In today’s world, the appreciation of a brand does not end with purchasing its products. In fact, nowadays brands need to be present in their customers’ lives on numerous levels in order to maintain and improve their relationships with them. In the mobile and social era, brick and mortar relationships have shifted towards the virtual plains of the internet. Now more than ever, customers have many outlets to express their love or hate of brands, and those opinions have a tendency to spread fast.
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 .
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.
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