The event, which commences at 5:00 PM, will honor brands and individuals who have demonstrated exceptional commitment to providing quality service and value to consumers in Nigeria.

Over the past three months, the voting process has garnered an overwhelming response from consumers, with more than 8,000 votes cast.

This follows a rigorous month of nominations featuring over 400 brands across various sectors. The enthusiasm and participation reflect a growing consumer engagement and recognition of excellence in the market.

The theme for this year’s event, “Empowering Consumers,” underscores the importance of giving consumers a voice and ensuring they have the best possible market experiences.

In today’s challenging economic climate, where consumers face rising fuel prices, increasing food costs, and overall inflation, the need for brands to deliver value has never been more critical.

Akonte Ekine, chief executive officer BrandXchange conveners of Consumers Value Awards highlighted the significance of this journey towards the awards.

“The Consumers Value Awards is more than just an event; it is a movement towards recognizing and rewarding those who genuinely prioritize consumer satisfaction. The impressive number of votes and the active participation from consumers indicate a collective desire for better market experiences. I urge all consumers to continue being expressive and demanding the best from brands. Your voice matters and can drive significant improvements in the marketplace.”

The award ceremony will feature the presentation of the “Best Value for Money” badges, symbolizing consumer appreciation and trust in the winning brands.

Additionally, special recognitions will be given to individuals and advocacy campaigns that have made a substantial impact on consumer rights and market standards in the country.

“We invite all stakeholders, industry leaders, and consumers to join us for an evening of celebration, insights, and networking.

“The event promises to be a landmark occasion, emphasizing the power of consumer advocacy and the continuous journey towards market excellence”, Mr. Ekine said.

Event Details:

• Date: 12th September 2024
• Time: 5:00 PM
• Venue: Ijakadi Hall, Radisson Blu Hotel
• Theme: Empowering Consumers

For details, visit the platform here.

However, not all brands live up to their promises, leaving consumers disappointed and disheartened.

Addressing this issue, BrandXchange, an innovative platform, has taken the bold step of empowering Nigerian consumers to give feedback on brands across various categories.

Through their Consumer Value Awards (CVA) program, consumers now have a voice in determining the value of brands in 2023.

BrandXchange’s initiative seeks, in the short term, to protect consumers and eventually transform the consumer experience in Nigeria.

In this interview, Akonte Ekine, CEO, BrandXchange, Convener Consumers Value Awards 2024 on 23rd May 2024.

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What Makes the Consumers Value Awards unique compared to other industry awards?

Thank you, Consumers Value Awards as express by the name is an award under the sphere of consumers. Everything about the process of the Consumers Value Awards is more in the hands of the consumers. For instance, at the nomination stage, it is consumers that will nominate brands for listing to be voted for.

What we do is basically to announce that the portal is open for nomination and with strong desire for transparency we announce the opening on almost all platforms including your reputable publication.

So, the uniqueness of the Consumers Value Awards is that it is driven by consumers for consumers with the objective of expressing concerns about better service within the eight consumer rights.

Can you tell us more about the voting process and how consumers can participate in selecting the winners?

After listing of all the brands listed for voting based on nominations by consumers, we opened the website for voting and the website remains open till last day of June 2024 to enable consumers to cast votes. It is important to state that you can only vote in the various categories once because for every time you attempt to vote in each of the category, consumers are required to submit their email address as an identity for an OTP to be sent for verification. Once you get the OTP and you input the OTP, your voting will be recognized.

To protect the integrity of the system it is important we establish the process to avoid double voting or multiple voting by consumers.

Why is it important for Consumers to Participate in voting for Consumers Value Awards?

The entire initiative is about promoting the Eight Consumer Rights which includes the right to be heard and the right to expression as well the right to contribute to product and service development.

So, it is important that consumers participate in voting to call out brands that are not keeping promises made to the public.

The participation of consumers is also very important at this time as we consumers play the role of our brothers’ keeper when we shout down a brand that is poor in performance, we have simply alerted another consumer to stay away.

The consumers’ participation is the establishment of the essence of the programme as a vehicle to ensure that brands are living up to expected standard they have created or meet the expectation of the consumers.

What criteria do brands need to meet to be nominated for the Consumers Value Awards?

