REVEALING NIGERIA’S 60 SUPERBRANDS
Beyond the headlines of the global covid 19 pandemic that has disrupted businesses and lives at an alarming rate, however, lie the stories of over five dozen top Nigerian brands that have managed to increase their brand valuations since 2019, amidst difficult circumstances.
2020 has been an unprecedented year for Nigeria. From the start of this decade, it was clear that there would be growing pains as Nigeria settled into the role as one of the world’s largest growing economies. The COVID-19 pandemic has since thrown Nigeria’s existing challenges into sharper relief, while testing its communities and institutions as never before. This is not the kind of moment that yields silver linings: Only difficult adjustments, and hard-won breakthroughs.
What has been evident since the early days of 2020, however, is the resilient spirit of Nigeria’s people and businesses.
This year, the combined value of the SuperBrand Top 60 Most Valuable Nigerian Brands declined by 4 percent. Beyond this headline rate, however, lie the stories of nearly three dozen top Nigerian brands that have managed to increase their brand valuations since 2019, amidst difficult circumstances.
What these brands have in common is a theme we have emphasized across three years of this special feature. Namely, that authentic and distinct brand building remains the key to economic resilience.
In the months and years to come, you’ll read plenty of advice about how businesses can pivot to account for a profoundly changed world. But don’t forget that these companies will need strong brand assets to pivot around. Brand agility and brand resilience go hand in hand – a truth we explore in this year’s analysis of the SuperBrands 60 Most Valuable Nigerian Brands.
We know that brand strength is key. History won’t repeat itself exactly, but it is an important guide. Coming out of the global financial crisis, strong brand equity was the key to recovery. Globally, between 2016 and 2020, our Top 10 SuperBrands Portfolio increased100 percent in value, while the S&P rose only 80 percent. The most important driver of that growth was Meaningful Difference – relevantly meeting consumer functional and emotional needs in ways that stand out and are trendsetting. In Nigeria, we’ve seen time and again that strong brands retain more of their value during tough economic times, and recover more quickly when market conditions begin to improve.
This was the case during the demonetization process of 2018, and shows every indication of holding true today. Intelligence is key to navigating these complex times. This festure contains the latest findings around topics like “shopping local,” the shift to e-commerce, the rise of rural Nigeria, and the ways that traditional marketing levers can ignite sales even in slow-growing or declining categories. Thought Leadership and Brand Building Best Practice pieces from experts across our network contain further insight on Nigeria’s evolving brand landscape.
In this special feature, you will also find analysis of how brands can leverage new forms of innovation and purpose – two cornerstones of brand equity – to retain brand value. In addition, this year’s collection of interviews with C-Suite executives includes perspectives from some of Nigeria’s most exciting brands. And as always, you’ll find an overview of this year’s top performers on the SuperBrands 60 Most Valuable Nigerian Brands ranking, as well as an introduction to the two brands making their debuts on the 2020 list. As comprehensive as it is, this feature should be taken as a starting point, especially as this is coming as part of Inside Business Africa’s Nigeria’s 60 Independence commemorative report. We urge you to follow up with the experts who contributed to the feature. They continue to monitor the impact of the pandemic on brands across categories, around the world, and throughout Nigeria.
Inside Business Africa have an extensive library of annual Brand reports available. Each year we produce the SuperBrands Top 50 Most Valuable Global Brands, an exhaustive report that delivers knowledge and insight about brand building developments, category by-category, in Nigeria. We also produce annual SpuerBrands reports in association with Natafamdavid Consulting Nigeria Limited about the most valuable brands in African countries and many more. One of our key strengths at Inside Business Africa – and a benefit for our clients-is that when we say we cover the world of brands, that’s exactly what we mean. The IBA/NA SuperBrands database includes information from over 3 million consumers about their attitudes about (and relationships with) 10,801 brands across 100 categories in African markets. All that produces more than 8.3 million data points.
To learn more about how to harness our passion to work for your brand – especially during these trying times- please contact any of the Inside Business Africa/Natafamdavid Consulting officers that contributed expertise to this special feature.
Congratulations to all the SuperBrand winners for 2020 and congratulations Nigeria as we celebrate 60 independence anniversary.
Key winning marketing strategies that help brands stay the course.
