WHAT IT MEANS TO BE A MOST LOVED BRAND?

WHAT IT MEANS TO BE A MOST LOVED BRAND?

December 15, 2019

To transform Bangladesh through the power of brands, Bangladesh Brand Forum in partnership with Nielsen Bangladesh recently organized ‘BEST BRAND AWARD 2019’. The objective of the Best Brand Award is to exhibit and celebrate the success of the brands, achieved through tough and effortful initiatives. This is the platform for recognizing the success of a business community of Bangladesh by portraying their achievements in brand building. This year, the top 15 brands of Bangladesh have been identified with an aim to acknowledge the brands that have established themselves to a meaningful height in terms of business value and contribution to consumer life. The study has been conducted by Nielsen Bangladesh and guided by the South Asia Nielsen expert team.

In “Best Brand Award 2019”, one of the resplendent moments was to witness so many of local brands emerging amongst the top brands, which is an extremely positive sign for the growing economy of the country. Homegrown brands now have started making equal contributions as multinational brands and driving every economy that is increasing employment. On top of that, they are holding a position of trust and credibility in consumers’ hearts. In this age of technology, love is going to be the most powerful emotion. Therefore, the study by Neilsen creates a vision for the future economy of the nation generating new opportunities for the emergence of brands that the people will adore.

To capture the overall ranking of brands within category and across the category, Nielsen has done the evaluation based on two key considerations. For in category evaluation, Brand Equity Index, consisting of Brand Salience, Consideration, Preference (Favorite Brand), Recommendation, Willingness to pay Price Premium, Emotion, Brand Fit, Relevance have been measured and weighted by MOUB (Most Often Used Brand) and Brand Repertoire. For overall comparison, the Multiplicative Model has been used to harmonize across categories on category relevant parameters – Category Involvement, Role of Branding in that category, Brand Differentiation and Innovation.

When the winning brands were asked about their feeling on being the most loved brands, they mentioned that it is a collective recognition of all the employees working so hard together as a team. This triumph belongs to each and every stakeholder who has worked tirelessly to make the brand stand out. The Best Brand Award provides a stage to showcase the evolution of a brand from time to time. Moreover,  it is also a celebration of loyal consumers who have been using these brands for ages – some even spanning generations. Indeed the consumers have been playing a great role in creating an opportunity for the brands to attain this acknowledgment. In addition to that, the new upcoming companies have a lot to learn from the evolution of these brands through this initiative and serve the needs of the economy accordingly.

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