Good question, for us our consideration is that once a consumer has made effort to purchase a brand or engage a service, then that brand is good enough to be listed or nominated. It is an open market initiative for brand owners and consumers generally. Any brand that is on the shelf in the market or on the internet that is consumed by the people is good enough for nomination and in the last two editions we have had over 500 brands across all sectors listed for nomination and voting.

That is why we call it a badge of honour from Consumers to the Brands as a statement of thank you which will put the brands on the spot for sustainable representation in the market.

Can you share some success stories or testimonials from previous awards?

This is the journey third edition and the voting is ongoing. The success of the last two edition can be seen from the fact that representative of Nigeria Communications Commission, Federal Competition and Consumer Protection Commission, National Agency for Food and Drug Administration Agency, Nigeria Civil Aviation Authority and the Advertising Regulatory Commission of Nigeria were well represented and delivered messages to consumers.

It is also for us a success to have over 50 brands in attendance to pick the bade of honours in the last two editions, including brands such as Glo, Dangote Cement, Reload Multivitamin, Leadway Insurance, Bigi Cola, Bigi Sausage and Oral B tooth paste to mention a few.

For us the real success is the consumers making effort to list brands and voting. It shows that there is a growing consciousness that consumers deserve better market experience and there will be more vehicle for expression that will call out service providers and regulators to do better

What benefits do brands gain from receiving a Consumers Value Awards?

I am sure that you are all aware that the best marketer of a brand is the consumers, so winning the award is a great opportunity for brand growth in terms of perception, reputational capital and increase in sales.

Benefits seems endless but it must be stated that a consumers bade of honour based on voting is a major stamp of respect for the brand by consumers from consumers to consumers. It is a stamp of acceptance and a bench market for the brands keep the standard and improve on it.

It is call to all brands to look around and act if they want to play in the same market as consumers are pushing for better experience.

How has the response been from consumers and brands in the previous editions of the awards?

We had the very first edition two years ago and the second edition last year at same venue, what is very clear is that CVA has come to stay has 5 consumer regulatory related agencies of government were in attendance and we recognized people like Mrs. Sola Salako Ajulo, a member of the Tribunal in FCCPC, for her effort as a pioneer advocate of Consumer Rights to the best of our knowledge.

In the first edition, we also recognized Dr Olalekan Fadolapo, Director General, Advertising regulatory Commission, Professor Umar Danbatta former EVC and Chief Executive Officer of Nigeria Communications Commission for the excellent work they are doing in promoting better consumer experiences through legislations.

It is only the consumers that can give the success rating on this project but if in two years of existence we have pulled together over one hundred brands across the globe to attend the event, then we can safely say we are on a journey of excellence.

Aside attendance, the celebration of the awards by brands such a Glo, Leadway, reload Multivitamin, Checkers Custard, Bigi Cola, Bigi Sausage and Fearless Energy Drink again, to mention a few of the brands is a great sign of success.

Are there any new categories or changes in this third edition of the consumers Value Awards?

Last year we introduced the special public sector category to search for governors and states that are actively promoting consumers rights and we are holding onto that because it is a good conversation sustainer on the subject of our interest.

This year we are looking out for consumer conversations from brands that are social advocacy. This new category to promote public conversation from corporate sustainability initiative of brands to promote better consumer behaviour in the market.

Unlike last year, we have also through consumers nomination created sub-categories under some brands as a result of herbal availability, children and infant categories of the brands. It is not us that created it but consumers nominations made it happen that we have to establish such and this also affect home appliances where we have to separate the brands into four different categories based on functionality rather than group into one.

The third edition voting is ongoing on the website and we can see that consumers are responding positively with votes and we can only wait till the last day of June to conclude on the winners.

How does BrandXchange ensure the integrity and transparency of the voting?

BrandXchange is doing everything to ensure that the voting is not compromise. We are staying with the process of ensuring that you can only vote if you register your email to get OTP and you must input the unique OTP before your voting can be valid. It is the Consumers that validate the brands so we keep that simple yet effective law active on the website.

We have had challenges about voting and OTP and we stayed true to the goal to be transparent on this project because at the stage we are, it is the consumers that we are protecting and promoting to get better service.