Businesses in Africa are facing a challenge that is unprecedented in recent history. COVID-19 is changing the landscape of business and marketing messages need to change alongside this evolving situation. Currently, Africa has a relatively low number of confirmed cases of coronavirus but 68% of Africans are concerned about the virus and how it might affect them. While health and wellness are top of mind, 63% of Africans report they are more concerned about how the pandemic will impact them financially.
As the virus gained traction earlier this year, consumers in Africa experienced immediate, and in many cases catastrophic, financial distress. In February, both the Consumer Sentiment and Personal Finance indexes began a sharp plummet to all-time lows. Despite the uncertainty, Africans report feelings of optimism that recovery is possible, and 80% feel reassured that life will return to normal before the end of the year.
Businesses must adjust marketing messages to respond to consumer sentiments today and moving into the future. We polled consumers from the 36 states of Nigeria. Using data-driven insights obtained from these surveys, we have put together three effective marketing strategies brands can use that take into account our new reality and how consumers are reacting within it.
Knowledge and people and market dynamics
Understanding how people respond to a global pandemic is new to everyone. By asking the right questions to a variety of consumers, we learn how the current situation is affecting their behavior today and what the impact will be in the future. Keeping up to date on consumer sentiments and behavior as the pandemic evolves allows brands to quickly adjust marketing messages and strategies. There is no one size fits all approach for brands to use while navigating business in a pandemic. Research has shown that consumer behavior is different across regions and countries in Africa. Companies need to leverage the right information to make data-driven decisions that will have a positive impact on their business and give them a competitive advantage. The right data at the right time allows companies to speak directly to people’s immediate concerns. This helps build trust and relationships that last well beyond today.
As coronavirus spreads, businesses can keep employees and customers safe by following the most up to date recommendations from health officials. Implementing best practices for handwashing, disinfecting procedures, and wearing masks show that a business cares about the health and safety of employees, consumers, and the community. Regularly and consistently communicating these best practices to employees and consumers can help alleviate fear and reassure people that a business is doing all it can to keep people safe.
Innovation amid the changing times and consumers preferences
The world changed when coronavirus began to spread and businesses need to change, too. When asked, 61% of Africans reported they are practicing social distancing and 47% are shopping online. Businesses need to examine their service delivery models and determine where they can pivot to offer services in response to these consumer insights. There are three ways that brands across Africa can start to innovate in response to the pandemic.
Increase digital marketing efforts
Africans are using online resources to stay up to date on the pandemic. When surveyed, consumers reported they prefer brands to use digital solutions like social media posts and online advertising. Of the online messages they want to see, 23% of consumers said they want to learn about innovative solutions or products that businesses have to offer.
Adapt business model to align with changing consumer behavior
Businesses who adapt their products and services in response to the way consumers are shopping will have more success. Since the pandemic began, over 98% of Africans have altered their shopping habits. Consumers are looking for shopping solutions that are convenient and safe. This means they are shopping online more. People have changed their routines and are looking for options that allow them to shop in less crowded spaces.
Offer cashless payment solutions
Many businesses have long survived by accepting predominantly cash payments. Since handling cash is perceived as a higher risk form of payment, 40% of Africans have adopted mobile money as their primary form of payment. Cashless payment solutions offer increased convenience for consumers and minimize direct contact. This increases safety for business owners, employees, and the people they serve.
Many African businesses have successfully answered the call to innovate. For example, Chicken Republic; Mr Biggs and other super stores like Home Affairs has engaged mobile riders that travels to outlying communities. This allows community members to get food for their families without the stress of traveling to bigger suburbs. With the ban on Okada Riders in Lagos Gokada; O-Pay all also pivoteddelivery services in response to consumer needs. Instead of disposing off its bikes, the company now offers grocery delivery.
Consumer empathy and fact checking
Today, more than ever, consumers want to be heard and understood. Empathy must be a part of marketing strategies moving forward. A surprising insight revealed that only 7% of African consumers want to hear about sales and discounts right now. The majority are looking to connect with businesses whose brand messages are
” Comforting and reassuring,
” Educational and informative,
” Trustworthy and transparent, and
” Optimistic and hopeful.
