Bangladesh Brand Forum honored the prestigious Best Brand Award for this year by arranging a Grand Gala ceremony at Pan Pacific Sonargaon Dhaka on December 2023. This year the award was presented to 40 brands under 40 distinguished categories. The Overall Top 15 Brands of Bangladesh were also identified and awarded in the Best Brand Award 2023. Additionally, the Most Emerging Brand of Bangladesh has also been awarded during the gala event. In total, 56 awards were presented in the Best Brand Award 2023. Bangladesh Brand Forum, organized the 15th edition of the Best Brand Award in Partnership with nSearch Ltd. and in Association with The Daily Star.
The objective of the Best Brand Award is to exhibit and celebrate the success of the brands achieved through challenging and effortful initiatives. This is the platform for recognising the success of the Bangladeshi business community by portraying their achievements in brand building.
In the Overall Top 15 Brands of Bangladesh rank, local brands have dominated. bKash has secured the status of the best brand. Radhuni and RFL Houseware have secured second and third places, respectively. The other winners accordingly from top 4 top to 15 are: Grameenphone, Ispahani Mirzapore, Shwapno, Daraz, Parachute Advansed, Sunsilk, Closeup, Coca-Cola, Maggi 2 Minutes Noodles, ACI Pure Salt, Lux & Samsung Mobile. Additionally, Nagad received the most Emerging Brand of Bangladesh for having the steepest rise in the brand equity index for consecutive 3 years.
To pick the best brands of the year, nSearch Ltd. conducted and guided a study. The survey for the 15th edition of the Best Brand Award was conducted in eight divisions of Bangladesh, covering both urban and rural areas. A total of 10,000 interviews were taken, of equal percentage of males and females.
The approach of this research was based on two key considerations – in-category evaluation based on the Brand Equity Index through the distinct model and Cross-Category Harmonisation with a multiplicative model to harmonise across categories on category-relevant parameters. The data collection method was based on online and self-administered interviews. The study has covered 40 categories. Khandaker Samina Afrin, Managing Director, nSearch Limited, gave a detailed speech to describe the Methodology of Best Brand Award 2023.
Inaugurating the gala ceremony, Nazia Andaleeb Preema, Director and Creative Editor, Bangladesh Brand Forum, said, “Brands play a pivotal role in the way we consume and live. As a brand grows, its responsibilities toward the nation and society also evolve. We are here to acknowledge those brands that have contributed immensely not only to their business but also to the growth of the nation and its economy. Bangladesh Brand Forum’s motto is to inspire the nation. I believe, this award will inspire all active brands in Bangladesh to serve better, thus ultimately inspiring the whole nation.”
Bangladesh Brand Forum initiated the Best Brand Award in 2008 to inspire and honour the most loved brands in the country. Now, after more than a decade and long establishment, this successive accolade has become the signature and leading branding recognition in Bangladesh. The objective of the Best Brand Award is to demonstrate and celebrate the success of the brands achieved through tough and effortful initiatives.
An initiative of Bangladesh Brand Forum, Best Brand Award 2023 was held in partnership with nSearch Ltd. and association with The Daily Star, Strategic Partner – Bangladesh Creative Forum; Knowledge Partner – Marketing Society of Bangladesh (MSB); Technology Partner – aamra Networks Limited; PR Partner – Backpage PR.
METHODOLOGY FOR BEST BRAND AWARD 2023
To pick the best brands of the year, nSearch Ltd. conducted and guided a study. The survey for the 15th edition of the Best Brand Award was conducted in eight divisions of Bangladesh, covering both urban and rural areas. Ten thousand interviews were taken, with an equal percentage of males and females.
To capture the overall ranking of brands within and across categories, nSearch Ltd. has evaluated based on two key considerations. For in-category evaluation, the Brand Equity Index, consisting of Brand Salience, Consideration, Preference (Favourite Brand), Recommendation, Willingness to pay Brand Premium, Emotion, Brand Fit, and Relevance, has been measured and weighted by MOUB (Most Often Used Brand) and Brand Repertoire. For overall comparison, the Multiplicative Model has been used to harmonise across categories on category-relevant parameters – Category Involvement, Role of Branding in that category, Brand Differentiation, and Innovation.
IN-CATEGORY EVALUATION USED
Determine where to focus marketing attention to strengthen equity. Brand Equity Index included –
CROSS-CATEGORY METRICS USED
Multiplicative algorithm and application of weights on the following cross-category metrics to arrive at final ranks:
■ Category Involvement – To decode consumers’ involvement in the categories: high/medium/low involvement. A 10-point scale was used to understand underlying differentiation.
■ Role of Branding in each Category – level of brand loyalty vs. repertoire vs. price/convenience – seeking consumers in a category.
■ Brand Differentiation – How differentiated the Brand is vis. a vis. Competitions.
■ Brand Innovation – How innovative is the brand in setting trends in the market?
ONLINE/MOBILE SELF ADMINISTRATED INTERVIEW
nSearch Ltd. shared text messages with consumers across the country consisting of the web link to the survey.
When respondents clicked the link, they were taken to the web questionnaire. Then, they submitted their responses.
Data gets stored in the nSearch Ltd. Server. Then, the nSearch team filters out the responses outside the scope and closes the interview when the required sample size is achieved.
QUALITY CONTROL STANDARDS
nSearch Ltd. adheres to the highest rigour in all studies, including Pre-fieldwork. During Fieldwork and Post-Fieldwork controls. This time, we conducted the study using the mobile/online method. The preparation of the questionnaire and translation check for better understandability have been considered in the pre-fieldwork phase. However, by checking each field for the validity of range and logic, telephonic and data-cleaning programs ensured the effectiveness of post-fieldwork activities.
ENSURING QUALITY THROUGHOUT THE PROCESS
Following are the glimpses according to which the overall quality throughout the process has been ensured for this year’s mobile/online study.
15% Telephonic backcheck
30% LOI and Logical checks
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45% Data acquisition level Check
