Nigerian Financial Brand Report
A Comprehensive Brand Strategy Toolkit In Partnership with
The Securities and Exchange Commission (SEC) & The Chartered Institute of Stockbrokers
The landscape is shifting. Africa is the new “land of opportunity”.
Nigeria is fast becoming its veritable epicentre. The country’s ﬁnancial services brands have gone through the mill over the past ﬁve years and are now starting to get into shape, gearing up to compete in an ever increasingly globalised marketplace. This maiden report presents a comprehensive picture of the brand perception of these organisations and seeks to provide clear proﬁle of the movers and shakers steering transformation and renewal in Nigeria’s ﬁnancial sector.
Contents 1. Introduction 2. SEC & CIS 3. Our Methodology 4. 2014 Rankings 5. Key Findings 6. Leveraging The Results 7. Future Focus 8. Appendix
SEC & CIS
Support for this report has come from two key organisations: • The Securities and Exchange Commission (SEC) • The Chartered Institute of Stockbrokers (CIS)
The Securities and Exchange Commission is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance. The Chartered Institute of Stockbrokers is the premier organisation in Nigeria tasked with promoting and protecting the securities and investment profession by upholding the highest standards of service and integrity.
Nigerian Financial Brands
If a nameless, faceless bank where to open today next door to you, what bank brand would you want it to be? Which bank brand would be most likely to survive on the average if placed amongst 160million Nigerians in any or all of the six  geo-political zones in Nigeria as of today with zero marketing/ advertising. This is the basis of our ranking.
A look at the top 15 Based on market share, value and perception, which of these banks has its brand to thank for its position knowing fully well that any other bank brand given the same asset/stock/liability would show lesser results? (Rethink: A similar operation in size and muscle is less favoured) Other points to consider
1. Orientation as indigenous ﬁrms: wholly Nigerian owned versus GENERAL foreign brands in local markets 2. International appeal. Local Brands vs International domiciled Brands in Nigeria 3. Diﬀerence between Brand [Equity] and Sales [Revenue] (One would assume that these two should go hand in hand but sometimes the relationship is inversely proportional) 4. Stimulate debate 6
2. OUR METHODOLOGY
1. Leaders (Top 10)
2. Brand Visibility
2. Challengers (Next 20)
3. Customer Experience
3. Rising Stars (Next 20)
4. Fiscal Performance
4. The Rest
Brand Markers Trust
A look at past results Our 2012 ranking In 2012 we saw a clear divide in tangible and intangible value. Tangible value is deﬁned as value generated by a company’s physical, material assets. It often accounts for a smaller portion of the value that investors place on a company. The rest of a company’s value is ‘intangible’, meaning value generated by intangible assets such as intellectual property, distribution networks, management expertise, research and development pipeline and, of course, brands. Brands are often the most valuable asset, accounting for a good proportion of the value of each bank brand.
Equitorial Trust Bank FCMB
Guaranty Trust Bank
2011-2013 strategic digital activity Our previous reports In 2013 we introduced data on ﬁnancial services ﬁrms in securities trading. Global trends in the digital space saw an aggressive increase in digital media spend inline with the up turn in the economic fortunes of the MINTs.
Online reputation management 2013 Social Media Week Early 2013 saw an aggressive shift in global focus with Africa in full view and Nigeria an emergent economic resource mine. We also saw the ﬁrst Social Media week in Africa take place in Lagos. Folake Ani-Mumuney of First Bank Nigeria and Lolade Odedina of GTBank headlined a session on Online Reputation Management which led to the production of this report. Available on request.
Our ranking is the ﬁrst to combine publicly available ﬁnancial data with primary research data. Driven by primary research insights, our ranking provides actionable information for marketing, ﬁnance and business professionals that can drive decision making into managing and growing a company’s brand assets. The primary research comes from proprietary Image & Time data collected from interviews. Our ranking provides a ﬁrst step towards identifying key drivers of brand value as well as insights on how to inﬂuence and activate those drivers. Brand success involves a combination of business performance, product delivery, clarity of positioning and leadership.
Online reputation management is still virgin in Nigeria. Brands have to come to terms with the rapidly changing consumer landscape and its needs. Most brand managers have personal online social media footprints but do not actively recommend such for the brands they promote. This report’s ﬁndings are based on an online interactive session that 1.) asked the question ‘should social media play a role in brand reputation management? 2.) highlighted the pros and the cons; 3.) placed the brands in consumer focus. Contributors: Folake Ani-Mumuney (First Bank Nigeria); Lola Odedina (GTBank); Obabiyi Fagade (Nigerian Breweries Plc); Bukola Akingbade (Bytesize). This report answers questions from brand managers, marketing professionals and the public regarding how they have managed their companies’ online reputation.
3. RANKINGS FOR 2014
One of the most “Social Media Conscious” financial brands in the world
Brand Focus Brand Valuation
GTBank GTBank has a healthy brand valuation. This value reﬂects customer‘s high expectations in competency and reliability of the brand. In addition the brand‘s popularity, which is a value driver in its own right, performance attributes as well as an appealing product range are also important according to the results of our study.
Physical ‘Aesthetics’ clearly stand out. But ‘Appeal’ and consistent perceived ‘Innovation’ are the main drivers for GTBank. These drivers are crucial.
Strong touchpoint management and a distinct design language stand out. We are yet to see superior eﬀort in capacity+
Capacity+ Trustworthiness Social Responsibility
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