2014
Nigerian Financial Brand Report
A Comprehensive Brand Strategy Toolkit In Partnership with
The Securities and Exchange Commission (SEC) & The Chartered Institute of Stockbrokers
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2014
Introduction
Nigerian
FBR
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.
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Contents 1. Introduction 2. SEC & CIS 3. Our Methodology 4. 2014 Rankings 5. Key Findings 6. Leveraging The Results 7. Future Focus 8. Appendix
2014
SEC & CIS
Nigerian
FBR
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.
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1. INTRODUCTION
2014
Nigerian Financial Brands
Nigerian
FBR
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 [6] 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
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2014 Nigerian
Metrics
FBR
Brand Markers:
Categories
1. Trust
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
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2014 Nigerian
Brand Markers Trust
FBR
Reputation
Brand
Brand
Longevity
Visibility
Design
Reach
Communications
Integrity
Marketing
Empathy
Capacity+
Customer
Service
Fiscal
EBITDA
Experience
Resolution
Performance
Assets
Personalisation
Portfolio
Timeliness
Profits
Feedback
EVA
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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.
Bank Brand
Rating
Access Bank
Rising
Bank Brand
Rating
Intercontinental Bank
Decline Decline
Afribank
Decline
Oceanic Bank
Bank PHB
Decline
Skye Bank
CitiBank
Neutral
Spring Bank
Diamond Bank
Strong
Stanbic IBTC
Strong
EcoBank
Strong
Standard Chartered
Strong
Sterling Bank
Rising
Equitorial Trust Bank FCMB
Neutral Rising*
Rising Neutral*
UBA
Neutral Decline
Fidelity Bank
Neutral
Union Bank
Fin Bank
Decline
Unity Bank
First Bank
Strong
Wema Bank
Decline
Guaranty Trust Bank
Strong
Zenith Bank
Rising
Rising
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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.
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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.
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3. RANKINGS FOR 2014
15
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.
Strong
Core Values
+ AA
Physical ‘Aesthetics’ clearly stand out. But ‘Appeal’ and consistent perceived ‘Innovation’ are the main drivers for GTBank. These drivers are crucial.
Simplicity
Brand
Professionalism
Design
Service
Communications
Friendliness
Marketing
Strong touchpoint management and a distinct design language stand out. We are yet to see superior effort in capacity+
Alignment
Excellence
Capacity+ Trustworthiness Social Responsibility
APPEAL
CARE
AESTHETICS
INNOVATION
RELIABILTY
LEADERSHIP
Innovation
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Please stay in touch NIGERIA
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