Prestige Assurance Plc. has responded to this consumer insight by placing a great deal of emphasis on the health and safety of employees and customers. The company regularly disinfects their offices. They also provide free hand sanitizers and masks to help customers feel safe and to prevent community spread of the virus.
We are in the midst of a global pandemic. Everything feels uncertain and unfamiliar. Despite this, understanding your consumers’ experience and how it has affected their spending behavior is still possible through up to date and relevant data.
Ray Murphy, CEO, MOUKA LIMITED
Chaim Zach, Founder/CEO, AGRITED
60 SUPERBRANDS 2020
Meanwhile, our brand report for the 60 superBrands covers the almost the entire business segment – from Agriculture, Banking, Indusrance, Aviation, Construction, FMCG, Manufacturing to Services Sector among others.
In the agribusiness sector, Agrited, the mega poultry business conglomerate top the chart followed by Olam Farm, Popular Farm a subsidiary of Stallion Group, Flour Mills Plc, Dangote, BUA, SEDCO, INDORAMA, Farmcrowdy, AgroMall, Chi Limited, Zartech. The banking sector comes with the regulars with First Bank Plc., Zenith Bank, Plc. Guarantee Trust Bank Plc., Access Bank Plc., United Bank for Africa Plc., Union Bank Plc., Stanbi IBTC., Eco Bank., First City Monument Bank Plc.
It was indeed a bit difficult for our researches to get the leading brands in the construction sector as the criteria was based on project innovation, market acceptability, value and deliverables. However, we managed to get the following brands that meet the criterial: Julius Berger Plc., Cappa D’alberto Plc. Dori Construction Nigeria Limited, O. T. Otis Engineering Nigeria Limited, SETRACO Plc. Hi-Tech Construction Limited, ITB Nigeria Limited, Dantata and Sawoe Nigeria Limited, CCECC, Reynold Construction Limited, Four Corner Construction Limited. The manufacturing sector has some interesting brand as we focus on Foam and Beddings sector with Mouka Limited, maker of Mouka brand of foam abd bedding which started operation in Nigeria in 1959 topping the brands of the year list. Investm,ent in new technology and value driven manufacturing stands this multiple ISO Certified company out from the pack followed by Vitafoam Plc, Winco Foam and Sarafoam, Teju Foam and Vono Foam make up the rest.
The insurance sector presents special interest as the top brands run head to head with Prestige Assurance Plc toping the list and the following make up the rest; Leadway Assurance Plc., AIICO Insurance Plc., Custodian and Allied Insurance Plc., Cornerstone Insurance Plc., Mutaul Benefit Assurance Plc., AXA Mansard Insurance, African Alliance Insurance Plc., Goldling Insurance Plc. Lasaco Assurance Plc.
The phramaceuticals and healthcare sector, despite the challenges and pressure ocassioned by the covid 19 pandemic the sector got so busy throughout the first second and third quarter of the year. However, some major brand made the list of 60 SuperBrands 2020; Neimeth International Pharmaceuticals Plc., Fidson Healthcare Limited, Mecure Nigeria, Swiss Pharma Nigeria Limited, Mopson Pharmaceuticals Limited, Emzor Pharmaceuticals, Gemini Pharmaceuticals Limited, GlaxoSmithkline Nigeria, May & Baker Nigeria Plc. Neros Pharmaceuticals Limited, Greenlife Pharmaceuticals Limited, Afrab Chem and Rambaxy.
From the building materials manufacturing sector comes Nigerite Limited, Tower Aluminum Plc., African Steel Limited, Portland Painst and Products Plc. (Makers of Sandtex Paints), CAP Plc. (Makers of Dulux Paints), Berger Paints Plc.
The brewery, Beverages and conglomerates comes Sona Group of Industries Limied, Nigerian Brewery Plc., Seven Up Bottling Company Plc., Nigerian Bottling Company Plc. (Cocacola), Dufil Foods Limited, Promasidor Nigeria Limited ( Cowbell), Guinness Nigeria Plc., FrieslandCampina, Nestle Nigeria Plc., Dano Milk Nigeria Limited
The environmentsustainability and waste management sector got a strong showing with E-Terra making a bold statement and the leading and innovative player in the sector.
ImageLink West Africa, the pioneer in the technology that touches millions of lives everyday with ISO certified and strong products range come tops in the services and supply chain sector.