owners appreciate the importance of brands.
This, he said, had become the most valuable asset of their corporate entity and a major success factor in their businesses.
He said, “At this very important time in our nationhood, there is no overstatement of the important roles these brands play in our business space. They provide the much-needed jobs, goods and services.
“As responsible corporate citizens, they pay tax, create wealth and are socially responsible, with many interventions endearing them more to the people.”
According to him, Top 50 Brands Nigeria followed a set of parameters in measuring and evaluating the strength of brands, using the Brand Strength Measurement Index, a model that tested brand’s ability to perform its promise to the consumers.
Brand popularity, category leadership, innovation, quality elements, online engagement, national spread and Corporate Social Responsibility were the factors that go into the BSM model, he said, adding that these would test the strength of brands in Nigeria.
“The model shows how strong a brand is from the consumer point of view and in a way indicates its weakness. The 50 brands with the highest cumulative (rating) will be the top brands in Nigeria for the year,” he said.
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