I am sure that is the trust we built in the first edition is not good enough the second edition will probably not get the degree of success we got and therefore we have to hold onto that public trust and remain open or transparent for everyone interested to visit the website and cast vote or review it.

We call it a bade-of-Honour and so even from inception it must be seen and experienced as such.

What is the timeline for the voting period and announcement of winner?

The voting is on-going till 30^th June and there after we will inform the winners and all invited regulators and other winners and participants that will grace the beautiful day in September at same venue.

Over 40 categories of brands are listed based on consumers’ nominations on the Consumers Value Awards portal for voting as Value-for-Money brands in the 2024 edition of the award.

Consumers cast votes for brands to express satisfaction among various brands.

Presenting the one-month result, Akonte Ekine, CEO of BrandXchange, said the initiative is transparent and objective. It’s the consumer position on brands as nomination and voting drive the platform.

According to him, in the Telecommunications category (MNOs), MTN leads with 51.1% of the votes recorded in the first month, Spectranet has 47.6% of the votes in the Internet Service Provider segment, and MTN has 69.2% votes for ISP under the MNOs.

In the ongoing 3rd edition voting, two new categories of sanitary pad and Ice Cream are experiencing consumers’ attention as Always Sanitary Pad leads the segment with 63.6%, Just Delight Ice Cream at 36.2% and Viva Detergent at 41.7%.

Other leaders on the voting platform of Consumers Value Awards based on consumer preferences in the first month under home appliances (Television, Refrigerator, Air conditioner and washing machine) are Samsung 40%, Haiier Termocool 40%, Lontor 40% and Haier Termocool 42.9% respectively.

Trophy leads Alcohol Beverage with 50% of the votes, and Pepsi takes 62.5% of ⁠Carbonated Drinks. It is a tie among consumers on the cooking oil and regular Toot paste as Kings Oil and Power Oil achieved the same vote of 50%, Colgate Toothpaste and Close Up Toothpaste also tied with 26.7% votes each in the categories while Dabur Toothpaste leads in the herbal toothpaste category with 55.6%.

Lafarge Cement leads with 62.5% in the Cement, Dangote Sugar has 55% of the votes in Sugar, Leadway Insurance has 57.1%, Eva leads the Table water category with 38.5%

Other leaders in various segments based on consumer votes on the Consumers Value awards platforms are Maltina 40%, Dettol 37.5%, Peak Milk 80%, Golden Penny Spaghetti 80%, Indomie Noodle 85.7%, Checkers 90%, GTB 66.7%, OPay 62.5%, Morning Fresh 62.5%, and Gala Sausage Roll 94.4%.

Also, knorr Cube 57.1%, Lipton Tea Bag 83.3%, Vaseline 71.4% and Golden Morn lead their sectors, Milo and Bournvita tied with 50% of the vote each as leaders alongside MTN and Cadbury tying with 40% votes under Consumer-Friendly brands.

Vitafoam 44.4%, Guinness Stout 83.3%, Mobil Engine oil 100% (International Engine Oil Brand), Oleum Oil 100% (Made in Nigeria Brand), Hypo and Harpic 50%, Fearless 33.3%, Abidec 80%, Reload Kids 60% Reload Adult 66.6%, and Bet 9ja 50%

The voting will close on 30th June 2024.

This year’s voting commenced on 15th March 2024 as part of activities highlighting Consumer Rights Day.

Voting is on here.

Speaking at the presentation on the Consumers Value Awards website opening, Akonte Ekine, founder and Chief Executive Officer of BrandXchange revealed that all is set for the consumers to express themselves in the new season of market challenges by visiting the website to cast votes for brands that living up to their claims.

“Brands are classified according to industries and a new category of most consumer-friendly brand category is introduced based on the nominations made by consumers. There will be social advocacy conversation recognition based on consumer preferences amongst others”. added Akonte.

This year’s edition will be the 3rd edition and the theme is empowering consumers.

The voting platform will be active for 3 months from 15th March till 15th June for consumers to vote across the country.

Brands of value were nominated by consumers across the country based on market experience both on and offline and it has enabled BrandXchange to aggregate brands together for the purpose of engaging the market with the objective of validating brand claims through consumer votes for a period of three months.

