Lagos, Nigeria – [2nd September, 2024] – MTN Nigeria has once again demonstrated its market leadership by emerging as the Most Popular Brand in Nigeria for 2024, according to the results of the Top of the Mind (TOM) Survey conducted by TOP 50 BRANDS NIGERIA®. This year’s outcome is particularly significant as it represents an aggregate of three years of survey data, reflecting the consistent and enduring appeal of the brands that have captured the hearts and minds of Nigerian consumers.
The TOM Survey
The TOM Survey, a critical component of the Brand Strength Measurement (BSM) model, serves as a measurement for brand popularity in Nigeria. This survey is unique in its approach, as it draws insights from Chief Marketing Officers (CMOs) and heads of corporate communications across various sectors in Nigeria. These industry leaders bring a wealth of experience in brand building, market dynamics, and consumer behavior, providing a deep understanding of what drives brand popularity.
Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA®, emphasized the importance of brand popularity during the public presentation of the survey results. He remarked, “Brand popularity is a measure of how well-liked and recognized a brand is among its audience. It reflects a brand’s reputation, trust appeal, and its ability to connect with consumers on an emotional level. This, in turn, impacts customer loyalty, sales, and ultimately, a brand’s success.”
Oluboyede further emphasized the role of brand popularity in a highly competitive market like Nigeria. “In a market as dynamic as ours, brand popularity plays a crucial role in determining which companies dominate and capture the attention of consumers. Often, the most popular brand becomes the preferred choice for consumers, and this preference can translate into significant market share.”
Top 10 Most Popular Brands in Nigeria for 2024
MTN Nigeria (81.5%)
MTN Nigeria topped the list, achieving an impressive 81.5% recall rate in the survey.
This is immediately followed by Globacom, another telecoms brand, with 79.6% mention.
Dangote came third with 76% recall rate, while Coca-Cola Nigeria came 4th with 74%.
Guaranty Trust Holding Company (GTCO) holds a 70% recall rate at the 5th place
Others among the top 10 are
First Bank (66.4%), Zenith Bank (66.1%), Nestle Nigeria (66%), Dufil Foods (65.9%), Airtel Nigeria (62.4%)
Key Insights and Trends
The 2024 TOM Survey highlights several key trends in the on brands in Nigerian:
- Telecommunications Dominance: Three out of the top five most popular brands belong to the telecommunications sector, indicating the critical role of connectivity and communication in today’s digital age.
- Banking and Financial Services: The strong performance of GTCO, First Bank, and Zenith Bank reflects the growing importance of financial services in the daily lives of Nigerians, driven by digital banking innovations and customer-centric approaches.
- Resilient Nigerian Brands: Seven of the top 10 brands are homegrown, showcasing the resilience and innovation of Nigerian companies in a competitive market. These brands have not only thrived domestically but have also expanded their reach internationally.
- 24 of the 50 Most Popular Brands are Nigerian, while 26, an equivalent of 52% are multinationals brands.
The results of the 2024 TOM Survey provide valuable insights into the brand preferences of Nigerian consumers. As these brands continue to innovate and connect with their audiences by fulfilling their promises, their popularity is expected to grow even further. The findings also highlight the importance of brand reputation, trust, and consumer engagement in driving success in a competitive market.
