In Canada, with internet penetration rate of 95 percent and 85 percent of the population on social media, companies’ online activities are more in the public eye than ever. Champs Sports has nearly 167 thousand video views on YouTube in Canada, and the company is also one of the leading brands on Twitter with over 570 thousand followers. The numbers show just how much pressure certain brands are under to perform well on social media and retain their customer base, which reflects in high online and social media advertising spending.
With this in mind, the most recent data shows that 75 percent of Canadian consumers agree that they better recall advertising from trusted brands or companies. Once a brand-customer relationship is established, customer trust is the base for success. More than 80 percent of Canadians claim they would pay more for products or services from trusted brands.
It is clear that customers have certain expectations of brands, and companies should be mindful of how they target customers as well as factors which could cause loyal followers to leave them. As of 2020, 33 percent of Canadians said that their reason for breaking up with a brand was unresponsive customer service, whilst 24 percent cited disagreement with the brand’s values as their reason. Further, the majority of Canadian internet users said that they were concerned about the collection and usage of their personal information for business purposes .
Brands should also work hard to maintain or improve quality. In a survey on brand trust and attitude towards product benefits, 63 percent of Canadian consumers said that they focus more on quality than quantity when buying products. In fact, the most recent data shows that over 55 percent of consumers said that quality material was the most important attribute when buying luxury goods.
As of 2021, the Toronto Dominion Bank (TD Bank) has the highest brand value in the country totaling over 16 billion Canadian dollars, closely followed by the Royal Bank Of Canada which has a brand value of just under 16 billion. Perhaps unsurprisingly, TD Bank’s loyalty program TD Rewards features among the leading loyalty programs in Canada.
