Methodology
To transform Bangladesh through the power of brand,Bangladesh Brand Forum in partnership with nSearch Ltd.has organized ‘BEST BRAND AWARD 2023’. The objective of the best brand award is to exhibit and celebrate success of the brands, achieved through tough and effortful initiatives. This is the platform for recognizing the success of business community of Bangladesh by portraying their achievements in brand building. This year, top 15 brands of Bangladesh has 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 and guided by by nSearch Ltd. Best Brand Award started its journey in 2009 based on a global model done through direct consumer survey of 10,000 consumers across the country.The survey for the 15th edition of Best Brand Award has been conducted in eight divisions of Bangladesh covering both urban and rural areas. A total of 10,000 interviews has been taken of equal percentage of male and female.The approach of this research was based on two key considerations – In category evaluation based on Brand Equity Index through distinct model, and Cross Category Harmonization with multiplicative model to harmonize across categories on category-relevant parameters. The data collection method was based on online and self-ad-ministrated interviews. The study has covered 40 categories.
NSEARCH APPROACH
To capture the overall ranking of brands within category and across category, nSearch Ltd. has done 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, 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.
IN-CATEGORY EVALUATION USED
To capture the overall ranking of brands within category and across category, nSearch Ltd. has done 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, 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.
CROSS-CATEGORY METRICS USED
Multiplicative algorithm and application of weights on following cross-category metrics to arrive at final ranks:
🔳Category Involvement -To decode consumers’ involvement in the category: high/medium/low involvement categories. 10-point scale used to understand underlying differentiation
🔳Role of Branding in each Category – level of brand loyal 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 the brand is setting trend in the market.
