To be held on the 25th of November, 2017, the 9th Best Brand Award is about to reveal the brands that people love.
What is Best Brand Award?
The objective of the Best Brand Award is to exhibit and celebrate success of the brands, achieve through tough and effortful initiatives. This is thus a platform for recognizing the success of business community of Bangladesh and portraying their achievements in brand building. Bangladesh Brand Forum through a survey by Kantar Millward Brown has identified top 35 brands of Bangladesh for the year 2017 with the aim to acknowledge the brands that have established themselves to a meaningful height in terms of business value and contribution to consumer life.
How is the ranking executed?
Kantar Millward Brown conducts a rigorous analytical research method to select the favorite brands of the country through mining the worldwide brand equity database that identifies the fundamental characteristics of what makes great brands.
The study is conducted through consumer survey of around 4500 people covering both urban and rural areas among 18+ population. And the findings represent entire nation from various demography.
This research is not based on only one absolute parameter (sales/market share) but will vary due to approach. For example, two of the most established global ranking – Interbrand and Brand Z gives different results.
If one looks at the top 10 for both you will see the difference:
Brand Z: Google, Apple, Microsoft, At&t, Facebook, VISA, Amazon, Verizon, McDolands, IBM
Interbrand: Apple, Google, Coca Cola, Microsoft, Toyota, IBM, Samsung, Amazon, Mercedes, GE
No one is right or wrong, they have used 2 different approaches which gave different result.
Best Brand Award in Bangladesh which is done by a survey of Kantar Millward Brown uses the Brand Z model without the financials, as in Bangladesh Financials are not available.
The ranking is implemented in 2 ways:
- Category ranking
- Overall Top 30 and Local Top 10 ranking.
1. For category ranking we look at 3 key parameters – to find out how strong the brand is, based on its Brand Power (defined below)
2. For overall ranking, the study uses Multiplicative algorithm and application of weights on following cross category metrics
- Category involvement
- Category relevance or importance
- Role of branding in category
- Outlay for that category (surrogate ‘share of wallet’)
This year, 35 categories, Overall Top 30 brands, and Local Top 10 brands will be awarded according to the choice of people.