The last two editions of the awards resulted in recognizing a total of over one hundred brands both local and international as best value for money brands.

This year’s voting list has over two hundred brands up for voting based on the nominations of consumers.

It is a transparent programme for consumers and brand managers or owners to see, especially now that we are in a season of alternative or substitute brands with the dictates of the economy, consumers are shifting ground in buying behaviour due to increasing pressure on the pockets.

In today’s fast-paced world, consumers are the driving force behind any successful business. They invest their hard-earned money in goods and services with the expectation of a satisfactory experience. However, not all brands live up to their promises, leaving consumers disappointed and disheartened.

Addressing this issue, BrandXchange, an innovative platform, has taken the bold step of empowering Nigerian consumers to give feedback on brands across various categories. Through their Consumer Value Awards (CVA) program, consumers now have a voice in determining the value of brands in 2023.

BrandXchange’s initiative seeks, in the short term, to protect consumers and eventually transform the consumer experience in Nigeria.

Understanding the Need for Consumer Empowerment

The driving force behind BrandXchange’s mission lies in understanding the significance of consumer feedback. Feedback, according to experts, serves as constructive criticism that enables organisations to make necessary changes for growth.

By empowering Nigerian consumers with the ability to voice their opinions and experiences, BrandXchange strives to hold brands accountable for their promises. There is no better definition of feedback. Plus, this approach ensures that consumer concerns are addressed, resulting in better products and services and boosting consumer confidence.

The Journey of BrandXchange

Founded by Akonte Ekine, Chief Executive Officer and Chief Analyst, BrandXchange began its journey in the marketing communication practice.

However, Ekine’s personal experiences with inadequate service compelled him to transform the platform into an advocate for brand excellence and consumer rights. His passion for empowering consumers led to the creation of the Consumer Value Awards, where consumers can nominate and vote for their preferred brands.

The first edition of the Consumer Value Awards was a resounding success, with an impressive turnout of attendees and positive feedback from regulatory bodies. BrandXchange’s efforts were commended by the Advertising Regulatory Council of Nigeria, the Federal Competition and Consumer Protection Commission, Nigeria Broadcasting Commission, National Food and Drug Control Agency, and Nigeria Communications Commission. This recognition bolstered the platform’s credibility and motivated them to refine the awards process for future editions.

The Criteria for Entry and Assessment

BrandXchange’s awards are open to all brands, and consumers have the power to nominate brands based on their personal experiences.

The voting process spans over three months, during which brands are encouraged to promote themselves to consumers for support. Transparency is maintained throughout the process, as voting results are published in real-time on the platform’s website.

For the second edition of the 2023 Consumers Value Awards (CVA), as of the first week in July, over twenty thousand consumers had cast votes in the fifty-two different categories of brands listed as value-for-money brands. The awareness is growing, acceptance is rising and the consumers are beaming.

The theme for this year’s edition, scheduled for Lagos on Thursday, September 7, 2023, is Consumer Satisfaction Index. 53 brands are expected to be honoured with Badges of Best Value-for-Money during the prestigious event.

Challenges Faced and Future Initiatives

BrandXchange acknowledges that any venture comes with its set of challenges. Initially, the initiative faced scepticism and credibility concerns, but by ensuring transparency and sincerity, it has gained trust among consumers and industry players.

The endorsement from several regulatory agencies, last year, also helped in no small measure.

Going into the future, BrandXchange plans to engage regulators in consumer management, encouraging better collaboration between regulatory bodies to safeguard consumer rights. Additionally, it seeks to recognize and commend state governments and individuals who champion consumer protection through legislation and exemplary actions.

Conclusion

BrandXchange’s commitment to empowering Nigerian consumers through the Consumer Value Awards reflects the growing need for consumer protection in today’s competitive market. By providing consumers with a platform to voice their experiences, the initiative drives brands to improve their products and services.

This movement is essential in fostering a culture of accountability and quality assurance among brands, ultimately leading to a more satisfying consumer experience. As the platform evolves with the market, it promises to inspire companies and regulators alike to prioritize consumer protection and raise the bar for service excellence in Nigeria.

Elvis Eromosele, a corporate communication professional and public affairs analyst, lives in Lagos. He can be reached via elviseroms@gmail.com